The Effects of Education on Fiscal Responsibility Essay -- Financial M

The world is recovering from financial crisis that started in 2007. The cause of the crisis was failure of American Mortgage Company. The effect has spread all over the world; however the world seems to be recovering. This is not the first time that the world has suffered such a crisis. There was the great depression of 1920s. The point that is in people’s mind; economists, politicians, and social scientist is how they can prevent the occurrence of such a crisis in future. Among the many recommendation brought out, there is the role that education can play. Our education system can be moulded to educate students and society in general on how they can prevent such an occurrence in the future. Secondary school life is the initial stage that a child moulding can start. It ensures that there is a base of a human being that can be shaped to influence the life of the child in future (Alloy & Ahrens, 2008). This paper will focus on how education can be used to combat future occurrenc e of such crisis. Development and enforcement of a money management principles The principle that human beings have are moulded by early life development. At high school a child is given some money to manage and spend. This is the period that they are given pocket money to spend at school and are allowed to make individual decisions toward things that affect their lives. In schools children should be taught on how to manage the finances they have, they should be trained on how to make decisions which have an impact on the finances they have. The little money they are given by their parents should be the one to start molding their behavior towards good financial management and making priorities. One of the most important things that people should aim at is t... ...simism for the future: Biased use of statistically relevant information in predictions for self versus others. Journal of Personality and Social Psychology, 52(2), 366-378. doi:10.1037/0022-3514.52.2.366 Ambachtshee, K., Beartty, D. and Booth, L. (2008). The financial crisis and rescue. What went wrong? Why? What lesson can be learnt? Toronto: university of Toronto Melzert, H. (1995). Review of "Curriculum-adjustment in the Secondary School". Journal of Educational Psychology, 16(9), 638. doi:10.1037/h0068007. Morris, P. (1997). School knowledge, the state and the market: an analysis of the Hong Kong secondary school curriculum. Journal of Curriculum Studies, 29(3), 329-350. doi:10.1080/002202797184071. Park ,R. cona, K. and Fingess, M. (2008). The crisis of global environment governance: towards a new political economy of sustainability. New York: Prentice Hall