While primary students in Pakistan are still struggling to put two and two together, it’s a different world for similarly-aged pupils in China. In a new plan to make young children more financially aware, the Chinese Ministry of will be collaborating with the country’s securities regulator for a project aimed at teaching Chinese primary students how to become more financially literate adults.
Chinese kids as young as 10 might soon be exposed to financial terms like “buy” and “hold” and “price-to-earnings ratio” and subsequently more financially savvy as they grow.
The effort is part of a plan to make the average Chinese person more financially responsible and aware, as a number of unsuspecting and little-knowing Chinese investors have repeatedly lost their life’s savings to risky financial schemes and even frauds over the years.
That is more pertinent in the age of technology, where users are exposed to online scams and frauds on almost a daily basis. There have even been some been reports of investors resorting to extreme measures like suicide upon being defrauded of their savings.
Gao Li, a spokesperson for the securities commission said the initiative had “great significance for maintaining social harmony and stability”.
With China in dire need of cash and looking to foreign investors to pump money into its stock market to bolster a slowing economy, it needs stricter regulation of its stock market.
Even tech companies have stepped up efforts in this regard. There have appeared several apps that help kids gain knowledge of basic finances and schools in major cities are beginning to offer related lessons.
Chinese officials say they also plan to improve financial literacy of teachers and urge universities to offer courses to all students in order to make them better at financial know how.