Learning to be financially literate begins in childhood

“PENNY wise pound foolish” and “Save for rainy days” are two phrases I remember learning during English lessons in my school days. Teachers rewarded students with higher marks when they incorporated such phrases in their essays.

In retrospect, I realise that these phrases are lessons on financial literacy and emphasise the importance of budgeting and spending within one’s means. Being illiterate on these matters could lead to situations where one would, as Prime Minister Tun Dr Mahathir Mohamad said, face difficulty in repaying their loans, “PM: Some living beyond their means” (The Star, July 24).