Learn Personal Finance in School

Financial education can actually go a long way in mending our economy's wealth. In high school we have learned basic math, trigonometry and even for some, calculus. But some of us are still having a hard time balancing a checkbook. The educational system has been set up to give people jobs after graduating. However, managing personal finances is something that hasn't been taught in schools and this is something quite important to know nowadays.


Americans have gone through a recent financial crisis. This would have been avoided if the people were taught simple finance management. Currently, 43% of Americans earn less compared to what they spend. That is why, bankruptcies have increased. Confronted with these problems, parents do not feel qualified to teach their children on handling personal finances. This load often falls on the schools but children graduate high school and still do not know how to manage their money the right way.


Seven out of fifty states require a personal finance class before you can finish high school. This is actually good news because in the year 1998, only one state had this requirement. This has been a big leap for our educational system and we do hope that the other states will follow this requirement in the years to come.


Subjects like science, physical education, geography, history and the arts need funding. But the question is, should there be a fund for a personal finance subject too? This is a tough topic to fight but parents should keep in mind that this subject can greatly help students. This is something that affects everyone, everyday. Â Having financial difficulties in the future can result in bigger problems like failed marriages, can damage career plans and mainly lead someone to misery. Not knowing how to manage your finances can also add up to having a bad credit report. A good credit standing is very much needed in order to secure a home and other necessities like a car or getting a mortgage.


If your children's school does not teach them finance, then as parents it is your responsibility to teach them. Not only will this help them personally but they can contribute a lot to make the economy better.