Opinion: An urgent need for financial literacy

As high school students, we follow a rigorous curriculum that teaches themes in Shakespeare, how to dissect a frog or solve a quadratic equation, diligently preparing for the next quiz or exam. But once the graduation caps are tossed and the realities of adulthood set in, many of us realize, all too quickly, that we have a hole in our education that is detrimental to our futures- basic financial literacy.

While schools prepare students academically, there is often little emphasis on practical skills that will affect their daily lives post-graduation. Financial literacy, the ability to understand and effectively use various financial skills including budgeting, saving, investing and managing debt, is still shockingly lacking from most high school curriculums. But I believe that these are exactly the skills that students need most as they move into adulthood.

Many teens finish school knowing little or nothing about the basics of personal finance, like how to budget their expenses, use a credit card responsibly or even open up a savings account. The gap is having serious implications: young adults are left knee-deep in debt due to bad spending habits and confusion when it comes to financial decisions.

Teaching financial literacy in schools would help eliminate these issues. What if there was a class on how to budget what students earn from a part-time job or what they get as an allowance each week? What if you learned to manage student loans before you ever set foot on a college campus? Measurable skills such as how to save money, understand interest rates, and investing for the future could allow students to make informed decisions and help ease financial anxiety.

Financial literacy education could improve the lives of all students, especially those from low socioeconomic backgrounds because it will give them the tools to break intergenerational cycles of poverty and create a stable economic future. In regards to those who have wealthier families, I feel that learning the value of money and the need to manage it responsibly might breed empathy, a more responsible way to spend, and how to invest your money wisely.

Some may argue that financial education is a topic best taught and learned in the home. However, I believe that schools provide a perfect setting because they are organized, equitable and able to reach every student. This can be accomplished by implementing finance as a requirement in high school curriculums, so every student receives the tools needed to thrive through adulthood.

I believe that this is an important topic that we must speak about to change our educational system. As students, parents, educators and policymakers, we can edit curriculums to include the practical knowledge that every young adult lacks but desperately needs. We need to prioritize financial literacy and teach generations the skills they need to graduate and succeed.

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