When will schools start teaching kids how to manage money - so they don't get into debt like everyone else

Question

I think everyone I know has been in debt at some point in there life - usually when they are right out of school.

Answer 1

because schools are too busy teaching kids stupid S**t that they don't need in the real world

Answer 2

They probably never will. Teachers are not the richest people on earth, and only the really wealthy know how to handle money well (which is why they're wealthy!)

Parents can help by teaching kids to save a part of everything -- their allowances, their summer job earnings, etc. -- so it becomes an ingrained habit. It also helps to teach them how to spend.

We were in Disney World last week and told our sons we would give them each $100 to spend on anything they liked -- but that was all. We'd pay for their food and snacks and park tickets, but the souvenirs were up to them.

They enjoyed looking at all their options and then finally spending what they had. They also realized that some choices were not the best ones and gave those up in favor of others they liked more.

I know my high school taught kids who were not on the college track to write checks properly, but I don't know if they were ever taught to balance a checkbook. It would be helpful, though, as a way of bringing the real world into what they're learning in the classroom.

However, until teachers become richer than Bill Gates, I don't see it happening.

Answer 3

I think the parents should teach their children how to manage money since that's where the money comes from in their home. I never learned that from my parents and as a result my wonderful husband ended up paying off my debts before we got married. Schools could teach the basics and they do: how to count change, etc... But home is where it's important and where it would be the easiest to pick up the parent's good habits.

Answer 4

Learning begins at home. Learning to save and budget is a behavior that needs reinforcement. My kids had a Business course in high school in which the teacher gave them assignments such as: choose a stock and watch its progress, balance a check book, track savings accounts, and amortize a payment schedule. That class and having parents with a good work ethic and who pay cash for just about everything helps.

Parents who buy their children everything even when they cannot afford it, and keep up with the Joneses mentalities are the biggest cause of the entitlement issues we see today. Letting young teenagers have cell phones, credit cards, and cars before they have jobs to pay for these items is a bad idea.

Answer 5

Although I think this is something kids should learn from their parents, we know that's not the reality. I think high school students should be exposed to money management and other life skills in mandatory classes. Some life skills issues that they are totally unprepared to deal with: mortgages, rent, utilities, loans, writing checks, paying bills, late fees, credit card debt, groceries, using debit cards, online credit and bill paying, budgeting their income, not living beyond their income, etc.

The school of hard knocks is a horrible way to learn some of these lessons.

Answer 6

I agree with you that schools should teach kids more life management skills, including money management. Seems to me that much of what they teach in school is not useful in everyday life for the average person. (Except reading, writting and basic math). Ideally the parents will provide guidance and be good examples. Nevertheless, we all tend to learn these skills (hopefully) by trial and error.

Answer 7

When students and parents address the school board, not only with the issue but also solutions and alternatives, perhaps starting with the schools`civic or business or economics`club to provide training and information classes and have a few teachers and parents supporting it along with a spectrum of students as well as local community financial folks or the local bank/credit union. This is at least one alternative as schools have limited budgets of their own to manage.

Answer 8

Never as long as we continue having socialized education.
I have fought tooth and nail with the schools to allow ME to come in and teach kids how to balance a checkbook. What the stock market is etc.
But..it validates my hunch that the govt wants this to keep the labor pool cheap.
Think its a coincidence that bottom 10 states are Deep South? No.

Answer 9

In a word, probably never as consumer debt keeps the economy going. That learning needs to come from responsible parents.

Answer 10

When i was in highschool i took a marketing class that tough me all about stocks bonds, and budgeting. I still ended up in debt. Debt is just a part of life unless you get rich.

I try and try to say but then something happens and when it rains let me tell you it pours.

Answer 11

Ithink we rely too much on schools to teach everything. Some things are best taught by parents at an early age such as monetary responsibility.