What A Terrific Idea

I happened to be watching the news last evening when they took the television cameras to a school where young children about seven or eight years old were being taught the basics of money management. What a terrific idea! I have always held the view that the best time to teach children the basics, on any subject, is between the ages of seven and twelve. They are generally most receptive at this time of their lives, old enough to understand, but not preoccupied with teenage stuff like pop music, dating and the gang culture. The children in the programme were being taught three areas of money management, spending, borrowing and saving. On spending, they were learning the difference between spending on essentials and pleasure. On borrowing, they were being made to realise that money borrowed had to be paid back, usually at a higher rate. On saving, they were made to realise that using their own money to pay for what they wanted was the cheapest way to buy. From interviews with some of the children involved, it was obvious, that even at such a young age, they were beginning to grasp the basics and understand how important money will be to their future lives. I hope more and more schools will follow suit and teach this very important subject.