Financial literacy among children and youth crucial

Financial literacy for children and youth is not a common subject matter in our society today. Often times we talk about financial management for youth in entrepreneurship and in very rare cases do children come up in a conversation pertaining to money. Today marks the last day of the Global Money Week, a global event whose objective is to engender the discussion of money awareness among children and the youth. Taking place only once a year in the month of March, this year it was marked from 14th to 20th March. According to Child and Youth Finance International - the organization that initiated and coordinates the Global Money Week, the goal is to teach children and youth about money, saving, creating livelihoods, gaining employment and entrepreneurship through engaging activities and events. Rwanda has a youthful population. In 2014, it was estimated that 93.5% of the total population is below the age of 54 years. Of these, 61% were persons below the age of 24 (CIA world factbook). This makes Rwanda one of the most youthful countries in the world. By 2020, we expect the figure to have increased by leaps and bounds. Within the scope of the Global Money Week, these statistics inevitably bring up two important intertwined questions: Number one, what is the level of financial literacy among this youthful population and two, how prepared are young Rwandans today for the future ahead? At a global level, the government has clearly laid out what can be considered great road maps for achieving sustainable socio-economic development – Vision 2020 and other commitments regionally and internationally. The future sounds bright for Rwandans and I believe that its realization is dependent upon the capability of the youthful Rwandan population to step up and overcome current challenges. Financial literacy is an indispensible tool in this day and age and it is high time that everyone came to the realization of the need to engage children and the youth in financial literacy for sustainable development. Experience has shown that financial empowerment goes hand in hand with social growth. For instance, we cannot talk about women emancipation without bringing in the aspect of opportunities for economic independence and growth. A woman who is enlightened on her rights but does not have the opportunity for economic growth or independence is not able to live up to her full potential. On the other hand, a woman who is aware of her rights and has the opportunity to pursue economic independence is equipped to bring about positive transformation in her society. It’s an undeniable social fact that the values instilled in children more often than not drive the decisions they make in their adulthood. The money values instilled in young Rwandans today will either align or distance them from the achievement of Rwanda’s vision. The youth need to be armed to the teeth with the right values and ideas on money to prepare them for the future. A common challenge that is facing the youth worldwide is unemployment. Whether you are looking at the global South or North, the circumstances on youth unemployment are the same. Unemployment rates keep rising as Governments have tried in vain to create enough jobs to absorb qualified youth who join the existing workforce year after year. The agreed solution that many experts have subscribed is building the capacity of the youth to enable them to become job creators instead of job seekers. The issue of unemployment underscores the urgent need for all to participate in molding the future of young people to prepare them to be first, job creators before job seekers. The journey to individual economic independence requires a shift in mindset whereby young people are seen as vital agents of realizing the Rwandan dream or vision. This mindset encourages everyone to participate in training the youth about money from a young age. Conversations about saving, investment and creating employment should not be a reserve for adults or university students majoring in business related courses; instead, they should begin taking place in the very homes we’re in. Parents, guardians and mentors should start striking these conversations with children from a young age in order to instill a mindset and discipline on money that is in line with the goal of economic independence and job creation. The writer is a social commentator based in Kigali

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Financial literacy among children and youth crucial