To The Moon

🌟🌟🌟In Singapore schools, kids do not just learn to count, they teach kids what counts.  Financial literacy isn't just a curriculum, it is a cultural rite of passage.  While kids in other countries might be busy counting how many jellybeans they can stuff in their pockets, Singapore kids are already calculating opportunity costs like seasoned economists in training.

What is a Financial Literacy?

Let's break it down.  Financial literacy means understanding how money works.  This includes budgeting, saving, investing and mastering the fine art of not impulse buying every shiny gadget in sight. 

The  Ministry of Education (MOE) promotes financial literacy by infusing key financial concepts into the school curriculum at all levels.

In primary school, kids are taught basic concept such as differentiating between needs and wants, spending within their means as well as the value of thrift and accumulating savings through Character and Citizenship Education (CCE) lessons.

Secondary school kids learn how to become responsible and discerning consumers through food and consumer education, where simple financial planning, responsible use of credit and knowledge of consumer rights are taught.

At Pre University level, CCE lessons guide students to apply values as they learn about financial goals and how to manage their future financial responsibilities. 

Real Life Teaching Moments  - Singapore Style

When my kids are home, I continue to inculcate positive habits  in managing money by setting aside a weekly budget and discussing  with them how to apportion their allowance daily.

When my son wanted to buy a Labubu plush toy, I did not just say no.  Instead I ask him what will he give up for it?  That is opportunity cost.  Suddenly he was calculating whether Labubu was worth skipping bubble tea for 2 weeks.  Spoiler : He said it was worth it.

So What Age Should This Start?

7 years old. That is when kids are curious enough to ask where money comes from and old enough to learn that compound interest isn't a spell from Harry Potter.  By age 10,  they will be using phrases like "capital preservation" in lunch box  negotiations.

Concluding Thoughts 

I am so glad that my kids have the benefit of learning financial literacy from young.  It will set them up with a strong foundation for their future.  I will even start them off with buying stocks in their teens.  After all Warren Buffett started early too.  He bought his first stock at age 11.  Today he is a billionaire with wisdom that he shares so generously with budding investors around the world. 

Warren Buffett's journey proves that financial literacy isn't just a nice skill to have but rather Financial Literacy is the secret sauce to lifelong wealth.

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