Corporates Need To Encourage ‘Financial’ Studies in Schools For Their Own Benefit
Dailycsr.com – 17 March 2017 – In the course of the World Economic Forum, one of the core six “foundational literacies” is “financial literacy” which is compulsory for the 21st century’s students to thrive in the present economy, reported Vikas Vij. It is importing to support the coming generation in their financial management, whereby ensuring a securing future for them.
However, the benefits reach beyond the circle of oneself as it also affects the “future of business” along with the economy which is likely to widen out. Furthermore, it is also improve the financial knowledge as well as confidence in the consumers and employees alike, whereby benefitting everyone in turn.
Even though, the requirement of “financial education” has been acknowledged, as many as seventy percent students in the U.K. never receive proper “structured lesson” on the subject, which leaves them with little or no idea about smart financial planning. It is to address this challenge that the “National Schools Partnership” has come up with a guide that encourages corporates to provide support on promoting “financial education in schools” which will also benefit them in the long term.
According to Vikas Vij:
“The guide shows that investing in financial education not only benefits young people, but is also an effective way to build trust in corporate brands because consumers perceive these brands in a more positive light. Furthermore, companies that contribute to the financial education of young people are helping to build an economically sound generation who can add value to their business – as customers and as employees”.
There are “eight key areas” identified in the guide wherein businesses can pitch in to contribute the maximum value in their support towards “financial education for students”. Here are the areas, as mentioned by the Ethical Performance:
However, the benefits reach beyond the circle of oneself as it also affects the “future of business” along with the economy which is likely to widen out. Furthermore, it is also improve the financial knowledge as well as confidence in the consumers and employees alike, whereby benefitting everyone in turn.
Even though, the requirement of “financial education” has been acknowledged, as many as seventy percent students in the U.K. never receive proper “structured lesson” on the subject, which leaves them with little or no idea about smart financial planning. It is to address this challenge that the “National Schools Partnership” has come up with a guide that encourages corporates to provide support on promoting “financial education in schools” which will also benefit them in the long term.
According to Vikas Vij:
“The guide shows that investing in financial education not only benefits young people, but is also an effective way to build trust in corporate brands because consumers perceive these brands in a more positive light. Furthermore, companies that contribute to the financial education of young people are helping to build an economically sound generation who can add value to their business – as customers and as employees”.
There are “eight key areas” identified in the guide wherein businesses can pitch in to contribute the maximum value in their support towards “financial education for students”. Here are the areas, as mentioned by the Ethical Performance:
- “Provide high-quality training to both primary and secondary school teachers”
- “Provide direct delivery to schools by outside experts”
- “Leverage credibility as a business to campaign for the importance of financial education”
- “Provide support for school senior leaders to embed financial education in their schools”
- “Establish a supported network of financial education ‘champions’”
- “Create initiatives to help schools engage and upskill parents”
- “Engage and excite students about financial capability through a large-scale competition”
- “Target programs or resources at specific cohort groups”
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