Raising Financially Intelligent Children in a Digital Economy

The word has evolved beyond the time when money was all about cash and bank accounts, as we've now transcended to an era of digital finance and technology, two of which are crypto and Forex, that have made and marred the lives of a lot of people, but as we all know, it's more or less the face of finance. In our world today, would it be ideal to teach kids about it in school, so as to expand their knowledge on finances from an early age, or should we just let them be and wait till they're old? Below I'll be stating my take on this matter.

To start with, it's worth knowing that money or finance is an important aspect of life that mustn't be joked with, and that's because it's the legal tender that helps us purchase or get every one of our needs. So in light of the fact that the world is gradually evolving to digital finance, I think it'll be a great idea to incorporate our young ones into the system so they can acquire valuable knowledge that'll shape their decision-making, financial knowledge, and the like in the near future. We've all seen how the majority of the world population are poor when it comes to financial intelligence.

So to turn the tides around for a better future, I think teaching children in school about Forex and crypto would be a great step in the right direction. However, despite the fact that I'm agreeing to it being taught, I must say that I don't agree with every aspect of it being taught, so below I'll be stating what I feel should be taught and what should be left out for now due to their age.

So to start with, below are some of the things I think won't be ideal to teach kids, some of which are speculation: active trading, how to turn or flip ₦10 to ₦100 or ₦1000, leverage, margin, or signal. I'm sure you'll be wondering why I'm against this aspect of forex or crypto being taught to kids. Well, the reason behind my take is so that education won't be turned into a financial gambling class, which can be very dangerous, especially for these young children. Although demo accounts can be created for practical classes for better understanding, the actual thing won't be ideal in my opinion.

What I believe is right is when crypto and Forex are taught with regard to economics, financial literacy, civil responsibility, and the like, doing this will help students understand what money is, the difference between spending and saving, needs, wants, understanding digital currency, online financial safety, and scams, amongst other things that'll shape their understanding about crypto and Forex and build their foundation for what is to come in the near future when they're old enough. The foundation of everything is very important, and that's why I encourage laying financial foundations for these kids.

So that's about it on my take on this subject matter. What do you think about it? Please state your take in the comments section below.

All photos are taken and edited on canva.