Blue Chip Issue 81

EDUCATION
approach to money, much like our personality, is formed by the
time we are seven years old. Concepts such as planning ahead
and delayed gratification are already understood at that age
and should be taught to children as a matter of urgency. These
Times have changed
drastically, and our education
and financial systems
should speak to that.
habits then affect our behaviour with money in adulthood. If
they are negative behaviours, they become detrimental to our,
financial wellbeing, leading to the issues highlighted above. In
practice, it becomes very difficult to then change bad behaviour
making it even more difficult to achieve financial success in the
long term.
We need to be introduced to personal finance concepts from
our first year of school. It is also clear that parents need to be having
constructive conversations with their children about money long
before they even start school as that is where they learn their initial
habits and views regarding money. That means adults need to be
equipped with this information as well.
The lack of financial literacy affects us in different ways, which
means we must combine our efforts to make it accessible to all.
Times have changed drastically, and our education and financial
systems should speak to that. That’s why financial education for
children is so important and must be prioritised throughout the
entire basic education curriculum.
The financial industry also has
a major role to play in creating
financially fit consumers.
Individual financial institutions
will benefit greatly from having
financially astute clients and
should, therefore, increase efforts to
improve financial literacy rates. That
includes advisors, independent
practices, large institutions as well
as professional bodies – we all have
a unique and important role to play
in changing the status quo for all.
It is our individual and collective
responsibility.
Gugu Sidaki, Wealth Creed
108 www.bluechipdigital.co.za