“While literacy – the ability to read and write – is a fundamental part of the education system, financial literacy is often left out of the equation.” This statement was lifted from an insightful article published on Investopedia, one of the world’s most visited platforms for financial literacy.
This is true across the globe, and particularly evident in Nigeria, Africa’s largest economy. Despite being labeled Africa’s economic giant and population juggernaut (holding the crown for the most populous African and black nation), it’s young and growing population–one of the youngest and largest in world–have been robbed of a fundamental skill needed in a country that has lacked prudent money management skills or the financial skill-set to rejig its economy and set itself on the path of lasting prosperity.
The Investopedia article revealed that in the U.S., only 17 states require high school students to take a course in personal finance. While this is considering unacceptable or below standard, it is frightening to note that financial literacy or personal finance isn’t included in any registered curriculum across the country.
The Central Bank of Nigeria (CBN) is, however, keen to change this narrative. It noted not-so-recently that it plans to introduce financial literacy into the curriculum of Nigerian High Schools in a bid to enhance awareness among kids and strengthen money management knowledge and personal finance skills in Nigerian children.
With today being Children’s Day, it is what asking. When is the ideal time for children to be introduced to financial literacy?
This infographics suggests an ideal timeline:
Do you agree?