The Effects Of Financial Education On The Financial Knowledge Of High School Students

Despite the importance of finance, accounting, and consumer intelligence, these topics are typically neglected in high schools. Unfortunately, personal finance is often learned by trial and error. The problem with this method of learning is that it only takes one costly financial mishap to set you back for years. This is why I created a basic personal finance book for total beginners. With these concepts you can use the other books in the Smart Money series to further build your knowledge of personal finance topics.

The context of the lesson is three fold: First, to enhance literacy and utilize digital tools to research, communicate, produce and present. Developing these skills will be of immediate use, as these students have at least two more years in an academic setting. Secondly, they will be acquiring life skills as they define and internalize the concepts of budgeting and personal finance. Thirdly, in the broadest context, they will be able to apply this knowledge when they go forth into the job market and begin making short and long term investments. This lesson is appropriate and timely for these students as they will soon be leaving high school and embarking on various life and career paths. It is of critical importance that they understand how credit works and how to be fiscally responsible early on, so that they can avoid making bad decisions that have long-term and life altering ramifications. This demonstrates my commitment to their lifelong ability to learn and use information

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.

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.

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

Credit unions also understand the importance of money management and financial literacy in our youth. To promote this, credit unions set up student credit unions, such as Generations Federal Credit Union’s No Suckers Here program, within schools and universities. These programs’ mission is to teach students about finances at an early age, thus preparing them for later financial situations in their lives. Without this knowledge, a community’s youth would be completely ignorant of how to handle finances, but with credit unions’ aid, they are better prepared young adults who can contribute to their community with peace of mind and

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.

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.

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

I chose this course simply in the hopes that it would aid me in securing that foundation of knowledge and that any application of the material would result in self-betterment. At the closing of my first lecture, I was enamored with my professor Jared Pickens’ witty and exuberant demeanor. He had an undeniable passion for educating others that had cultivated through-out his years as a Financial Counselor to his current role as Senior Lecturer. Although the course had originally been designed to help students develop a sense of their own personal finances, Professor Pickens offered additional insight into the career of financial planning based on his own experiences within the field. To demonstrate our understanding of the financial planning concepts and methods, we were assigned a semester-long project in which we were to dissect an elaborate case-study and present our conclusions in a formal presentation. My partner and I wasted no time on outlining our assignment, as we were both genuinely excited about unveiling the financial complexities of our new “clients”. We spent countless evenings in the school library analyzing the data while pouring over textbooks, websites, and research to develop the perfect recommendations. In an added measure of creativity and fun, we fashioned our own faux

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

In the article “Financial education leaving Americans behind” the author, Greg burns, references a study at conducted at Harvard business school where they found that, “…[financial literacy] programs in widespread us during the past two decades were no use at all. ”(Document B, p.g.2). Financial literacy is not something that you can teach for a year and expect all student to fully grasp. High school is simply too early to teach it. Very few high school students are thinking about future economic responsibilities and any advice that is given to them through a course will not be retained.

In the article “Why American Teen’s Financial Literacy isn't Improving,” Annamaria Lusardi, writer of the Wall Street Journal, argues that young adults financial literacy levels are low and the differences in the teens levels is alarming. She develops this claim first by showing the Programme for International Student Assessment (PISA) scores and tells us the low scores and the gap between students scores. The financial literacy rate in the U.S hasn't moved in the past three years in the recent findings in May. As those teenagers turn into adults and go to college they have to make many financial decisions and if they are not educated to make well thought out decisions that will improve their financial future then they could end up with

Those born with a silver spoon in their mouth are destined to be wealthy. Not only because they come from old money, but because those who come from old money teach their kids about money. Although economics and finances have recently been added to the curriculum of American schools, there is only so much that can be learned from a book. This kind of knowledge is gained mainly through life-experiences and there are many people who believe it is the parent’s job to make sure their children are prepared to deal with finances in the future. Many people who are not of old money are financially illiterate; they have little to no education about finances. They may know how to make money, however, they probably have no idea how to keep their money. Therefore, they have no idea how to teach their children how to keep money. For this reason, a large portion of the population is focused on get-rich-quick schemes hoping to “make it big” or “strike it rich”.

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.