Why don't Schools teach personal finance?

Question

I've never taken a course called 'personal finance' or 'how to get rich'. Have you?

I have also never been given a reading list for personal development or wealth building books like.. "Think and Grow Rich" by Napoleon Hill, "The Richest Man in Babylon" by George S. Clason, or "The Science of Getting Rich" by Wallace D. Wattles.

Why is that?

Tangerine: If you ask a millionaire, at least 1 out of 5 would have read one of the books above, and have used the principles taught in the books (or something similar).

Answer 1

It's because the powers that be don't want us to learn that info in schools--what we learn is geared to being able to function in THEIR business world, making money for the already-rich corporations. You have to go to private individuals who have already succeeded that way and take their courses/seminars, like the ones who in the movie, The Secret. They don't even teach how to open a bank account or balance your checkbook in high school, which should be mandatory. Ditto for money management. They don't want us to know. Once again, you have to go to private seminars to learn advanced money making techniques and such. I have not taken any such courses.

Answer 2

These days, there are state mandated proficiency tests that students have to pass before they can graduate, so teachers have to develop course plans to get the majority of students past that hurdle. School committees are also struggling to live within budgets that taxpayers are willing to support, so there's precious little funding for these basics, much less money for teaching practical courses like you're asking for.

Maybe if all our school graduates were well educated and could find well paying jobs, or created new wealth for themselves, they, as taxpayers, wouldn't mind parting with it to pay for those sorts of courses. As it is, I don't think that will happen soon. Rather, we'll see more schools dropping art classes, music education and sports. Class sizes will grow and good teachers will continue to leave the profession because they can't make a decent wage trying to educate our young people.

Answer 3

I don't know what state you're in, but it's included in High School Economics in Texas (a mandatory class). It's been a few years (ahem), but I recall filling out budget sheets (income, rent, utilities) - learning how to balance bank accounts, and (of course) how the stock market works. We chose our own stocks and followed them for a few months.

Being that I was in a large school district, we had also vocational classes (electives) for career planning and I even recall taking one in middle school for career aptitude.

All that being said, some work will ALWAYS fall back on the parents. I mean, why have a kid if you don't plan on teaching them a damned thing? So it could be considered more of a failure on the part of parents than schools. Personal finance is, after all, PERSONAL. There's more than one way to manage money.

Answer 4

It is probably an elitist thing. Those who have money spend alot of time trying to get more of it, so they are teaching their kids those skills from day one. On the other hand, those who have no money (and who are taught to hate the ones who do have) are being taught that money is impossible to get, and other stupid things about it. Enormously stupid things. As Louise Hay said, and I have observed in life, people's personal, neurotic, insane ideas about money are stronger and often more powerful than their negative thoughts on sex.

Now, it is all good to share the secret and teach that holding clear in mind what is wanted tends to create it. Wallace Wattles and all that.

But before the truth sets most of us free, it pisses most of us off first. And that requires Louise Hay. And doing the work. And since most poor people are weak and victim-minded, few actually do the work.

And taking time out of science class and gym to teach a balance sheet ain't gonna fix that.

Ya think, richly?

Answer 5

Schools used to teach personal finance and things like budgeting! I had it in high school and it was a prerequosite to graduating! I think now schools are more concerned with the politics of removing the word GOD out of the Pledge of Alligence, and practicing how to put condems on bananas!
It is us as parents who activley have to fight for things that need to be taught in school so our kids can be successful when they graduate. One person cant change it all! But one person can make a diffference and they can start in the school their children attend. I cant beleive the difference in what I was taught in school and what now I have to teach my kids at home because the schools arent teaching them anymore! As far as required reading goes, this too amazes me at what is required now days compared to 15-20 yrs ago. So, here at home we have had our 7 children read these important books and try to give them interactive experiance to practice what they learn from the books we require them to read! You can find your own combination of reading time and other things that might work for you, but during the summer time, we require one hour reading for every hour of TV they want to watch. We also found it helpful to read the same books as the kids and talk about it when going places or at dinner time! MAKE SURE that books are age apropriate and time requirements are too! There are many rewards for reading encouragement. You can give reading free weekends! Go do a special activity for each book read or even at the half way mark! You can let them pick out a nor-required reading book as a reward for finishing a required reading! You can let them pick a book for YOU to read! Hee hee. Many many ideas for rewards! Of course you must talk about consequences also. We found it best- before starting the reading program at home was to have a family meeting. That way everyone is involved, they know what they can look forward to AND we allowed their input! Although somethings were not negotiable- other things were!

Answer 6

I think that schools need to do a better job teaching students how to better manage their money, but I really question books like the ones you just mentioned. What proof is there that any of those books have actually helped someone get rich?

Answer 7

parents should be responsible for teaching their children some things. our schools are failing to teach even the most elemental things to our students. many graduate while reading at a fifth grade level. the American family has changed drastically thru the past few decades. schools cannot be responsible for teaching our young how to be moral and ethical but someone needs to. they only have Hollywood, athletes, rappers and corrupt politicians now who influence them negatively. i wonder how much more we will change in the coming decades.

Answer 8

Isn't is crazy that kids get out of school and don't even know how to handle a check book, understand credit or loans! Personal finance should be a middle school class!!

Answer 9

We learn it now. It is a 10th grade high school course that everyone has to take. It is also NOT a 1yr course. You have to relearn it every year after for the rest of high school and in some colleges you have to take more courses about it. So, we learn it now.

Answer 10

I'd say because they can't even teach reading and math very well. It would be a good idea though.