Synthesis Essay On Financial Literacy

money for both school and states, because school can cut down the number of teachers to hire and

The National Conference of State Legislatures said, “School budget crunches have been a trend over the past couple years and span the entire nation” (qtd. in Van

There are enough people in debt today who have big dreams and goals and are trying to work hard to achieve them, with such a simple thing as money standing in their way. It can be as easy as a five minute break during one class period in a 180 day school year to inform students about how to rescue their futures from the impending doom they may face. Education is important, no matter what it pertains to, and

School funding has seemed like a top priority for most people. It has been said that since the budget cuts of

So often we hear about teaching the whole child. Today, more than ever, personal finance knowledge and awareness are a critical part of what it means to teach the whole child.

The other problem with student debt is a lack of financial education. The first major financial decision many students are making is with their college loans. It’s a major decision and often times there’s been little financial education that’s been taught. The Wells

They must understand budgeting, taxes and banking while avoiding traps like payday loans that prey on the poor and uninformed. Despite this, only five states require students to take a stand-alone semester financial literacy course, so school districts simply don’t offer one. Campaigning for FBLA national office, I was surprised how few students, all enrolled in high school business courses, had access to a financial literacy instruction. I experienced the results of this shortcoming firsthand after my parent’s divorce. Lacking a personal finance education, my mother initially struggled with basic budgeting and understanding mortgages and taxes. By expanding financial literacy education in high schools, we can lay the foundation to challenge wealth

My own financial health resonates well with the above quote from Daly and Farley, not because I’ve thought about money, but because I know nothing about it. As a young student still breaking ties from home, I have to navigate the intricate world credit, lease contracts, financial aid, and investments seemingly to no avail. In his chapter titled “Enough Debt,” Dietz alludes to this complex world that is the American financial system that I and every other American are currently dealing with. With any complex system, there are misconceptions tied to it that can provide a simpler understanding to those analyzing it. Dietz provides three of the most prevalent misconceptions, how their true function actually debunks them, and then systemic changes

Financial decisions are something everyone faces like buying a car to figuring out how to pay for students loans or debts. We are not taught about these types of financial decisions and how to go about them from a young age. In the news article Working Financial Literacy in With the Three R’s by Tara Siegel Bernard, she talks about how more states are beginning to require a personal finance instructions class. In the article Finance Course Prompts Debate by Gina Davis, she suggests incorporating financial elements into already required classes.

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

Throughout unit three of the Financial Literacy lesson, payment types, I learned many things. To begin, I learned about credit. Credit is an agreement where a borrower receives something of value now and agrees to repay the lender at a later time. This is very useful, because it not only allows you to make large purchases, but it allows you to make purchases with ease. When considering getting a credit card, it’s important to research some information about them. This includes the interest rate charged by your credit card company, special fees, rewards, and the maximum amount you can charge to your card. While credit cards can be fun to use, it’s important to use them responsibly. You should make your payments on time (this will help you stay

Unless junior takes a personal finance course, he’s unlikely to get a financial education in college either. This despite an investment of four or more years, and tens of thousands of dollars in tuition and fees. It’s hardly a surprise then that so many young people graduate from college deep in debt, and often ascribe their situations to complete ignorance. Given the lack of education in the area of personal finance, that seems to be a legitimate claim.

Although the reliance on student loans continues to increase for college students across the nation, the vast majority of American teenagers are not required to attend and complete a Financial Literacy course before graduating high school. According to Jillian Berman, only five states scored an A on the 2015 Report Card on State Efforts to Improve Financial Literacy in High Schools, and those same five states are the only states in the country that require students to take a dedicated semester of personal finance courses before graduating (Marketwatch.com). There is an obvious problem with the state efforts to properly educate finances when 14 out of 50 states rank in at a failing grade. Money is an essential asset to life on Earth, and proper education on financial management is vital for the basic requirements to sustain life. Education on how to manage money in order to afford food, shelter, clothing should be the main priority of the Financial Literacy courses. More in-depth are topics

This statement is rather shocking but proves why high school students should be taught financial literacy. Financial literacy is the ability of learning how to manage money. Financial literacy should be taught because, more people have been going bankrupt at a younger age, they have more debt options, and lastly are unable to manage money because they have never been taught. This is not just a problem for an individual, but potentially a huge problem in this country’s future.

Financial literacy is not part of the American education system. When I was in high school, nobody taught me how to plan for retirement, nor did they teach me how to file my taxes, and they sure didn’t teach me the importance of money management.