Are Students Receiving a Personal Finance Education in School?
For many Americans, the answer to this question about personal finance is “no”. Only 22.7% of high school students are guaranteed to receive a personal finance education. According to Visual Capitalist, only eight states currently require students to take a personal finance course, and five more are in the process of implementing a requirement. Outside of those eight states, only 9.3% of students is required to take a personal finance course.
Financial Literacy and Life Skills
Providing personal finance education in schools is the best opportunity to teach a basic understanding of financial matters. These necessary topics will give students the skills, knowledge, and confidence when discussing money matters. Understanding what a bank account is or the difference between credit and debit lets young people feel more in control of their money. Research shows that financial well-being has a direct link to psychological health. The more guidance a young person has will help them handle the different challenges that seemingly suddenly appear.
Start Teaching Financial Education at an Early Age
Children should be taught about money at a young age to understand the advantages of saving and the risks of borrowing money. Personal financial education can help ease fears about loans, and credit cards and help young people develop skills to manage their money. Studies show that personal finance education does create a positive impact on students’ attitudes toward financial matters. Resources, activities, and worksheets allow for differentiation strategies across the ability range.
Financial Literacy can be Taught at Home and in School
Most Americans believe parents should teach their children about personal finance, but nearly a third of parents say they never talk to their children about finances.
When you graduated from high school, did you know how to create a budget? Did you have an understanding of what stocks and bonds were? Did you know how to do your taxes? Some parents did not talk about finances because they were uncomfortable or felt they were not knowledgeable enough. Not discussing money matters may allow young people to make avoidable mistakes. They sometimes find themselves unable to cover all their living expenses, manage their credit, or have a good understanding of personal finance that can help them build wealth. Financial topics can be unfamiliar or uncomfortable to students who did not take a financial literacy class or course. Topics that discussed credit, debt, budgeting, managing and saving money offers a basic understanding of financial matters.
Giving young people the confidence to talk about money through lessons and activities in school or at home can provide a foundation for a secure financial future.
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