Recently, I read through some comments from youths in Singapore regarding financial education. Here is a summary of these comments:
“YOUTH here are clueless about investment. The most they know is that putting money in a bank earns more interest than in a piggy bank. Savings deposits alone are inadequate as their value is eroded by inflation. As youth are not yet burdened financially, they are in a better position to invest in long-term assets. With the advantage of a longer time horizon, youth should start investing as early as possible.” – Chew Zhi Wen, 21
“WHEN I started studying in Australia, I was shocked to find that most of my peers had part-time jobs. It is the norm in Australia for parents to stop giving their children allowances once they turn 18. Having a part-time job and studying means having to balance commitments at school and at work. The youths also have to manage their finances – balance their budgets for rent, food, travel and entertainment. Financial responsibility cannot be taught in an institution – it is one of the many lessons in life we pick up along the way.” – Tabitha Mok, 21
“REPORTS of people chocking up credit card debt abound and poor financial literacy has been blamed. Maybe the problem stems from greed and the tendency of those in debt to live beyond their means. We need to examine the root of materialism in society.” – Ng Yixun, 19
“FINANCIAL literacy as a life skill ranks up there with tying your shoelaces and learning to get along with others – it should be taught from the time we learn to walk. Bank credit is often designed to encourage debt and it pays for students to adopt the role of enlightened consumers from early on.” – Abdullah Luqman Hussin, 25
“IF SUCCESSFUL financial management could be learnt from a textbook, I dare say Singaporeans would be millionaires by now. Being financially aware is a process that starts from a young age in which parents play a fundamental role to teach and reinforce concepts like a budget and the value of money.” – Melissa Khong, 21