Learn financial literacy for the future

May 19, 2022

Learn financial literacy for the future

Financial literacy is defined as the ability to understand and use various financial skills, including personal financial management, budgeting, and investing. At the elementary school level, there are basic financial skills that can be taught to children to build and establish a foundation. These lessons include, but are not limited to, saving, borrowing, and even developing a basic business plan. Over the past few days, students at Queen Square Primary School have taken a course in financial literacy and entrepreneurship. These courses are organized by the Miami Herbert Business School, a department of the University of Miami, and the Peace Work Organization. Paul Lopez of News Five stopped by today to find out more about what the students learned.

Shanay Fuller

Shanay Fuller, grade 6 student, Queen Square Elementary

“I started Joes Funeral Home because I was interested in a funeral home last year when I heard about Jenkins Funeral Home and how they are blooming so fast.”

Paul Lopez, Report

You heard right, 13-year-old Standard Six student Shanay Fuller aspires to become a funeral home director. This may seem like an unusual aspiration for an elementary school student. But, Fuller says she was inspired in this pursuit by her sister and mother.

Shanay Fuller, grade 6 student, Queen Square Elementary

I was interested, and like my older sister and mother, they were planning to open a funeral home. But, since COVID is really struggling, they didn’t have to plan for it. But, COVID has taken a lot of lives, so this is one of the fastest growing jobs in Belize. That’s what made me want to open a funeral home.

Now, with the help of students from the University of Miami and the Peace Work organization, Fuller and his classmates are learning what it takes to start and run a business.

Hamza Farooq

Hamza Farooq, Graduate, University of Miami

“We are here on a project to help students at this school with financial literacy along with any other friends of mine here. We walk through a handbook we created that covers different areas of financial literacy, such as spending, saving, budgeting, how to open a business, how to grow your business. And today we talk about self-confidence, self-esteem, and leadership, because these are some of the key qualities that will help these students continue through high school and beyond.

Financial literacy courses are often lacking in the primary school curriculum. Children are rarely taught in school the importance of saving, investing and starting businesses at this level. This financial literacy and entrepreneurship course aims to bridge that gap by giving students, like Shanay Fuller, a head start in pursuing their dream.

Hamza Farooq, Graduate, University of Miami

“Yesterday we focused a lot of entrepreneurship on how to think about your idea, how to grow your idea, where you market, where your competition lies, how to talk about your product in advertising. , and other marketing strategies, and how to get funding for your business. I think one of the biggest challenges aspiring entrepreneurs face is getting funding. The day before, we talked about three things I think these are some of the principles that form the foundations of financial literacy, for these kids learning these basic rules will help them a lot.

Nyah Veve

Nyah Veve, pupil, Queen Square Primary

“I am learning to save and budget my money. If you want to be an entrepreneur, nobody takes advantage of you.

Amunique Lodge

Amunique Lodge, Student, Primary Queen Square

“I like them because they teach you how to budget and save your money and spend it wisely. And, the difference between debit cards and credit cards is that the debit card is the money you you put in the bank which is from your own pocket and the credit cards come from the bank you borrow from and you have to pay it back.

Like her classmates, Shanya Fuller also learned these valuable business principles. She now has a business model for Joe’s Funeral Home that she plans to implement when she graduates from high school in commerce.

Shanay Fuller, grade 6 student, Queen Square Elementary

“The service I wanted to give my clients was promotions and bargains. My promotion is thirty percent and forty. By having promotions, it attracts customers, especially with their bereavement. To my funeral home , at Joe’s Funeral Home, we comfort people who are grieving their loved ones. Comfort is an important part for me because comfort is everything. You don’t want to be harsh on your customers when you’re already going through a tough time. Also, with my business when my business starts to blossom, I want to help students with their tuition, especially students who are smart and don’t have both parents, one parent who can’t support themselves. financial needs.

The course ends on Friday. Reporting for News Five I’m Paul Lopez.