The Edutopia Poll
by Sara Bernard
Money makes the world go round, but few young people graduate from high school knowing how to manage it. Some people argue that financial literacy should be required content in public schools, because knowing how to balance a checkbook, maintain good credit, and invest intelligently, among other skills, are important abilities to acquire prior to entering the workforce. Others, however, suggest that these skills can be picked up elsewhere and that making a personal-finance course mandatory may not necessarily improve financial behavior. Tell us what you think.
Should schools make financial education a graduation requirement?
Yes. Financial-literacy skills are vital. A required course would give students a head start -- and would help prevent them from having to learn it the hard way.
89% (377 votes)
No. Personal finance may be important, but it can be learned outside of school; a required course is unnecessary.
6% (27 votes)
Neither.
4% (18 votes)
Total votes: 422
The importance of financial education for children
Submitted by Credit card debt (not verified) on April 12, 2008 - 08:26.
I definitely think that these financial courses should be done at any level. Many people complain about handling their finances and they end up blaming the Government or any other financial mechanism eventually. This shouldn't be the case, providing proper education could bring significant improvements in this field.
Financial literacy and career-technical education
Submitted by Shepherd Siegel (not verified) on April 11, 2008 - 12:12.
Having a required course like this is a significant opportunity for Career + Technical Education (CTE) teachers to demonstrate how vital the knowledge base they bring to secondary education is. I believe that such a course should be required, and I believe that CTE should be charged with delivering it, and to the very highest standards!
financial planning....
Submitted by rasheka (not verified) on November 29, 2007 - 10:28.
Financial planning classes should be involved in schools all across the world. Im not sure if it should be an requirement or not, but having the class there would be a good idea for young teens to learn how to manage there money early to help them later on in the real world.
Financial Literacy
Submitted by Linda Locklear (not verified) on October 26, 2007 - 17:40.
I have the luxury?? of teaching year round school in NJ to students who are labeled "In Crisis" and are ages 11-17. It is especially difficult to motivate them in the summer when all of their peers are at the beach. As a result, my teaching partner and I have developed a curriculum which focuses on Financial Literacy. We utilize several free resources and our curriculum covers everything from grocery shopping to playing the stock market. In general, the kids love the program and especially love competing for the free Fast Food Lunch for the winner of the Stock Market Game. IT is also fun to see them apply what they have learned to other classes. One student was recently in her Career Exploration class and told the teacher that she had changed her career goal because after taking the summer program she was worried that she would not make enough money to buy medical insurance.
My teaching partner and I often remark how we wish there would have been a class like this for us. Maybe our national economy would be stronger if we all were more educated on Financial Literacy.
Family dynamics
Submitted by Anonymous (not verified) on October 10, 2007 - 15:43.
I am a teacher in PA and our school district requires all students to take a family and consumer sciences course called family dynamics their senior year. It is a quarter long and in the course I teach money management. We talk about financial goals, banking, credit, id theft and how to purchase both a car and a house.
Although many of the students hate that it is a graduation requirement most of the kids do understand the importance of the class. It is amazing to me how many of my students have jobs where they get a paycheck and have no idea what the taxes are being taken out for or no clue how the deduction forms they are filling out when they get jobs effect there paychecks. They just mindless claim 0 and go on their way.
EAST
Submitted by Will Felton (not verified) on October 10, 2007 - 05:36.
I was fresh out of a small rural high school. I was on my way to college. I was 18, living on my on and ready for the world adulthood. First day was orientation. Lined up along the path were tables with all these beautiful, young, professional, rich looking people. Those men and women saw me as fresh meat. One after another, like a cafeteria line, I was given gift after gift after gift and all I had to do was to give my information to a credit card company. Weeks later the party didn’t stop because those shinny cards came in the mail. I could never afford the expensive clothes, the neat toys, etc. Now I could. The world was my oyster and I didn’t know that I couldn’t eat them. Swipe after swipe, never knowing of interest, due dates, hidden fees, small print; I charged like a Spartan. The bills came. It was over. I had to take a full time job to help offset the money, next thing I know I am applying for a student loan. I lost my scholarship. My parents made too much money (funny, I didn’t know teachers and farmers were too rich) for a grant, even though I hadn’t lived with them for a year and half. The student loan people, all beautiful, young, professional, rich looking, wanted my information, too. However, there was one catch - - a video. I had to watch a video explaining how the money comes and when I will pay it back – after college. The new shinny things were pamphlets and fliers, I think. I was a little leery, but they were going to give me money for my books and tuition and then they were going to double that to give me living expenses. The loan was two different loans. I don’t remember that in the video. Oh, I could give that second loan back. But what mild, mannered 19 year old would give money back. I had bills now.
To the end…I just paid off my last credit card from when I was 18. I am 35 years old now. When I graduated college, the bills for my student loan came. No one told me that the interest would change, that I would be paying until I am (and get this) 68. On my 68th birthday I will send in my last payment note for the student loan. That is with a payment of $300 a month. That is if I don’t have to defer again due to financial situations. I am a teacher only 8 years into it. I am working on my Master’s. Those loans (which are for tuition and books only) will be added to my previous ones, as will my doctorate loans. I think I will probably die before I pay them off.
I never knew anything about interest, fees and credit when I was 18. I am slowly rebuilding my credit now. I was not taught in school or by my parents. I would have been more cautious if I would have known that I will never be debt free - - ever.
This must start in Pre-school
Submitted by Leslie (not verified) on October 1, 2007 - 18:51.
Financial Literacy cannot be made real and down to the bones unless this curriculum begins in pre-school and continues progressively all the way through senior year. The compound information is as valuable as compounding interest. Giving a student tools and empowering them in life is what we need to be about; a one semester class is a poor excuse for doing the job correctly.
If a longitudinal study was to be performed on students who have the benefit of this education for 12+ years I believe over time you would see a much more stable citizen in society who is more able to be independent and contribute in man ways due to less stress and less dependence on social welfare programs.
Include Personal Finance as part of a Required Economic Course
Submitted by Anonymous (not verified) on September 3, 2007 - 08:45.
Personal finance should be part of a required economics course for all high school students. It is essential that all citizens have a fundamental understanding of how the economy works and how to manage their personal finances within that context. It is unrealistic to think that people will become more finacially responsible and independent without being educated about the fundamentals. Life style has as much to do with how one manages his/her income as it does how much one earns. Many people with lower incomes live better than those with higher incomes who don't manage that income effectively. Moreover, computer tools and simulation / virtual gaming offer all kinds of opportunties to teach economic concepts much more effectively than in the past.
That's a great idea,
Submitted by Anonymous (not verified) on December 3, 2007 - 09:08.
That's a great idea, however, Economics is usually taught by Social Studies teachers who have not had Business Economics. Also the Personal Finance component is just a small part of the overall course. A personal finance class should be mandatory before graduation. I am a business teacher, and I taught my own children how to write a check, balance a checkbook, reconcile their bank statements and what exactly it means to have a credit card. Unfortunately, they had to learn by watching their father and I struggle with student loans and credit card debt. I made sure they understood what credit means, and how to use it as a tool, not as a privilege. Today, only my married daughter has a credit card, and she only has it because it was necessary when she was traveling on her honeymoon. Otherwise they pay off their credit card each month, faithfully. They are better at managing their credit than I am.
My point is that not all parents teach their children about credit. We currently have college students who are graduating from college over $40,000 in debit to credit card companies. And that doesn't include their student loan debt. My daughter works at a bank and she tells me stories of people coming in and not knowing how to correctly write a check, how to reconcile their account and what it means to take out a loan. She asks me often - don't they teach money management in school?
Economics is already a
Submitted by Leonard Isenberg (not verified) on April 27, 2007 - 17:32.
Economics is already a graduation requirement for all high school seniors in California. In my classes finance has always been taught with a culminating activity of students doing a detailed budget for their first year on their own.
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