Schools teach many required classes including geometry, algebra, English and even world history. These classes prepare students for the basic knowledge required for college and life beyond high school. However, they do not prepare students for the financial burden of being responsible for their own lives. This lack of financial literacy leads to debt, hardship and overall poor personal finance. Schools should require financial literacy courses.
Schools often assume that the basic criteria and course requirements for graduation sufficiently prepare students for life beyond high school. However, a survey performed by the National Endowment for Financial Education explains that four in five students wish that schools provided financial literacy classes in schools. Financial literacy courses cover topics such as banking, behavioral economics, budgeting, insurance and even investing. By educating students on the intricacies of financial literacy, schools prepare them to make savvy economic decisions. Students will experience a boost in credit scores, reduced debt and a plan to ensure long-term financial security. Schools bear the responsibility of sharing this knowledge with students, especially those in high school. By not requiring financial literacy courses, schools provide a disservice to their attendees.
As well as the demand for financial literacy courses by students, a wide variety of benefits stems from good finances. The National Education Association explains that a 2022 study conducted in Georgia and Texas found that students with instruction in finance maintain higher credit scores and gain a lower chance of being delinquent on credit card payments. When people maintain higher credit scores, they receive more opportunity for loans and higher credit card limits. This increases the amount of money spent, boosting banks and the economy. By educating students on aspects of financial literacy, schools prepare them to be productive members of the American economy, opening up new opportunities for entrepreneurship, higher standards of living and ultimately a more secure life. These improved opportunities demonstrate the importance of teaching financial literacy and the need for courses to be required to high school curriculum.
Opponents to the inclusion of financial literacy courses as a key factor of high school education note that often, the potential teachers of these courses do not maintain the education and credentials required. However, a survey conducted by Carly Urban and Melody Harvey explains that teachers’ confidence in their ability to teach a financial literacy course grew from 9% in 2009 to 70% in 2020. If teachers do not understand financial literacy, the lack of good financial choices becomes perpetual, leading to declines in standard of living. With educated teachers and students, schools would set students up for success in college and beyond.
Though difficulties such as limited staff and a lack of preparation to provide financial classes may stand as obstacles to their implementation in schools, these courses should be available to students. Schools must spend the time to prepare teachers to educate students on the aspects of financial literacy.
