Navigating adulthood is challenging, and it has become even harder now. That’s especially true when it comes to personal finances and living a healthy life.

Consumers are subjected to more sophisticated and sometimes insidious online marketing. Hard-to-spot scams are posted daily on social media, emails, and texts.

We buy more of our goods online and take the risk that our personal data might be compromised. There are negative chronic health effects of social media use, and obesity and diabetes are becoming the new norm.

Clearly, children need to be better equipped to deal with the modern world of money, health, and well-being.

BE BETTER EQUIPPED

Over the years, there’s been growing interest in teaching financial literacy and good health and nutrition in school as part of other courses, such as math or economics. Experts say they are foundations for learning and a crucial investment for more sustainable, inclusive futures.

In the Middle East, not all schools require teens to take a designated financial literacy and health education course, at least not yet.

Those few schools that recently included these courses in the curriculum—those who have seen it first-hand—believe it’s far from enough. Students still head to university woefully underprepared to manage their money and health.

“Schools are definitely waking up to the challenge, which is a far cry from the situation just a few years ago,” says Marilyn L. Pinto, founder of KFI Global, a UAE-based financial education company. “But it does need more focus; this is a critical skill that schools would do well to inculcate early on.”

Understanding nutrition and possessing financial literacy is crucial for children’s healthy cognitive development and foundational sense of confidence and independence, says Adam Dyson, Headteacher at British International School Riyadh, Tabuk. “Knowledge of these areas empowers young people to feel equipped to make their own sensible decisions.”

Well-being platforms like Bounce Together can help monitor and track healthy eating and sleep patterns at school, adds Dyson, and data-driven insights can be discussed and actioned accordingly. “In this way, schools can identify and address gaps in nutritional understanding with dedicated sessions on the importance of a healthy diet.”

However, a challenge across the Middle East, particularly when it comes to financial awareness, is the lack of applied experience, as most financial needs are resolved by parents or others in their support network. “This is where interaction with money becomes fundamental to financial knowledge and must, therefore, be part of the curriculum,” adds Dyson.

To be financially literate as they move into adulthood, Radu Topliceanu, EVP, Head of NEO and Personal Banking at Mashreq, says children need to understand the value of money from an early age. “It is a crucial investment from many perspectives, including sustainability and financial inclusivity; full financial participation is crucial to building a strong, sustainable economy. Being financially literate can protect against financial pitfalls and exclusion.” 

Health and nutrition education in school is also an effective and affordable way to ensure learners learn and thrive throughout their education pathway and beyond. Experts say schools need to centralize a modern-day, realistic approach to education.

“At a young age, it’s much easier to get this knowledge hardwired in them, so it becomes second nature and instinctive,” says Pinto. Their brains are more neuroplastic and, hence, easier to mold. The repetition and practice they get will make these habits, whether on health or financial values, really stick and become engrained.” 

According to Dyson, teaching students the basics of money management help them develop the skills and attitudes necessary to achieve financial success later in life. “For instance, in senior school, they focus on the skill sets needed for safely managing their finances when they go to university.”

However, he adds that the financial sector, including electronic banking and cryptocurrency, is rapidly evolving. “We must have updated education programs to pave the way for innovative economic prosperity.”

CHALLENGING REALITY

The concept is great. But turning it into reality isn’t simple. 

If schools are going to add new courses, they also have to remove some things. Otherwise, there will be practically no time for students to pursue electives that most interest them.

“Schools need to seek the support of financial professionals with a flair for teaching who specialize in financial literacy and are passionate about the next generation of economic participants,” says Toplicean. 

“Finding more engaging ways to impart this knowledge is more crucial than ever today,” he adds. 

“But we must understand that schools don’t have the resources, the trained staff, or the time. They try to fit this in the economics or business lessons,” adds Pinto.

Given its constraints with budgets, time, and resources, especially the shortage of trained experts, Pinto adds, there is a real danger in treating this issue lightly and getting someone with basic knowledge to teach the kids about financial literacy. “On the other hand, teachers are already burdened with so much administrative work that there is little to no time for them to focus on imparting these skills to their students.” 

It is undoubtedly challenging to meet the changing needs of students and schools.

However, some private schools in Dubai stand out in this regard. According to an international study conducted by the Organisation for Economic Cooperation and Development as part of the Program for International Student Assessment 2022, Dubai private schools ranked second out of 20 countries and regions for financial literacy, with a score of 522 points, compared to the OECD’s global average of 498 points.

Experts say priority should be given to topics more immediately relevant to teenagers, like budgeting, long-term debt, and credit.

“Our money decisions and how we earn it, spend it or invest it, is intrinsically linked to every aspect of our lives— our job, our career, how long we decide to work, our retirement and our relationships,” says Pinto. “Being better at making money makes us better at making life decisions and thus ensures a better quality of life. It’s a super skill that elevates the other skills we have.” 

Cultural and legislative differences must be taken into consideration, especially when considering financial literacy programs for international schools, says Dyson. “Although this poses a challenge for these institutions, because students’ understanding of topics like the consequences of loans and debts are not the same as other countries, this subject should not be shied away from.” 

He continues, “Educational resources that haven’t been designed specifically for the Middle East must be adapted to fit this region’s demographic.” 

Having a thriving food culture around children so they can make healthy, affordable choices is as important. 

These are crucial investments for a more equitable future.

While every child is different, there are a number of reasons why they are expected to be worse off than their parents, broadly speaking. A variety of factors, such as wage stagnation and inflation, the steady rise in home prices, high education costs, and student debt, will make financial milestones harder to reach for children growing up now.

INVOLVEMENT OF COMMUNITY

Schools have generally not proved to be the best and only way to improve financial and health education unless they are undertaken with the involvement of the people who have to carry them out. 

A flurry of startups has emerged to teach high school students’ financial literacy, covering topics like budgeting, saving and managing debt, and healthy eating and well-being. UAE-based fintech startup Leap teaches kids and teens how to make better money choices by boosting their financial literacy. 

Dyson adds that Saudi Arabia’s National Savings and Financial Literacy Strategy prepares students for the university of life by outlining different types of bank accounts for students, how to open a bank account, and how to budget effectively. “Partnerships with global banks also offer educational value.”

For example, Mashreq launched Neo Nxt, a digital banking service for children to educate them about different banking services.

This is not only the schools’ responsibility, says Topliceanu. “Alongside school, parents, families, governments, communities, and even financial institutions—all share accountability for ensuring the younger generation starts on the right foot financially.”