Understanding the need for Personal Finance

Personal finance is something that is seriously neglected in our country. If the schools could carve out time to teach this life skill then wouldn’t our future generations be better prepared for taking care of this country? Think for instance about college and the choices that it requires. First you have to find one that you want to attend and get in, but after that it is all about the financial side of things. You have to come up with a financial way to pay for those four years, or in today’s standards five years. If students were taught how to manage finances they would be better equipped to make smart decisions regarding their financial aid packages. For example, do I really need that second student loan or can I do work study? Realizing the difficulty that it takes to pay that loan back later with interest accruing would make the average student more cautious about signing on the dotted line. I firmly believe that many students in college are not aware of the consequences when they take out all the loans they do. Many people would argue that it is not the school’s job to teach life skills which I believe this one to be, however schools used to offer classes on life skills all the time such as homec. In this class cooking, sewing and other necessary skills were taught. Why can’t we offer our kids today a skill as useful as a personal finance class? Many students today graduate and go into college where they live on their own with checkbooks and credit cards never having used them before. It seems irresponsible as a nation to allow our young adults to go out in the world to prepare for their futures without first teaching them the rules by which our society runs.

Another advantage of teaching personal finance would be that credit card abuse would hopefully be less common in our culture. If there was a true realization that when you take out and swipe that card you have to pay it back in time with interest -it would create a more aware and sensible spender. Many young kids are not taught true finance basics at home due to many factors, the most common one being the lack of time. There are a great deal of households in which both parents are working hard to support the kids and there is little to no time to truly address teaching these skills.

Personal finance is something that everyone, no matter who you are, is going to have to deal with at some point in their life. So why not start teaching it along with the basics that they teach us in high school? Wouldn’t it be responsible to further deepen the well rounded education experience that we are trying to give today’s students? Perhaps if we did the lessons that the students of today would carry with them into their futures would help address the nations issues as a whole. If the future generations were smarter about money than our generation was, wouldn’t that knowledge benefit everyone? For help on this issue, you can get valuable information from www.youngmoney.com.