By Ghadeer Ghloum
KUWAIT: Although schools may be the fundamental base of individuals’ preparedness for adulthood and success in the future, there remain some crucial points that are missing from the educational curriculum. In Kuwait, economics and finances are an example of important fields that students need to understand in order to develop money management and entrepreneurship skills. To look more into the importance of exposing youths to entrepreneurship and financial skills, Kuwait Times interviewed Fatema Al-Matouq, Program Manager at INJAZ Kuwait, and Dana Al-Asfour, Program Coordinator, also at INJAZ.
Matouq pointed out that in order for young people to become financially responsible adults, they need to understand how the economy works and how to manage their personal finances effectively. Students need to know about the key concepts of supply and demand, pricing, competition and market forces. This knowledge is essential for understanding how businesses operate and how economic policies and decisions affect individuals and society as a whole. Also, the focus on personal finance programs teaches students about budgeting, saving, investing and managing credit.
These skills are essential for building financial stability and achieving long-term financial goals. Matouq also shed light on INJAZ Kuwait, which is part of Junior Achievement Worldwide, a global nonprofit organization that focuses on educating and inspiring young people in and out of school and universities about entrepreneurship, financial literacy and work readiness. INJAZ’s mission is to empower young people to own their economic success, plan for their futures and make smart academic and economic choices.
Teaching young people entrepreneurship skills through INJAZ Kuwait programs can have a significant impact on their future. The programs are designed to provide young people with the knowledge and skills they need to succeed in the 21st-Century economy. One of the primary benefits of teaching entrepreneurship skills to young people is that it encourages them to think creatively and develop an entrepreneurial mindset. This mindset can help them to identify opportunities, solve problems and create innovative solutions.
It can also help them to become more independent and self-confident, which can benefit them in any field they choose to pursue in the future. Another important benefit of entrepreneurship skills is that they teach young people about business operations, such as financial management, marketing and business planning. This knowledge can help them make informed decisions about their personal finances and career choices in the future. Whether they choose to start their own business or work for someone else, this knowledge can help them succeed in their career. Entrepreneurship skills also teach young people about the importance of networking and building relationships with others.
This skill can benefit them in any field they choose to pursue, as building a strong network is crucial for success in any career. Teaching entrepreneurship skills to young people can help them develop financial literacy. By learning about budgeting, saving, investing and managing credit, young people can make informed decisions about their personal finances in the future. This can help them to build financial stability and achieve their long-term financial goals.
Asfour said children need a better standing ground concerning their finances, so they need to be prepared for this next step in their life regardless of their young age, especially since they are not being taught these things at school. Thus, these gaps in the educational system must be filled. “Introducing the idea of business and economy opens doors to many opportunities in life, besides improving a child’s development, social, entrepreneurial and critical thinking skills, especially since these things have become vital in the last decade.
With the rise of entrepreneurship, we see it crucial to bring these things to children’s lives. Kids need to understand the value of money and how to save it. They need to differentiate between their wants and needs. They need to know so many things such as fraud and tax and other things that we were not exposed to us enough as students in Kuwait,” she added.