(Responses are edited for brevity.)
Financial literacy is more important than Shakespeare
“School is for learning the skills students need for life, and I can’t think of one topic that students need any more than financial literacy. Long after Shakespeare and algebra will only be a memory, how people handle money will be the one skill that, if mastered early, will matter for a lifetime.” —Becky L. Maracich, district literacy and tutoring program coordinator, Salt River Community Schools, Scottsdale, Ariz.
Poor financial skills affect communities … and schools
“I think it is the responsibility of the schools to prepare kids to manage their money as part of preparing them to hold jobs and be responsible citizens. Here’s the schools’ motivation to do it: Someday very soon, these high school students will be adults in your community. They will be looking for jobs, housing, food, and clothing. If they cannot manage these tasks themselves, they will have to move out of the community or go on welfare. Either way, if they fail, they are not feeding their taxes into the school system, the city, county, and state where they live. So if the ‘moral responsibility to prepare kids for life’ argument doesn’t hold water, have them run the numbers! Look at where school funding comes from! My high school required all seniors to either take Financial Rights or Economics for graduation. These classes taught topics like how to balance a checkbook, create a budget, evaluate the information in newspapers about investments, and track stocks over time to see long-term versus short-term outcomes. No surprise, the town I lived in is known for its affluence and its reputation for passing every single school bond measure put to vote.” —Jenny Matteson
Teach financial literacy to help the future economy
“In an era of tightening budgets, where schools are facing tough choices and bottom lines, I respect the pushback when it comes to schools offering financial literacy courses. Ideally, perhaps, teaching financial literacy should be a parental responsibility, but school is a venue for learning, and financial literacy is critically important when it comes to preparing for life after school. Financial literacy does not need to be a year-long, or even semester-long, course. A few choice seminars spread over the course of a year, or a child’s school career, are a start. Standardized test scores don’t measure the impact of financial literacy courses, which is a shame considering individual long-term financial health is dependent on smart decisions. Respectfully, schools should take pride in the idea of offering a financial literacy course; it’s a course whose potential return on investment may be measured in the future economic health of American society.” —Tarsi Dunlop
Student loan debt and bankruptcy are serious problems
“As a university professor for 30-plus years, I strongly believe that students should be taught about personal finance matters. Too many young people get into college and are bombarded with offers of credit cards and financial aid that they do not understand. My own son looks on financial aid as ‘free money.’ Despite the fact that he is now 26 years old, he still applies for and receives financial aid as if it were a gift from the government. He is working on a MBA in accounting and has a full tuition grant. I have repeatedly reminded him that all of that ‘free money’ will ultimately have to be paid back, but he does not seem to fathom just how much he will owe, or how much the monthly payments will be. It took him just four months in college to declare bankruptcy due to a credit card with a higher limit than I have ever had in my life. My hope is that someday soon he will wake up, as bankruptcy is not an option on student loans.” —James R. Anthos, MBA, MS/CIS, South University – Columbia, Asst. Professor & IT Program Director, Columbia, S.C.
Economics is not financial literacy
“This should be taught in high school as a required class, and it should not be circumvented by taking advanced classes like Economics—as some schools allow—unless there is a specific unit built into that advanced class. Understanding how money works, the real cost of credit (both financially and through credit reports), the importance of saving, making a budget, insurance as a form of risk mitigation, and investing for the future would benefit every student, no matter their economic status or academic ability. In lieu of taking the class, students may be allowed to test out with a specific assessment that addresses these areas, including some math problems for figuring interest, budgeting, and keeping a checking account, plus some basics on tipping in a restaurant and making change.” —Trina Priese, Business Education, LaSalle Spring Middle School (formerly taught “Everyday Money Management” in 10th, 11th, and 12th grade)
- #4: 25 education trends for 2018 - December 26, 2018
- Video of the Week: Dealing with digital distraction in the classroom - February 23, 2018
- Secrets from the library lines: 5 ways schools can boost digital engagement - January 2, 2018