Personal Finance Should Be A School Requirement
As the cost of living continues to rise, it’s more important than ever for people to be proactive about their personal finances. Unfortunately, many people still don’t have the basic knowledge they need to make sound financial decisions.
This is why we believe that personal finance education should be a school requirement. We’ll outline our reasons for this, as well as provide some tips for managing money.
1. Why personal finance should be a school requirement
It’s no secret that Americans are struggling with personal finance. According to a study by FINRA, 70% of Americans can’t pass a basic financial literacy test.
That’s a huge problem, and it’s one that could be solved by making personal finance education a school requirement. Personal finance is one of the most important life skills that you can learn, and it’s one that everyone should have access to.
In addition to teaching students how to handle their money, personal finance education can also teach students how to save for retirement, invest in stocks, and create a budget. In short, personal finance education can help students build a solid financial foundation that will serve them well for the rest of their lives.
2. The benefits of financial education
Financial education is important for a few reasons.
First, money is one of the biggest sources of stress in people’s lives. According to one study, money is the leading source of stress for Americans.
Second, people need to be able to make informed decisions about their finances.
A lot of financial problems occur because people don’t have the knowledge they need to make good choices.
Third, financial education can help reduce poverty. A recent study found that financial education can increase income by 25%.
Finally, financial education can help people avoid scams and get ripped off. In fact, one study found that people who took a financial education course were 80% less likely to be scammed.
3. What every student should know about money
In light of the student loan crisis, it’s more important than ever that personal finance be taught in schools. It’s not just about learning how to budget or stay out of debt; financial education should be a fundamental part of every student’s education. Here are just a few things every student should know about money:
-How to save and invest -How to create a budget -How to use credit cards responsibly -How to get out of debt -How to retirement planning
4. How financial education should be implemented in schools
Recent reports show that American students are falling behind in financial education, with nearly 60% of high school seniors unable to pass a basic financial literacy test.
This is why personal finance education should be a school requirement. Not only would it help equip students with the knowledge they need to make sound financial decisions, but it would also help reduce debt and financial hardship in adulthood.
Financial education doesn’t have to be complicated or boring — in fact, it can be fun and interactive! There are lots of great resources out there that can help teachers get started. Programs like Junior Achievement’s Finance Park can help students learn about personal finance in a hands-on way, and there are plenty of online resources that can help too.
Our very own Money Queens’ book is a great start, and it’s free!
5. Why financial education should begin at home
Teaching personal finance basics should start at home. Parents can help children learn to save money and make sound financial decisions from a young age. This will better prepare them for the real world, where they will likely have to manage their own finances one day.
Schools can also play a role in teaching financial literacy. This is a topic that is often overlooked, but it’s important for students to learn about money management, budgeting and investing. Financial education should be a requirement for all students, not just those who are interested in pursuing a career in finance.
Financial education is a critical life skill that everyone should possess. Not only does it help you better manage your money, but it also teaches you how to make sound financial decisions that can impact your future. That’s why personal finance should be a school requirement — so that students have the opportunity to learn these important skills and put them into practice.