The Education Ministry must introduce a money management subject at all teacher training institutes immediately.
Most consumers get caught in a debt trap and struggle to get out due to:
> Poor financial planning:
Not setting a proper budget and not understanding interest rates properly; spending more than their income and prioritising wants over needs.
> Lack of emergency funds:
Not having savings to deal with unexpected situations, such as illness and inability to work.
> Credit culture:
Taking personal loans easily and thinking of debt as a normal part of life.
> Luxury living:
Choosing a lifestyle that exceeds their income to impress others.
On March 8, StarEdu highlighted the need for educators to be financially literate, with teachers among the most vulnerable to money troubles.
It is imperative that teachers, the very people tasked with educating our kids, are themselves financially knowledgeable and responsible.
This must also be inculcated in those aspiring to become teachers because students need role models.
N.V. SUBBAROW
Senior education officer
Consumers’ Association of Penang
