I hesitated before I wrote this piece because it’s so obvious, but we need to remind everyone again and again until we finally complete the implementation. We need to incorporate basic personal financial education topics into our educational curriculum.
In fact, I think we need to inject the lessons into every subject. How? Math teachers should use sales tax examples in fractions and decimal lessons, and teachers should talk about delayed gratification along with compound interest. In English, we should also read personal finance books, or at least novels that give youngsters a glimpse of what it’s like to be drowned in debt. I mean, history and Shakespeare is important and all, but isn’t it just as important that we learn about the power of credit cards? Some subjects are more obvious than others, but I believe that every general subject can be tied to personal finance. History? How about talking about the savings and loans crisis in the 1980s or our financial crisis in 2008?
Having the topics incorporated into each subject and repeated through the years also lets kids absorb the ideas much more efficiently. It’s like learning addition. You are exposed to it early. Then it’s used again in grade school, junior high, high school and so on. Once it’s deeply planted in your brain, you can’t forget it even if you try. Imagine everyone knowing personal finance topics like they know how to add. How great would that be?
I don’t know why, but none of the developed nations actually teach any of this. Do they believe that everyone will be responsible enough to learn by themselves? Or do they believe that learning about Newton’s laws of motion is more important than realizing the disastrous ending of not living below our means? Let me be more upfront. While knowing that you are falling down just as fast no matter how much you weight is a fun fact that may impress your friends, knowing how to spend wisely might save your retirement, and quite possibly your life.
With more exposure to these topics, kids will even start teaching their parents the basics by asking them questions about it. Imagine your kid, coming home from school and asking – “Do we have a retirement account?” I bet it will give every family an additional push to make the right moves.
Financial education at a young age is such a no-brainer. I can’t believe our government isn’t pushing to include it.
Can we add it? Please, please, pretty please?
This is part of the Government Improvement Series, where various possible government improvements are discussed every Friday. Many more are available at the link provided, and please help spread the word if you agree with the suggestion.
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{ 8 comments… read them below or add one }
You have to wonder why it isn’t taught. I hate to be all conspiraciatorial (nice word, huh!), but for about thirty-years now, it seems that our Gov’t has wanted people to spend beyond their means. They want us to buy on credit, consequences be darned.
Also, personal responsibility would have people depending on themselves and not the Gov’t for solutions to their financial health. The Gov’t doesn’t want us to look towards ourselves. They want to take us much as they can through taxes, fees, etc. and prop up their causes and friends.
In the current environment, it was all about freeing up credit so people could continue to be leveraged. When have you heard the Gov’t say, save, save, save. They want us to spend, spend, spend.
You are right that those things should be taught in school, but I don’t think they will. In the Gov’ts mind, the paradigm shift would cause too much pain. Frankly, I’m not sure we, as the people, could stand what it would really take for this country to shift back to living within and even below our means.
cd :O)
This spend spend spend mentality is way out of control and will never work. Not on an individual level, not on a corporate level and certainly not on a national level. Eventually, the one who cannot pay its bills crash and burn.
I just hope the America is ready for it when the country is no longer the power of the world even though history taught us that no country ever is. (ancient China, Great Britain, Japan all thought they were invincible at one point in history)
Family budgeting, to a certain extent (but not retirement etc) used to be taught in Home Ec classes…. Now sadly, Home Ec is not being offered in many school. So not only do they miss out on the budgeting, frugal homemaking, and basic bill routines, but they miss out on frugal cooking, basic sewing repairs, and learning to do for oneself, and how much one CAN do for oneself, without paying someone else to do it…. Sad commentary on our times.
Look at government spending, it seems they are printing money like there is no tomorrow. I’m not a conspiracy theorist, but I do agree that the present government administration is leaning more and more to turning this once great country into a socialist chaos. The nationalizing of the banks, the auto industry, heavy tax increases and pretty soon health care. It seem like they want us to be totally dependant on big government so they can have all the power and control.
We homeschooled our children and included a very in-depth study of Practical Money Skills that is offered by Visa. It includes lesson plans ranging from young children to adults and could be used by parents who don’t homeschool. It really helped us out a lot!
To be honest, Ning. Why the small citizens like us always the victims of the constantly changed government policies? I’m getting tired with it!
Yep, I agreed with your opinions here, as a high school teacher, I supported your thoughts wholeheartedly.
Ha, fat chance… This will never be taught the same reason HS graduates don’t know what the Bill of Rights is…
It would make for poor wage slaves as public schools are serf factories; learn conformity and obedience to authority.
“They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that . . . that doesn’t help them. That’s against their interests. That’s right. … They don’t want that. You know what they want? They want obedient workers . . . Obedient workers, people who are just smart enough to run the machines and do the paperwork.” – George Carlin
This is an obvious but worthwhile idea. Not only is it useful for kids to develop these skills, but it will also make it more interesting.