Financial literacy is finally making it into the official school curriculum (excerpt):
Financial education to be introduced in school soon
KUALA LUMPUR: Financial education will be incorporated into the school curriculum in stages from next year.
Bank Negara assistant governor Abu Hassan Alshari Yahaya said the central bank, in a collaboration with the Education Ministry, would introduce it to Year 3 students next year and secondary school students from 2017.
“Part of the financial education elements have been introduced this year in Bahasa Malaysia and Maths subjects, ahead of the targeted date,” he said during the launch of the Financial Literacy Month yesterday.
Abu Hassan said financial education needed to be inculcated continuously from a young age to adulthood to help instill discipline and increase their financial management skills.
He said the curriculum would cover money management, planning, savings and investments, credit and debt management and insurance.
Abu Hassan said that parents should not rely only on the school curriculum for their children to be prudent with their finances as they should share the responsibility...
I have hardly anything to add to what he said, save to note that adult financial literacy skills are on average pretty abysmal the world over. I don’t know of any other country that has made this move (sound off in the comments if you know any), so Malaysia might actually be one of the first.
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Probably an adaptation of Robert Kurosaki "Rich Dad Poor Dad" and "Smart Kids Rich Kids" text books.
ReplyDeleteDzul41
Dzul41,
DeleteBNM has had a school program ready for years, but it was previously voluntary.
Hishamh,
ReplyDeleteMorning. Don't be too happy as it has been shown that human in general remember what they learnt in school for about two years only, see here http://www.nytimes.com/2013/10/06/business/financial-literacy-beyond-the-classroom.html?pagewanted=1&_r=1&
Have an excellent day ahead.
Zuo De
Zuo De,
DeleteI'm not expecting an outcome where we're turning out hedge fund managers from school. But I do expect awareness of basic concepts like risk and return, compound interest and inflation to become more widespread. The current situation is appalling.
I would be happy if they just managed to DRILL the concept of compound interest into students so hard that it sticks in their heads for life. The rest should really follow automatically.
ReplyDeleteOn a lark, I did a search and found that England is about to implement it next year. http://www.parliament.uk/briefing-papers/SN06156
ReplyDelete|I'm going through a credit management company to help me lower my debt. I am about $15K in the hole with various credit cards and department store credit cards. I mailed out cease and desist letters to each of them to quit calling me, because I get calls every day at home, and even a few times at my job. Let me know your experience(s) with this.
ReplyDelete