Should students be required to take finance classes in school?

Question

With the economic situation the way it is, and more and more people being deeper in debt, should schools start providing finance classes in school?

Working in the financial field myself, I see on a daily basis how people don't really have any idea of how important it is to plan for the future, and most of those who think they have planned, haven't really prepared properly.

What do you think? Do you know how to lay out a monthly budget? How to invest for your retirement, whether an IRA, 401(k), or other retirement system? Do you understand how to utilize the system to receive the most tax breaks possible?

95% of America has 5% of the total money available in America. These people consist of employees and those who are self-employed. The other 5% have the remaining 95% of the money, and are business owners and investors.

So do you want to work for your money, or have your money work for you?

Answer 1

YES YES YES AND YES!!

I firmly believe that their should be required financial classes given in both high school AND college if someone chooses to go to college.

This is coming from someone who wishes they knew THEN what I know NOW. I was never taught enough about finances and ended up with too many loans, credit cards, etc.

I think if I had been taught better, I would never had to have declared bankruptcy.

Also now that I am finally getting my financial footing and getting the rest of my secured loans paid off.....I would like to start investing money but have no clue.

This is why I wish I had had some sort of class in high school about banking, bills, interest rates, debt issues, etc.

I watch Suze Orman religiously but still am clueless to the investment world.

Answer 2

Learning to be responsible with money must be started long before high school....and parents MUST set the example. If you see Mom and Dad buried in credit card debt so they can have the big screen TV or see them being foreclosed upon because they bit off more house loan than they could afford....what will that teach you? People need to get a handle on the idea that living within their means and staying away from needless credit is the only way to have real financial control. I'm not saying that you can't have the convenience of a credit card. But it should be paid off EACH month, not relied on for purchases of things you really can't afford to pay for. Even on car loans, you end up paying 1 1/2 times the value of the car by the time you finish making payments for 5 or 6 years. Is it really worth that? The requirement in high school to have financial classes EVERY YEAR is a great idea...but it shouldn't stop there. From what I've seen, most kids don't even know how to balance their checkbook. But the most important thing is for them to learn that they need to save for the things they want. Isn't it better to drive a five year old car that you have saved for and paid for than to be struggling to make obscene payments for something newer?

Answer 3

If the government stop taking soo much out of our pay check then I think I would be able to save more. Like just yesturday when I went shopping I realized that the tax percentage is not 8.75% versus 8.25% a few days ago...what a rip off!!!

People need to be smarter with their money and learn to save and stop depending on the government for assistance. But at the same time if we don't spend then the US economy won't be strong because people are saving vs spending, then we'll definitely be in economic trouble....no consumer spending means a weak economy and high unemployment.

Answer 4

i think a class like this would be extremely valuable as a required class for a senior in highschool at the minimum. there should be a class touching on these topics each year beginning as a freshman in highschool and ending in their senior year. the classes should be mandatory for all students. i think it would be a huge benefit to them once they are in the real world. a lot of kids in school today have everything given to them by their parents and they develope a false sense of security because of that. once they enter the real world, they have a major reality shock and many can't handle the fact that they have to pay for everything on their own. they think they can start out as a CEO of a company or something without working your way up. giving them a sense of how money works and how they have to work for things and plan for things would be a very valuable tool in their futures. i personally would have loved to have had a class like that in highschool. at least to have had the tools to begin building my future rather than finding it all out on my own.

Answer 5

This weakness is unfortunately happening all over the world.
I think each school can start some optional enrichment classes first.
It is very much like personal development programs...why aren't they taught in school?

Answer 6

yes it should be a required class and they should have at least a 1/2 year of it -- with more and more getting credit and debit cards and part time jobs earning real money it should be given no later than their junior year!!!

Answer 7

No.