Financial Literacy

Financial Literacy:

 A skill that should be developed in primary school

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    As a public school student who grew up in a small New Jersey town, economics did not form a part of my studies until high school. It was a graduation requirement for us to take a half-year course called "Personal Finance". Although this class covered the basics of financial literacy such as taxes, credit, basic calculations, mortgages, debt...etc, I felt as if my studies were left incomplete. Five months is not enough to gain full knowledge and understanding over such heavy topics like finance, and studying profusely to pass a class in a short time period is not the ideal way to grasp the lessons at hand. In other words, I've learned first hand that financial literacy is not achieved through memorization and being "book smart" cannot entirely help you.  

    Financial studies in the United States are majorly commencing far too late into a teen's life, and when it is finally introduced, it's briefly. As a consequence, 2/3rds of Americans failed their financial literacy examinations, displaying just how inefficient the school system is when it comes to establishing financial education, according to the article "Money Matters" by Nicole Kruse 💸💰. Kruse also discusses how this falls in the hands of the lack of curriculum flexibility and teacher preparedness. If the teachers are not confident enough in educating their students, having received minimal financial education themselves, how will children ever become financially literate? This can be achieved through yearly financial training programs for educators, an approach that has already been introduced in some schools such as the Aspen Entrepreneurial Institution.

     Introducing financial courses at a young age can come with extensive benefits. It is widely known that children have unique cognitive capacities 🧠💡. Their developing minds are vastly imaginative and take in their surroundings with ease. Moreover, children can learn languages at a quicker pace than adults. The same will apply to financial education if introduced as early as kindergarten. Having already been exposed to innovative thinking, money issues, and the world of business in the school system, as adults these students will not fear money. Filing for taxes, a task that is commonly dreaded, will become as easy to do as second hand nature (tying your shoes for example). 

    If financial education is stretched out through K-12, students will develop a deeper understanding for monetary issues. Stress will also be avoided, as students are not forced to know certain topics instantly in a single half year course. The world will be filled with fresh and competitive ideas that can boost our economy. Citizens will know financial responsibility, how to avoid debt, money management, and therefore overall economic success will blossom.

 Until the next, 

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