I feel that we need to learn more about how to handle our money in school. We have citizenship lessons on bullying, alcohol, drugs, mindfulness and all sorts, to ‘make us better citizens’. These lessons are good, they teach us important things and show us how to be good human beings. However, I think that when I get out of school I will be lacking a certain set of skills, and those skills are financial skills. I feel that it is a large gap in mine and other’s knowledge, and something that I and others really need to learn about. If I hadn’t had occasional conversations with my parents, I would not really know anything at all about taxes, mortgages, budgets anything like that. And still, I feel that when I become and adult, when I start fending for myself, earning money and spending money, I might be a bit clueless. It’s not just me as well, according to youth.gov “A report on the results of a financial literacy exam found that high school seniors scored on average 48 percent correct, showing a strong need for more comprehensive financial education for youth in high school” and that “According to the 2008 wave of the National Longitudinal Survey of Youth, only 27 percent of youth knew what inflation was and could do simple interest rate calculations”. That is a lot of people who aren’t knowledgeable about financial situations, something that we all inevitably will need to face.
As we all will need to know about finances, why not start learning about it in schools. Lessons on subjects like how to budget, how to do tax returns, taxes, mortgages etc seem plainly sensible. I know, as we are only in secondary school it will still be a while yet till we need these skills but just learning a bit every so often would mean that when we do start being financially responsible we don’t have to take in a crazy amount of information all at once, and it means we can get into good habits early. If we can start to learn and become educated on subjects like these, when it does become time for us to deal with stuff like finances, we can make good decisions and be wise with our money and how we spend it. It means when we are old enough we can make educated, sensible, though out decisions, decreasing our chance of getting into some kind of insurmountable debt. I’m not saying we need huge detailed hourly lesson a few times a week on this, I’m just suggesting that maybe an hour or so every month of two would make us more financially wise and arm us with the knowledge we will inevitably need in the future.
So what’s your opinion, do you think we should have lessons on finances in school or do you think it isn’t necessary at all?