How teaching commerce in schools promotes financial literacy among students?

How teaching commerce in schools promotes financial literacy among students.

The study of commerce, often referred to as business or management, is important for several reasons. Firstly, it provides students with the knowledge and skills necessary to succeed in the business world. This includes understanding key business concepts such as finance, marketing, and operations management. Secondly, the commerce stream can guide students to develop valuable personal skills such as problem-solving, critical thinking, and communication. These skills are not only useful in the business world, but also in a variety of other fields and industries. Studying commerce can provide students with a strong foundation in business and financial concepts, as well as valuable transferable skills and career opportunities. It can also help students develop their financial literacy and global perspective, and provide opportunities to build a professional network. Additionally, commerce programs may offer research and entrepreneurial opportunities, as well as personal growth opportunities

  • Career opportunities: 

A commerce degree can open doors to a wide range of career opportunities in fields such as finance, accounting, marketing, and management. Many of these careers are in high demand and offer attractive salaries and benefits. For example, graduates with a degree in finance may pursue careers in investment banking, asset management, or financial consulting. Graduates with a degree in accounting may work as certified public accountants or in internal audit roles. Many commerce programs also offer research opportunities, which can aid students in developing skills in areas such as data analysis, research design, and report writing. These skills can be valuable in a range of careers in finance, policy analysis marketing, sales and business development.

  • Transferable skills: 

Commerce programs often focus on developing transferable skills such as critical thinking, problem-solving, communication, and leadership. Employers value these skills as it is valuable in a variety of industries in many different contexts. For example, the ability to analyse financial data and make informed decisions can be valuable in a range of roles, from finance to marketing to operations. Similarly, the ability to communicate effectively and team leading can be valuable in any setting.

  • Financial literacy: 

Commerce programs often include courses on financial management, which can help students develop their financial literacy. This can be valuable in managing personal finances, making informed investment decisions, and understanding financial concepts in a professional setting. For example, students who have studied finance may be better equipped to understand the risks and returns of different investment options, or to create a budget and plan for saving and spending. Some of the benefits of financial literacy for students include:

  1. Improved decision making skills.
  2. Better budget planning and money-management skills.
  3. Increased confidence and independence.
  • Global perspective: 

Many commerce programs also include courses on international business, which can help students understand the global economy and how businesses operate in different cultural and regulatory environments. This can be valuable in an increasingly interconnected world. For example, students who have studied international business may be better equipped to navigate cross-border transactions or to understand the challenges and opportunities of doing business in different countries.

  • Networking opportunities: 

Studying commerce can also provide students with the opportunity to build a professional network through internships, experimental learning opportunities, and extracurricular activities. This can be valuable in finding job opportunities and building a career. For example, students who have completed internships may have access to a network of professionals who can provide guidance and mentorship, or may be able to leverage their experiences to secure a full-time job after graduation.

  • Entrepreneurial skills: 

Commerce programs may also offer courses or extracurricular activities focused on entrepreneurship, which can guide students and develop the skills needed to start and grow a business. This can include courses on business planning, marketing, and financial management, as well as opportunities to pitch business ideas and receive feedback from industry experts.

  • Personal Finance: 

Commerce courses in school can make students understand personal finance by teaching them concepts such as budgeting, saving, investing, and credit management. These courses often include practical exercises and case studies that allow students to apply their knowledge to real-world situations, helping them understand how to manage their money and make informed financial decisions. In addition, many commerce programs offer internships or experiential learning opportunities that allow students to gain hands-on experience in financial management. This can encourage students to understand how financial concepts are used in practice and develop practical skills such as financial analysis and forecasting. Overall, a commerce education can provide students with a strong foundation in financial concepts and skills, which can be valuable in both their personal and professional lives.