Why It’s Important to Include Personal Finance in High School Curriculum

Why It’s Important to Include Personal Finance in High School Curriculum

Introduction

Personal finance has become a more pressing issue in today’s society, with millennials struggling to achieve financial stability and baby boomers worrying about their retirement savings. However, a vast majority of high school students lack sufficient knowledge about personal finance, which puts them at a significant disadvantage once they enter the workforce. The importance of personal finance education has never been so apparent. High schools need to integrate personal finance into their curriculums to prepare the next generation for the financial challenges ahead.

The Current State of Personal Finance Education in High Schools

High school curriculums frequently overlook personal finance, which leaves many students unprepared for personal financial management. Most school systems concentrate on academia, leaving pragmatic skills out of the education system. A 2019 national survey showed that nearly two-thirds of high school students lacked adequate personal finance knowledge. Only 17 states, according to a 2018 study released by the Council for Economic Education, had complete personal finance education standards. In the remaining states, personal finance education programs or standards are either non-existent or are only partially implemented.

Students Learn about Real-World Scenarios

Personal finance education would help students gain a deeper understanding of personal finance management by providing them with practical lessons about saving, investing, and budgeting. With the help of specialized classes, students can learn about mortgage and loan payments, tax policies, credit cards, and other pertinent subjects. To gain real-world experience and an even better understanding, students can also attend classes taught by industry experts.

Additionally, educators could teach students how to create and maintain a budget while keeping up with living expenses, insurance policies, and any other expenses. This will encourage students to pursue internships, summer jobs, or other means of income to manage their personal finance better, leading to stronger financial management skills when they enter the workforce.

The Benefits of Personal Finance Education for Society

Personal finance education would have a positive impact on society. It levels the playing field, giving everyone regardless of their background access to similar financial opportunities. Furthermore, with improved personal finance management skills, students will be more reliable taxpayers and stakeholders. Personal finance management also helps create responsible financial management and investment patterns, which protect society as it provides financial stability. Therefore, personal finance programs would be an investment in the future of the society.

Conclusion

In summary, introducing personal finance programs into high school curriculums would significantly benefit students as they prepare to enter the workforce. By offering comprehensive personal finance education, high school graduates will become better equipped to manage their finances and make sound financial decisions in the future. Additionally, by introducing financial management education, it will help mitigate the disparity that often accompanies finance management in a given society. Therefore, it is paramount that every high school in every state integrate financial management education into the school curriculum to prepare the next generation of informed and responsible citizens.

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