Jan 8

Why children should learn about business during school years

Matters related to business and money making are traditionally viewed as interests of grown-ups. However, recent studies show that children are becoming more commercially sophisticated and keen to learn how business works. Moreover, basic business education for kids presents valuable opportunities to help master school subjects and prepare children for the future.

Connecting academic knowledge to real life through everyday business examples makes learning more personally meaningful and more practical. It may also help address student disengagement at schools which is shown to reach 50%. It is hard to disagree that learning maths or English through product creation or and subsequent design of selling strategies adds a new angle to many academic concepts, such as persuasive writing, calculations or correct spelling.

McKinsey research suggests that entrepreneurship is a core skill required to thrive in the future world of work. Flexible, inquisitive and innovative approaches will benefit not only those who will decide to pursue business ownership but also employees whose abilities will be measured differently than in the past due to artificial intelligence taking over more and more manual tasks.

Thus, equipping school aged children mentally with new ways of thinking is just as important as developing them academically, physically or socially.

And while earning income is not the ultimate goal of business education for kids during these formative years, creating a safe environment for them to learn basic business concepts has many benefits:

1. It gives a purpose.

When a child is genuinely interested in a topic, they are more likely to pursue it beyond the classroom in their spare time.

For example, finding out what makes customers buy more ice cream in warm weather may uncover the world of learning opportunities and motivate kids to explore psychology, factors that affect demand, price fluctuation, etc.

Engaging in self-learning and expanding curiosity through examples that surround children every day is a valuable attitude that will add to their school knowledge.

2. It helps raise independently thinking future customers.

Whether kids are already delegated some shopping responsibilities or are aspiring to make purchases on their own, it is important to educate them how to navigate the shopping environment and decode marketing effects, to help them make smart buying decisions.

Financial literacy for kids starts with understanding of basic concepts of earning, saving and spending. It is important to educate children about the needs (must-haves) and wants (nice-to-haves), the difference between planned and impulse shopping, and how the latter can be used by sellers to encourage more spending.

Thus, basic business awareness creates educated customers who will be able to maintain control over their spending habits and be less affected by marketing effects. This knowledge is essential in teaching children understand money matters and manage their future finances from the young age.

3. It helps choose a career path.

The earlier kids identify what fascinates their minds and the more real life applications of different skills they explore, the better place they will be in when time comes to choose their future profession.

Some kids may enjoy designing new products and develop their creative skills, others may find they are fascinated by human thinking patterns and building strong arguments to win over competition. Whatever the case may be, business education for kids during school years helps identify their talents they can monetise later through tertiary studies.

Without any doubt, there are many skills children need to learn at school today. However, there are skills that are not part of school curricula yet, but proved to help kids thrive when they grow up.

Entrepreneurship is one of them. This is why it may be a good idea to start establishing healthy awareness about money management and the business world to give kids the best possible start into adulthood.

Created with