For World Teacher's Day, we asked our JUNO educator and registered teacher Clara Kim why she believes teaching financial education is important.
Teaching financial education gives students the tools to manage their money wisely. This helps them feel confident to make informed financial decisions. I have been visiting secondary schools across New Zealand, and students really want to learn how to manage their money as an important part of feeling ready for the ‘grown up world’. They also want to learn how they can reach their financial goals. Some want to purchase a house before they turn 22, some want to start their own business, and some students just want to learn good money habits. This is why I am so passionate about what I do and want to do more to support our teachers and communities build financial wellbeing among our young people.
It's all in your hands
Paul Gregory, Head of Investments at JUNO said “Your financial wellbeing depends on what YOU do. You can’t rely on the Government, family, friends, Lotto or magic. You might get lucky with one or two of those things. But if you’re counting on them, not your own effort, you are taking way too much risk with your financial future”. This is exactly why we should be teaching financial education. We need to give students the tools to make good financial decisions, so they take ownership over managing their money.
Avoid money traps
If we don’t teach students how to make good decisions, they will end up making bad ones or won’t make them at all. We need to teach students how to approach financial decisions critically, so they are less likely to be scammed, ripped off and buried in debt.
We want to help educate them to avoid the traps many Kiwis have fallen into, such as getting a credit card, struggling to meet repayments and paying high interest on the balance. Or using third-tier lenders, who give instant cash but at a high price. Both situations have a serious impact on people’s lives if they can’t meet repayments.
Financial education also enables students to prepare to participate in economic life. More and more students are leaving school with passion to start their own business (as I’ve seen first-hand). With this entrepreneurial mindset, young people growing up in this world must understand how to be savvy with money, so they are capable of benefiting from the best innovation has to offer.
This is why at JUNO, we have a focus on education. We want to help Kiwis get better with their money, so they can have more for a brighter future. We have over 120 articles, tools, guides and videos that make learning fun and easy.
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Published 3 October 2019
By Clara Kim, registered teacher and JUNO's educator
Pie Funds Management Limited is the issuer of the JUNO KiwiSaver Scheme. You can read our Product Disclosure Statement here. This article is general in nature only and has not taken into account any particular person’s objectives or circumstances. We recommend you speak with a financial adviser before relying on the content. All content is correct at time of publication date.