Why Personal Finances are Important in High School
Managing finances is most crucial, as well as an essential task every student should undergo. Most people lack these skills. Nowadays, the student needs to learn about personal finances. This will help them to manage money in all possible situations. Personal finances are important in high school because this is the time students start entering their adult age. Learning personal finance will help them to learn about the most important skill in life at a very early age. There are several reasons why personal finances are important in high school. Some of such reasons as discussed below:
Learning personal financing in high school will influence the student’s life
If a student has personal financing knowledge, then they will know the value of much and know how to take care of that money. Therefore they must be taught about personal financing in high schools.
Money touches everything
At a very early age, kids are stuck in the world where from graduation until their retirement, they think about the money. Financial resources and money management skills may affect them.
Whether it is where to eat, what to buy, where to shop, or even what to wear, all these are money management questions. These problems are full of financial decisions. Sometimes, young adults lack the experience and the knowledge to make these decisions, whether big or small.
Most Americans want personal finances to be taught in school
Today, about 70% of Americans want their kids to be thinking about personal financing in their schools. Parents in America know about the importance of money management and personal financing skills.
Also, there are even those parents in America who are willing to give up their daily comforts just for the sake of offering better education to their kids.
Lack of financial knowledge has painful consequences
Looking at facts, this can be noticed that finances are the most stressful aspect for young adults. Everyone in the world has faced such stress in life. Whether it is the wealthiest person or the poorest one.
Financial literacy leads to a healthy life
Financial literacy is one of the most fruitful skills a person can have. It helps to:
- Promote good health.
- Promotes good saving habits
- Good financial decisions affect the credit score.
- More jobs, more money. As a whole, it is good for the economy.
- It leads to a positive attitude about money.
Places to learn
A study once showed that the students were taught about money management or personal finances majorly by self-experiences. However, this also leads them to alternative advice and information. For example, 35% of students said that they learned the skill from their schools, 40% said that they learned by self-experiences and just 15% said that they had learned the skills from their parents.
Conclusion
Personal finance skills in high school could be one of the best initiatives schools can take. This will not only help the student to grow financially but will also be beneficial for the economy.
