THE SACRED PSLE COW BEING PUT TO DEATH

With the beginning of the “national discourse,” education, which is a matter that is near and dear to the hearts of many Singaporeans, has swiftly become a topic of intense interest. And the primary school leaving test (PSLE), which has been a rite of passage for youngsters in our country for such a long time, has once again come under scrutiny, as a member of parliament has revived demands for it to be eliminated. Mr. Hri Kumar, who is a member of the government parliamentary committee (gpc) for education, expressed his approval of the pronouncements made by the Ministry of Education the previous week to “eliminate banding, de-emphasize tests, and enhance non-academic components of a child’s growth.” There seems to be a general agreement among all parties involved that the academic credentials of pupils should not be the only criteria that determines whether or not they will be successful. To clarify, we are not implying that academic knowledge is of no value. The ability to read, write, and do mathematical operations is essential for success in the real world. Academics are crucial. In addition, extracurricular activities that foster cultural interests, community service, and exploration of the globe are becoming more popular. Financial education, on the other hand, is a subject that is completely ignored in our educational institutions. In order to acquire the skills necessary to do a job, everyone spends almost twenty years in school. However, there is one thing that schools never teach, and that is how to handle the money that you make after you have a job. Since of this, there are a lot of individuals in the world that make terrible choices about their finances, and you can’t really blame them because they have never been taught how to do so. On the other hand, in this world and this economy, ignorance is no longer an acceptable excuse. When children are young, they should be taught the importance of money, how to properly handle it, and how to create good habits about money management. So, how do you manage to accomplish it successfully? 1. Participate in games that involve money On the market nowadays, there is a plethora of games that youngsters may participate in. Monopoly, cashflow for kids, and other similar activities are designed to educate children how money may be used to purchase, acquire assets, and invest in order to generate cashflow in an atmosphere that is both enjoyable and educational. Although this is an excellent initial step, it shouldn’t be the end of the process. Allow them to have their own personal bank account Children need to be engaged in their own financial matters in order to provide them with a degree of control while yet being supervised by an adult. If they are aware that they are spending and investing their own real money, they will handle the situation with a great deal more seriousness than if they were just playing a game without any consequences. Children should be able to maintain control over their spending and should be able to start their own savings accounts. The majority of the time, a parent will create a child account in Singapore along with the kid. Certain financial institutions, on the other hand, permit accounts to be opened only in the name of the kid, beginning at the age of five. third, take care of their allowances Surprising findings have been uncovered via study on the impact that allowances have on youngsters. In most cases, there are three distinct categories of allowances. One of them is a consistent allowance. By way of example, an allowance may be used as a sort of reward for doing duties. This is the second type. A third option is to not provide the kid with a monthly allowance but rather to provide money only when the youngster specifically requests it. The lowest level of financial literacy is seen among youngsters who get a monthly stipend. Those individuals who get a monetary reward for completing duties or meeting objectives are the ones who do the best. They are closely followed by those who do not get a monthly stipend but who make requests for financial assistance. The argument for this is that children who get a regular allowance are comparable to those who receive welfare. You are not giving positive behaviors a boost. You are implying that regardless of how good or horrible you are, you will get this amount, and it does not often teach responsibility. 4. Teach kids how to invest in the future. Give kids the opportunity to spend real money while being supervised by an adult. One possibility is that you might demonstrate to them how to create a trading account with a broker. You should begin by providing them with a virtual trading account; there are a lot of free alternatives available, and you should also give them the opportunity to practice with various trading tactics. They are allowed to play with the money as much as they like in a “sandbox” environment, and there are no actual financial implications for their actions. Many of these virtual accounts also include lessons and explanations on the many methods that are accessible. In spite of this, the market’s history is still as authentic as it can possibly be. Children may be motivated to study and improve their financial literacy by taking advantage of the awards that are offered by some websites, which give rewards for the most successful traders on a monthly basis. After they have gained some self-assurance, provide them with the opportunity to invest some actual money. By doing so, they are taught responsibility and given the opportunity to develop confidence in their ability to handle real money and invest it. This eliminates the “fear” of investing that many of us were raised with.

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