Students of the 10th grade in select high school around the country will start taking financial education classes as part of their standard curriculum. The Education Ministry plans on making the new subject mandatory for all Israeli high schools.
The new program is aimed at providing students with financial tools which will help them during their school years and later in life.
Many countries already incorporate financial education in their national curriculums including the United States, England, Germany, Japan and Australia. As a new member of the OECD Israel will make the subject mandatory for high school students. Israeli students will join students of OECD countries in taking the PISA test in 2012 which assesses their abilities in the financial field, among others.
"Financial studies, as defined by the Organization of Economic Cooperation Development will improve students' understanding of financial principles and develop their awareness of financial options and risks," said Dana Friedman, national social sciences education supervisor.
Classes will be given on such topics as financial management, wise consumerism, investment channels, how to open and manage a bank account, as well as the connection between education, employment and income.
Higher financial awareness
"One of the program's primary goals is to encourage a higher financial awareness among the students which will enable them to ask the right questions," Friedman explained. "Our goal is to provide the students with practical tools and increase their awareness for financial risks and opportunities."
Recent years have seen financial studies being introduced as extra-curricular classes in various high schools in Israel as part of local initiatives.
The Education Ministry plans on introducing the program in other age groups as well. Friedman said that they hope to turn financial education into a significant aspect of teenagers' lives, and work with the Israel Defense Forces to implement it in their army service.
"This is the age when teenagers start working, get a paycheck and at times don't even know how to read it. We are not interested in turning them into stock investors, but to teach them about the balance between income and expense."
- Follow Ynetnews on Facebook