Unlock the Key to Financial Success in Kazakhstan

Financial Literacy in Education

Editor's note: The Astana Times continues a section featuring articles by our readers. As a platform that values diverse perspectives and meaningful conversations, we believe that this new section will provide space for readers to share their thoughts and insights on various topics that matter to them and the AT audience. In Kazakhstan, most young people lack elementary skills in managing small amounts of cash, saving, or handling credit. The curriculum of education lacks a focus on imparting important life experiences. By teaching budgeting, saving, and investing at an early stage, we can prepare young people to manage these processes throughout their lives.

For example, a significant portion of the youth in Kazakhstan applies for loans without understanding the implications. This can lead to deep debt and prevent them from financing other important activities such as starting a business or buying a home. Incorporating financial literacy into the curriculum can help build a solid foundation and avoid excessive use of credit.

The Role of Qualified Teachers

Establishing financial literacy programs is not enough; we need qualified teachers who can effectively explain these concepts. Currently, there is a lack of qualified teachers in Kazakhstan at schools and universities. Involving professionals from the finance sector to conduct workshops or seminars can bring both theory and practice to life. This will help students gain a better understanding of financial concepts and make more informed decisions.

Singapore integrates financial education into its school system, resulting in a financially literate generation. Similarly, schools in Finland emphasize mastering good financial skills at an early age. By learning from these examples, Kazakhstan can improve its financial literacy levels.

Learning from Other Countries

Some may argue against introducing another subject to the curriculum, citing the heavy demands on students and the scarcity of funding for schools. However, financial literacy is not just another addition to the formal education system; it is a part of personal life experience that significantly impacts every aspect of an individual's future. One tool that can enhance financial literacy is financial applications and online classes. These platforms democratize knowledge and allow young people to learn at their own pace.

Investing in personal financial capability is an investment in the population and the future of Kazakhstan. By ensuring people understand finances, we can foster increased commonwealth, greater investment, and more informed decision-making, which will contribute to national growth.

Promoting Financial Literacy

It is crucial for Kazakhstan to promote financial literacy as part of formal education, organize special workshops for teachers, and encourage families to engage with financial topics together with their children. By doing so, we can ensure that our younger generation creates better and safer lives for themselves and contributes to building a stronger nation.

The author is Aigerim Kosbayeva, a graduate student of the Nazarbayev University Graduate School of Public Policy. Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of The Astana Times.