STUDENT VOICE: Financial education pays off for Peninsula students

A recent increase in finance lessons is helpful, but does little in the long run to properly prepare students.

In a world teeming with self-help content and get-rich-quick schemes, the need for financial literacy among youth is more prevalent now than ever. The ongoing cost-of-living crisis is forcing more conscientiousness than in the past, rendering budgeting and investing skills increasingly essential. Yet, education surrounding personal finance and broader economics remains lacking in our schools.

With the surging use of social media, such education is widespread online; yet, differentiating what information to trust is an essential skill in today’s environment. Online finance gurus are more often than not pushing a personal agenda, whether it be selling a course promising far-fetched results, or promoting risky investment techniques that will likely culminate in financial ruin.

Beginning early in this realm gives youth a head start, and allows for a wider breadth of knowledge than waiting until adulthood. Learning life skills such as budgeting, saving, investing, and credit regulation benefits youth in a key stage of our lives, when we are planning our futures and preparing for broad changes in our financial habits. In addition, education on broader economics, including the stock market and interest rates, and issues such as scams and consumer rights, can help youth navigate a complex economic climate. Furthermore, personal finance, unlike some more career-focused subjects, applies to every facet of the population and extends beyond just one’s job.

The education system is taking notice, integrating some financial lessons into career-life education classes, as well as in special wellness sessions. Yet, many of these lessons are standalone instances dotted throughout late high school that only offer limited teaching on a subject that certainly requires a more comprehensive learning strategy; one or two lessons throughout all of high school hardly make a dent in the mountain to be learned. While our curriculums can be difficult to change, they are not set in stone. Many of the present lessons offer too little, and occur too late, failing to properly prepare students for the multifaceted world of personal finance.

It is becoming increasingly clear, given recent cost-of-living difficulties and a surge in poor financial advice, that implementing a standardized approach for education on personal finance issues is critical in our schools. Despite recent incremental progress, teaching on these subjects doesn’t extend far enough to fully prepare students for our futures. With this in mind, is it time we place as much emphasis on personal finance as we do on math or science?

Kilian Jungen is a student at Stelly’s Secondary School.