Personal Financial Education Research Paper

Currently, I do not make serious personal financial decisions, but I do try to save any little money I have. Most of the money I have comes from my weekly allowance and gifts from various family members. I try not to spend too much money unless there are things I really need to buy, such as medicated lip balm from the winter, pencils, and other personal necessities. I also try not to keep too much money on me when going out or even at home. I make a list of all the important things I need to buy, and I check the total cost against how much money I have. Sometimes I have had to delay buying certain items because the purchase would

Despite the natural, physical growth of mankind, the expected mental development from adolescence to adulthood requires much more nutrition than a well-balanced diet. Unfortunately, it is apparent that some children are not provided with proper parental guidance during the most crucial years of adult development, and due to this tragedy, the neglected youth relies solely on the state’s public educational system to further develop necessary qualities of a successful adult. Throughout grade school, children are only required to learn the core subjects of English, History, Math, Science, and as well as health related classes such as Physical Education, and although each of these subjects are necessary for basic education, there are far more important

Students are asked simple personal finance questions, yet most are uneducated about what the right answers are to those questions. Knowing about personal finance before adulthood can help future generations not repeat the same mistakes as past generations. People who don't have a basic knowledge about financial literacy tend to not plan for retirement, and are more likely to borrow money with high interests rates not knowing how much it will cost them (Shepard). Learning to create a budget, saving money, and using a credit card with understanding the fees and the interest rate are basic concepts but are usually misunderstood until later in life. Personal finance questions come up in adults life's everyday, however some adults can find these questions to be very difficult. By educating young adults with every day life situations about personal finance knowledge before adulthood can eliminate poor financial decisions later in

In school, students are taught about Math, Language, Social Studies, History. We get taught things that do not apply to the real world. We do not get taught how to save money for our futures and we also do not get informed on how there are not many jobs open for our generation in the future which is a problem. As you can see, if we do not learn about this topic at an early age, and it can act as a potential liability to our future endeavours which results in an overall negative impact on our lives.

Source one provides the best information about financial literacy for high school kids because they actually wanna learn how to balance their money and not just have people push the into the real world when they graduate with a blindfold on. The difference between source one and source two is that source two thinks that the students should be worried about their other grades. “High school students who took a semester-long personal finance course and tested worse than those who didn’t”. Some of the schools where saying that it’s a disaster that they put the course in their schools. Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy.

Americas debt has doubled over the past several years, and most Americans do not know how to manage their finances. One of the only solutions that come to mind when thinking of how to make the economy better is financial literacy courses. [Thesis] Students should be required to take financial literacy class before graduating high school because [Reason 1] people need to learn how to logically make financial decisions, [Reason 2] and also to prepare people to make important economic decisions in an ever changing economy.

Financial literacy is essential in living in today’s society, therefore it should be taught at a young age because people have been going bankrupt more than ever before. According to Kelly Walsh, “Students between ages 18-25 have at least one credit card. By the time they graduate half of them have four or more credit cards that have an average balance of $3,000” (Walsh). If students were taught at a younger age how credit cards actually work; they would better understand the consequences of debt. For instance, if students were to research different credit

Overall, there is a notable mismatch among college-educated Millennials between their perceived and demonstrated levels of financial literacy, with the form exceeding the latter. They also have less financial knowledge than might be expected given their educational attainment. On the other hand, given that only 29 percent have received financial education through school or work, perhaps low financial literacy is to be expected. This indicates a need for increased financial education, as improved financial literacy would mean more informed financial decision making. (p. 18)

The idea of adding a financial literacy course into schools curriculums and requiring students to take it before graduating is a current decision being considered by numerous school districts. Supporters of this idea say that it would have a positive effect while the people who oppose this idea state that financial courses don’t work.

In this society, some of the most important things in your life have to deal with money. In Chad Foster’s book, Financial Literacy for Teens, he taught his readers how to save, spend, invest and give away your money. Reading this book has taught me to start saving when I’m young, know the differences of what I need to buy rather than what I want, to make money while I sleep and giving away some of your money will not only help yourself, but help many others as well.

In the past years America began to suffer in economic field and in areas such as inflation. There are many reasons behind this misfortune, one of which is the financial illiteracy of the nation as a whole. A mandatory for graduation, financial literacy class in high school can be a solution to the problem of economical instability in the country. This course will prepare the young adults for the future that lies ahead, by teaching the responsibilities such as money management, consumer rights, credit, debit, and savings (source #3). In addition, the gained skill will both be helpful now, in solving problems with the credit card debt, and in the future, when determining the amount of taxes and bills one has to pay. Recently, several states

It is despondent to see the majority of college students make poor financial choices when it comes to repaying the student loan debt. Understanding the basic financial literacy fundamentals have helped me to budget my money spending, planning and strategizing myself before graduation when it comes to how much money do I need to borrow; how to repay my loans earlier and faster, and having an emergency fund for difficult situations. It is important for the students to take advantage of the debt management counseling sessions at their college institution to ease the gap in financial literacy and be debt-free.

An education expert recently told me that low-income families who won 't borrow for college "just don 't understand" the concept of investing now for returns in the future. "We need financial literacy, so they can see that the debt is temporary. Over the long run, they 'll be far better off with that college degree," he said.

First of all, when kids get money for good grades, they are unable to spend it effectively. A child are more likely to spend money on items such as games, candy or objects of their interest instead of items that could be more beneficial towards themselves. They don’t know how to handle responsibility and have not been taught how to utilize their money. “Economy does not lie in sparing money, but, in spending it wisely” (Huxley, 2014). Children don’t understand the value of money and how hard their parents work to receive enough to provide for them. With this hard earned money, their parents fill their necessities while the kids fulfill their desires. “A penny saved is a penny earned” (Franklin, 2014).

Future initiatives with financial education can change the landscape of an individual’s life and the economy in which we live. If there is limited focus on learning about personal finances we continue to set our economy up for constant failure. There is a substantial amounts of education provided to school age children that does not directly impact their financial education for their future. In high school individuals learn