The new generation, becoming digital natives, is growing up in an increasingly complex world, and is facing unique financial and mental health challenges and missing out on opportunities. We as parents need to teach youth and children how to save money and grow their bank balance for the future. As we see across the world, most youth below the age of 25 have no stability in their personal lives. Who is responsible for this instability of youth? The situation is very different in rural areas, as there are limited facilities, limited sources of education and development, and some parents are illiterate. If they do not know about their future, how will they know about the future of their children?
Education shapes life
Education gives the right direction to life. People in rural areas do not know much about financial budgeting. They do not know how to use money properly. If you go to rural areas, you will definitely find people at the grassroots level. Their life is simple and humble. If you talk about money, they do not trust you. Many times, you must have heard they come for the town benefit. If you advise them to keep money in the bank, they will say the bank will take all the money or the government will take it. Now you can understand; this is why education is the most powerful weapon to change lives.
The government alone cannot do anything. We should help the government in rural education and promote education in rural areas. If we do this, then surely we can save the next generation from losing their precious lives. It will take time to change the world, but it is possible. Everyone will grow, and the country will grow automatically.
Implementing Financial Literacy in School
And financial literacy should start early, be embedded in the school curriculum, and be engaging and practical. Concepts such as budgeting, savings and compound interest should be introduced with real-world examples, moving beyond abstract theories. Educational tools such as interactive apps and games can make learning about money fun and accessible. Explaining complex financial products such as stocks, bonds and cryptocurrencies in simple terms, clarifying their risks and benefits, is important.
Youth Participation in Family Budgeting
In addition to formal education, parents and guardians play a key role. Open conversations about family finances, responsible spending and the importance of delayed gratification can instil valuable habits. It provides a safe space for young people to make small financial decisions and learn from their mistakes without any significant consequences.
Youth Participation in Income Management
As new generations enter the workforce, they must be equipped with skills to manage income, understand taxes and plan for retirement. The gig economy and flexible work arrangements require a different approach to financial planning, where budgeting and saving become even more important. They should be aware of the pitfalls of high-interest loans and the importance of building a good credit history from the start.
Power of Technology
Technology, while a source of new financial risks such as scams and fraud, also provides powerful tools for financial management. Mobile banking apps, budgeting software and robot-advisors can simplify the process of tracking expenses, saving for goals and investing. The new generation should be taught to use these tools responsibly while being alert to cybersecurity threats.