Just think of it. Why algebra was one of the subject students studied at school? However, why personal finance was not learned there?
When algebra teaches us logic. However, learning how to stick to a budget and create it teaches us the same thing. With basic algebra knowledge you will get into college. Being aware of ins and outs of personal finances might help students actually stay in college.
Adding personal financial management courses to a curriculum of a high school will ease the transition into adulthood no matter which direction a student will go.
Here are 3 main reasons of why personal finance should be required in high school essay:
Money management is a learned skill
The conclusion that all parents can teach their children how to manage finances is a false one. According to statistics, more than 50% of Americans have debts on their credit cards. So a number of those who cannot manage their finances effectively is very big. Therefore, children need to be introduced to financial planning concepts that they might have not learned about as well as master their math skills. These 2 things go hand in hand. When you learn how to manage and use credit cards, get familiar with rating services and credit score, know how to create a personal budget, understand mortgage rates, and then live within it. These are the main skills you will need to acquire as soon as possible.
Begin early for better results
Remember the proverb: the early bird catches the worm. We may apply it directly to this point. the earlier the student begins to learn the finance fundamentals, the better it will be. Such courses as in Pennsylvania Institute of Certified Public Accountants have assisted many students in understanding the importance of paying themselves first, savvy budgeting, understanding the effect taxes have on take-home pay. To master your financial skills you might utilize money managing applications. These tools really help and support many students. When you understand the concepts that are behind these tools, using them will be much more efficient.
Understanding & Awareness of bigger concepts
Concepts like prioritizing wants and needs, debt management, compound interest, and more are the skills which not every adult knows about. When these concepts are exposed in high school, the students will not lag behind in their finances and become more independent and self-sufficient.
According to Forbes, the college-related debt is $32,500, on average, including family loans, credit cards, and student loans. The students have to be aware of how to plan their finances for the future.
When students understand and prepare better for the financial opportunities and challenges, they will always keep their heads above water. So these 3 reasons to begin to learn personal finance at high school prove that this subject is a must and obligatory for every successful student.