Patrick Baah, a renowned Chartered Banker and Lead Facilitator on Patrick TV GH, a rising YouTube financial channel has challenged the Ministry of Education to make savings a core subject at the Senior High School level in Ghana.
He made this call during his encounter with the TV3 Business desk which was aired on News360. He also had a featured write up in the Business and Financial times dated 15th and 17th May 2019.
The savings tutor posited that most parents are not able to teach their kids the basic principles when it comes to money. This he believes leads to loss of inheritance in their absence, and this is in a time where early inheritance giving is also becoming more popular at the same time.
Mr. Baah further explained that education is not only to help young ones find or create employment after school. It is to also instill discipline in all aspects of our lives including financial management. There are plenty of resources online, such as MyInforms, which can help to educate us on the areas of our personal finances that we should pay particular interest to in order to effectively get a handle on our money.
With savings as a compulsory subject in the Senior High level, every graduating student will know and learn practical principles about money such as financial management, art of saving, forms of investments and financial independence.
Patrick again added that parents as a top up to what the students learn at school should also help them with relatable steps at home such as setting financial targets from their “pocket” monies, involving the kids in financial decision making at home as well as encouraging them to make some purchases themselves.
Opening a junior account for your child and teaching them to run it themselves at age 10 is another proven way of helping children to know about money according to the savings tutor.
He concluded by saying that creating wealth was good, but knowing how to
manage it well was even better.
You can follow Mr. Patrick Baah on Instagram and Facebook @Patricktvgh and his YouTube channel Patrick TV GH to learn more about Financial Planning and Business Creation.
Source: Nana Kesse