In a world of increased individual financial responsibility, where workers are in charge of their financial well-being and where financial markets offer new and complex financial products, financial education is essential. Just as it has proven to be impossible to succeed in the modern world without the ability to read and write, so it will be impossible to succeed in the present-day financial system without knowing the basics of economics and finance.
As parents, we are sure you understand the importance of financial education. You sit for hours reading about other subjects with your children. However, children must be “literate” about money matters, too. Learning how to think about money and manage it wisely is an equally important life skill. You must patiently help your children “sound out” the many ways to control money. Your children will learn by doing. Some lessons will be thrilling. Others will be frustrating, even painful. In the end, you hope that your children will grow into financially responsible adults. This Olympiad will help your children assess their ability to model good financial habits. Encourage your children to participate in the Olympiad; help them through their preparation for challenges.
Once in their adulthood, your children will face challenges in the areas of household management which could be accentuated by the lack of skills or knowledge that is necessary to help them make well informed financial decisions. This Olympiad is an attempt towards financial education that can help them prepare ahead of time for life needs as well as to deal with unexpected contingencies without assuming unnecessary debt.
With the help of financial education the current generation of children will contend with many monetary issues that their parents and grandparents did not have to face, from sky-high college costs early in adulthood to bankrolling their own retirement later on. The Olympiad will prepare the children not only for the current task but will motivate them to know more about how to be a more financially responsible individual and a citizen. The rewards are life-altering: living within their means, free from the anxieties of debt, and secure in their future.