8 essential financial literacy skills every student should learn early

1. Budgeting: Understanding how to track income and expenses and create a budget to manage money effectively is fundamental.

2. Saving: Learning the importance of saving money regularly, even small amounts, and setting financial goals is crucial for future financial security.

3. Understanding Credit: Gaining knowledge about how credit works, the impact of credit scores, and the responsible use of credit cards is vital.

4. Debt Management: Learning how to avoid unnecessary debt and strategies for managing and paying off debt responsibly is an essential skill.

5. Investing Basics: Getting an introduction to the concept of investing and different investment options, even in a simplified way, can set a foundation for wealth building.

6. Distinguishing Needs vs. Wants: Understanding the difference between essential needs and non-essential wants helps in making informed spending decisions.

7. Identifying Scams and Fraud: Learning to recognize and avoid financial scams and fraudulent activities is important for protecting personal finances.

8. Financial Goal Setting: Knowing how to set both short-term and long-term financial goals and planning how to achieve them provides direction and motivation.