In an increasingly complex and challenging world, financial education plays a crucial role in preparing young people for the challenges of adult life. However, despite some significant advances, the educational reality in Portugal, from the 1st to the 12th year, reveals gaps regarding financial literacy, essential for effective and conscious monetary management.
The importance of instilling notions of financial planning, from creating and managing budgets to establishing short, medium and long-term financial goals, is undeniable.
Strategies for saving and investing, understanding the intricacies of credit and debt, in addition to the responsible management of credit cards and other types of credit, are essential to avoid financial traps that can compromise the future of young people.
OECD studies indicate, however, that Portugal is below average in financial literacy among member countries, a worrying indicator that reinforces the need for a robust educational program in this area.
The result of a study by Banco de Portugal also reveals that a significant percentage of young people aged between 18 and 24 in the Algarve face financial difficulties due to debt. A number that could be mitigated with adequate financial education from an early age.
Furthermore, recent research shows that financial education programs implemented in schools result in a significant improvement in young people's ability to manage their finances, with a 40% reduction in the likelihood of early debt.
In the Algarve, for example, young entrepreneurs who received financial training have a 30% higher success rate compared to young people who did not have access to this training, highlighting the importance of entrepreneurship in the school curriculum.
In relation to teachers, a survey carried out among teachers from the 1st to the 12th year revealed that only 20% felt confident in teaching basic financial concepts, highlighting a clear need for specialized training.
In this sense, the implementation of a comprehensive and mandatory financial education program will have to involve specialized training for teachers and the inclusion of finance specialists in the educational process, among other measures that can significantly enrich the national curriculum.
Investing in young people's financial education is not just a bet on their individual development, it is also an investment in the country's economic future.
Recent studies show that in Portugal the poverty rate among those who have not completed secondary education is four times higher than those who have a degree. This statistic highlights the intrinsic link between education (including financial education) and improving living conditions.
As we move into an increasingly uncertain future, it is imperative that schools, together with families, take responsibility for preparing young people for an ever-changing reality.
Financial education isn't just about money, it's about building a solid foundation for conscious and responsible life decisions. By equipping young people in the Algarve with this knowledge, we are opening doors to a more prosperous and secure future.
Author Luís Horta, professor of Informatics at the João de Deus School Group, is the author of his institutional website and responsible for the Group's external communication. 27 years of experience as a teacher in Secondary Education, five years of experience as a teacher in Higher Education, more than 1000 hours of adult training. Managing Partner of Webfarus Digital Marketing.
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