Over the course of the last decade, MoneyWhizz has been actively involved in the development and delivery of a range of financial education programmes designed specifically for teenage students. At their core has been the 6 key pillars of personal finance:
- Earning & Income
- Saving and Spending
- Credit & Debt
- Protection and Insurance
- Investing and
- Financial Decision-making
Why financial education matters
Today more than ever, a fast-changing environment means that students must now have a grounded understanding of how the money system really works. Additionally, they also need to have insights into key factors that underpin the economy and how this impacts them personally.
Key developments in the news today
- Climate change – there is little doubt this issue will have far-reaching consequences on our day-to-day lives. Where and how we live, work, travel, fuel our homes will all be impacted. In order to drive change, it is expected that tax policies will be amended significantly. Within the financial education programme, there is extensive content that examines many of the related topics.
- Inflation. This has become a major focus and concern of monetary policymakers. Since the onset of the Covid-19 pandemic, inflation has increased and while some people think this is a short-term anomaly caused by supply-chain problems, others are concerned. Either way, inflation today is higher than it was before the pandemic, and it has a real impact on the value of money. Within the financial education programme, there is extensive coverage of how inflation impacts the value of money. The programme also presents a range of options to counter the impact of inflation.
- Digital money – Bitcoin, Ethereum and Dogecoin are various forms of digital money. They represent a new approach to the money system and their introduction may eventually lead to radical transformation of the entire financial landscape. How we save, spend, borrow, invest, and plan our money may be completely revolutionized in years to come. The financial education programme addresses a range of factors that link to many of the impacted areas.
- Tax reform. The ongoing negotiations between most of the world’s largest and most powerful economies on tax reform may have a major impact on many aspects of our day-to-day lives. For example, it is possible that our own personal taxes, sales taxes and property taxes may have to change because of any final tax deal that is agreed internationally. The financial education programme examines how personal taxation works and how it lowers and even can increase our take-home pay or save for a new car, new home or even invest for the future.
- Work-from-home – the Covid-19 pandemic has resulted in many more people working from home. This dynamic shift in employment patterns has resulted in more and more people working from locations that were previously considered impossible. It is likely this work remotely approach will translate into more people taking a go-it-alone approach and setting up their own businesses. It may lead to increased innovation, employment opportunities and service delivery. This will have far-reaching consequences to personal income, career, quality of life, life satisfaction and much more. Within the financial education programme, we explore the standard approaches used on how to become self-employed, innovate and start a business including branding, marketing and much more!
Preparing for change
The financial education programme has been developed to offer students an impartial overview of how the money system really works. This is not just a budgeting exercise, rather it is a dynamic programme that links real world developments to personal outcomes today and in the future. It is designed to challenge students, to get them to reflect, consider and prepare for a world of endless change and new demands.
Frank Conway is the Founder of MoneyWhizz.