Countries are distancing itself from the developed economies with the intent to safeguard their own sovereign interest
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UAE parents are calling on schools to introduce a subject that teaches "real-life skills", such as managing money, and help students develop their overall financial literacy, so "they don't suffer" once they become independent.
Some parents feel that traditional subjects, such as English, maths, science, and history, are not enough to help their children in the "real world", especially when they have to deal with budgets, bills, mortgages, and university life abroad.
Najma Saeed, who has an 18-year-old daughter and a 20-year-old son, said she had taught her kids about financial responsibilities; however, she believes that schools can play a larger role.
She said: "I think teaching them life skills is really important because now I can feel that they (her children) are having issues with their daily routines, such as budgeting.
I did some training for them, so when they go to university, they will be able to create their own budgets. It's hard for kids. In the beginning, they suffer a lot to keep up with the skills they don't know, and they learn it the hard way. So, it's better to introduce a subject that can help them learn life skills, such as banking. They don't even know how to fill out forms for banks or at consulates, for example. It will help if they could learn these skills in schools."
A parent of two, Ambreen Haroon Moeen, said that if children could learn how to manage finances early on, they could be better prepared for the future.
She feels that learning these skills in this day and age is particularly important as "expenses go sky high". Developing financial literacy will help children stay out of debt once they reach adulthood.
"For example, I teach my kids how we should manage our costs in our day-to-day lives, and I'm glad that my 8-year-old truly understands this and helps us in managing a lot of costs in the house. The world is growing to greater heights and money plays a vital role, so why not teach them now, so that when they grow up, they won't feel lost and go astray in this world," Moeen said.
"We teach our kids how to do calculation in maths, such as addition, subtraction, and multiplication - why not use this subject on real-life examples that could help them as they will be implementing this in their lives at a later stage. We teach our kids to grow up, have good manners and discipline - why not something that can make them even smarter and help them make better choices for the future?"
Finance in a primary class
A parent of one daughter, Bindu Satyan, believes that financial skills should be taught to kids in primary classes. She said parents could also play an important role, along with schools, in ensuring that children are well prepared for an independent life.
"Money concepts need to be taught throughout the growing years of a child by using examples and activities. It is highly advisable to start from the primary classes in schools, as whatever is taught by teachers registers in their young minds quickly, and they will take it very seriously, too," Satyan said.
"It is advisable to start by allowing the students to handle fees and payments, asking them to collect the balance and take note of the amounts. We can also ask them to go to the school store and buy whatever they need. In the primary levels, however, it is advisable not to send cash and currency; instead, we can use children's savings cards that can be designed for school purposes only. These practices can make the kids feel that they are mature and responsible enough to handle things," the parent added.
sarwat@khaleejtimes.com
How pupils can develop skills in finance, business
A few schools have implemented entrepreneurship programmes to develop pupils' financial skills.
Students at the Cambridge International School in Dubai, for example, can join the school's finance club or the Young Enterprise Challenge.
Lynda Fernandes, the faculty leader of business at Cambridge International School in Dubai, said: "The Cambridge International School is focusing on developing entrepreneurial and financial skills in order to prepare its pupils for their career paths.
The Cambridge Finance Club aims to promote financial awareness where students use demo accounts to learn about foreign exchange fluctuations. A semester-long programme known as the Student Investor Challenge is conducted in which each team is given a fictitious sum of £100,000 to invest in FTSE100 companies in the UK Stock Exchange."
"Additionally, the Young Enterprise Challenge provides a highly interactive way for students to develop key employability skills as participants try to make as much profit as possible (all of which is donated to charity) from an original investment of Dh20 only. Financial literacy empowers and equips students with the knowledge, skills, and confidence to build a more secure future for themselves and their families."
At the Gems FirstPoint School, on the other hand, students start to develop their enterprise and entrepreneurship skills from the foundation stage.
Jay Tostevin, vice-principal for the secondary school at Gems FirstPoint School, said: "In FS, students begin this journey in the Desert School, interacting in a range of activities designed to enhance the imagination that is so often at its peak when students start school but diminished in too many by the time they leave. Year 1-5 students have a dedicated enterprise lesson where creativity is encouraged, along with team work, communication, critical thinking, risk-taking, and resilience."
"In year 6-7, a specialised design enterprise curriculum is in place, utilising the expertise of the design technology, computing, and business faculty. Students are actively innovative, undertaking projects where they design, brand, manufacture, and market products at the school. This leads into career pathways when students choose their electives for GCSE and A-Level study. Students can even choose to study the specialised subject of enterprise and entrepreneurship at post 16."
Globalisation and technology have changed employment trends, he said. There are jobs now that did not exist five years ago, and a lot of businesses employ less than 10 people. The prospect of leaving the academe and working for one employer for an entire career is neither realistic nor is it what young people want, Tostevin said.
"As a school, we must provide a workforce that demonstrates the notion of the enterprising person; that is, people who are more flexible, creative, opportunity-seeking, achievement-oriented, and capable of taking initiatives. If we can achieve this, then we prepare our students for a successful future."
sarwat@khaleejtimes.com
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