Do you agree that basic financial management and life skills should be taught at school?
My mother works for a college helping to get kids in to University (in the UK). I talk about education all the time with her and can't understand why, after the near financial melt down of the UK and US, that kids are not taught how to manage their money. I think that basic accounting and financial planning should be a class for all, do you agree?
I certainly agree that life skills and basic financial management should be taught in high school and college and in seminaries.
To an extent, yes it should...as part of a math curriculum. Students can learn how money works, and about the market...supply and demand, etc., so that they can begin their financial lives on solid ground, whether they are "earning" an allowance or income from a job, such as a paper route or lemonade stand.
Some young people find ways to be entrepreneurs at a young age, and could use a heads-up about the principles of long-term and short-term savings, and explore how the earned money can be allocated to each.
Learning basic principles of economy would encourage students to respect money at an earlier age, and perhaps make better use of allowances if given by parents when they may still be too young to work at a job outside the home. They will also be prepared to make better financial choices outside the home.
My only concern is that the teacher presenting the material will present a sound curriculum, and encourage students to be fiscally responsible...and perhaps the value of charity, too. The basic money values of a family will still be learned by students, but the basics of how money works, how interest is determined, etc. can be taught as part of a math curriculum.
I do agree both should be taught. It should be something focused on more in highschools in my opinion to help the students prepare to go out on their own. I really think more life skills should be offered in school. There was next to nothing at my highschool when I was there.
There used to be a course, in secondary education in the UK, called, Home Economics, It covered all sorts, the basics of cooking and of general household economics and housekeeping. Of course, at the time, early 60s, it was generally only open to girls, which later, rightly changed. It didn't include carpentry and gardening, which was open to the boys, this also changed. The problem was, by the time my sister, 10 years younger than me, got to secondary school, the programme had certainly changed so that any child could opt for it; however it had also degenerated in the cooking side into how to cook cake mixes and other processed and pre-made meals, and then disappeared altogether, 'spend is better than mend' as the children were indoctrinated in, Huxley's, Brave New World.
When we reached the third year, as it was called then in the secondary school, each educational step restarted at year one, Sid Bottoms, the headmaster, took all the boys; and Miss Noaks ( I never knew her 1st name) the biology teacher, took all the girls for life skills, which included, sex, drugs and rock n roll, personal finance, and how in general to behave in a civilised society, often these classes joined in big events in the assembly hall to be taken together by Sid and Miss, N.
Those lessons were probably the most influential lessons of all of my childhood education, and I was one of the lucky ones because I had parents that taught me all this stuff as well, for kids who didn't have that sort of home life, it must have been an eye opener.
I don't know if other secondary modern schools did this at the same time, but as far as I know, those types of classes don't exist now.
Sorry, bit of a rambling waffle there:-)
yeah but no one would listen. as soon as the credit card is issued, rationality exits the brain.
Yes, but I wouldn't trust it coming from our public schools. Our government can't balance their own books, how would they do a good job teaching others about solid financial practices?
"...and when you run out of money, kids, just go knock on the door at the Federal Reserve to request some more. Finances are sooooo eassssyyyy!!"
I had basic accounting classes in high school but never any financial planning. I do think these should be taught in our schools but the rich get richer based on the ignorance of the poor. So I guess it's up to the parents to educate kids on certain topics such as finance and if not then we just have to get the information for ourselves.
This is a topic that parents need to tackle. It is your family view of the world of finance which forms your approach to money. I believe that parents are avoiding the issues of what is affordable and what is reasonable for children to expect financially and that they should explain exactly how the family finances work from the time the child is old enough to go to the shops for a loaf of bread. If you are totally unaware of the way your family spends its money you cannot become a financially astute person.
Teachers would present a 'politically correct' view of finance anyway and I personally believe that this would be an insidious intrusion in personal liberty.
Of course! How could you NOT agree. My nickname is The Financial Literacy Lady because my focus and passion for 10 years has been creating fabulous programs that teach kids and teens (and their parents!) about money and investing.
Why did I choose this topic? Because I realized at 35 that no one taught me!
Financial education is a life-skill that must be taught in school. And the sooner we make this happen, the better everyone, and every country will be.
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