Numerous amounts of people have financial problems when they get out of high school, so what should the school board do? In 2007, thirty-four out of fifty states have personal finance courses in their curriculum (Bernard 4). A financial literacy course seems to be what a majority of states are doing. Financial literacy courses have their pros and their cons just like everything else. Financial literacy courses bring up some very important questions.
Financial literacy is a difficult conversation to have, but financial literacy does have its benefits. Thaler stated, “Whether in taking out student loans, buying a house, or saving for retirement, people are being asked to make decisions that are difficult even if they have graduate training
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in finance and economics” (12). This shows that even with advance training finances are difficult to maintain, so it would help the general public to have some idea what they are getting into by giving financial literacy courses for kindergarten to twelfth. One high school teacher went so far as to put students into a “family” with a certain budget and the students would have to build their life around their budget and respond to different life circumstances (Bernard 5). One of the students stated, “I first learned that real life isn’t going to be as nice as this game, I also learned that good budgeting has to be maintained throughout a person’s life no matter the income, no matter the living conditions” (Bernard 5). This exercise showed how hard it was to balance a budget and the students learned that they were hilariously unprepared for how the world’s economy works and that a personal finance course would greatly help students before they are thrown into the real world. Financial literacy courses will have drawbacks like everything in the world.
Some schools have little money and few teachers and Matthew Yale said, “[T]he Department of Education’s next step is to work with districts and teachers and help them find the money they need” (Bernard 6). It will take parents to start this movement (Bernard 7) because parents have to be willing to give up more money so that their children know what to do with their money. Financial literacy courses can potentially make students overconfident about their skills and make them do even worse (Burns 8). Harvard Business School performed a study where it was concluded that financial literacy courses “weren’t effective in changing people’s financial decisions” (Burns 10). Thaler stated “A new paper by three business school professors … uses a technique called meta-analysis looking at results from 168 scientific studies of effects to teach people to be financially astute, or at least less clueless. The authors’ conclusions are clear: over all, financial education is laudable, but not particularly helpful” (13). The shows that financial literacy courses are good but they are not helping the youth as of now, so the right combination has not been found to teach the youth how to control their
finances. Questions do arise when financial literacy courses are brought up. How reliable are the sources provided? Bernard and Burns were both bias in the way that they both to only use information that would support their claim. If the course is required, will it take the place of another class? Financial literacy could potentially take the place of a social studies class because many students can not make a connection between math and real life and that is what students want and financial literacy will provide that connection. How many credits will the financial literacy class be worth? Carroll County, Maryland is offering A half-credit for this course (Davis 17). How much will the course cost? The course would be fairly inexpensive if it works well, but expensive if it does not help the students. I recommend that it would be in the student’s best interest to offer the financial literacy course as an elective for one credit. Students need to have the option to get help before they are out in the real world. The courses work in they provide examples that stick in the student’s mind, but they are currently not particularly effective. The option to have of not to have students take financial literacy courses in now up to the school board to decide what to do next.
Taking a financial literacy class would help students learn how to stay out of debt. According to the article, “Finance Course Prompts Debate” by Gina Davis, the class would “cover concepts such as money management, consumer rights, and responsibilities,
Most kids that have graduated high school have never been educated on the subject of personal finance, so they don’t know things like how to pay bills, or even how to do something as simple as applying for a job. According to a family friend of mine, Ron Hart; who happens to also be an award-wining author and TV/radio commentator, believes that students in high school don’t learn anything about how to get a job or get prepared financially. He states that, “ Students should prepare for a job. Maybe, instead of taking a fifth field trip to the Trail of Tears site, do one to learn about real jobs in an area they might want.” Hart believes that most basic high schools aren’t teaching students how to become financially stable for their future, which can cause major issues. He claims that “few schools teach about the value of hard work, ingenuity, gumption and entrepreneurship. Those lessons are as rare as Donald Trump bumper stickers in the faculty parking lot.” Hart also goes on to talk about how high school does not prepare you for life the same way college will. There are so many more lessons to learn there that people are missing out on. College is very important due to the fact that it will teach students more skills about finance and job seeking that most high schools don’t. In college, kids will learn how to save and budget their money, pay for their own expenses, and prioritize their needs verses their wants. Learning financial responsibility is also something that kids will carry with them throughout their jobs and their life. Having more freedom to understand the concepts of person finance will allow students to make mature decisions while easing their way into real world
The first source says that financial education is a good thing and that we need more states that teach it. As a quote states “While more states are beginning to require some sort of personal finance instruction, there aren’t enough that do”. It talks about how many states there are that have financial education and then the many states that don’t. There is also teachers that don’t teach finance but still work it into their lessons. They talk about building budgets, expenses, and investing money which is all stuff that younger people need to know how to do before they get older. Another major thing you have to include is your needs versus your wants that makes a big difference in finance. Teachers then see a difference in the students when they teach them
Parents may not feel comfortable enough with their own financial situation to discuss personal finance with their children (Williams, 2009). Additionally, the parents, or other influencers, may not have a full grasp of certain concepts of financial literacy. In an article by Carlin and Robinson (2010) it was noted that “many retirement-age adults lack the financial literacy to understand the basic features of their retirement plans.” Financial literacy through socialization and practice may not be enough for students; whether it be “disadvantaged” youths who often lack a high quality of life at home, or youths whose parents have stable jobs with retirement
Education has always been a necessity as it has been a tool to survive the world and can also be a tool to oppress the student’s critical thinking and knowledge possession. As the teacher discourages the student to be self-thinking student and be allowed to use their creativity. The information is put into and you do not why you are learning this information. The teacher would make you a sponge for information but ignore other aspects of the student and teach where none of your aspects of your life matter in the class just the subject in the classroom. This type of education system is banking education. Banking education is a system that oppress the student to lack critical thinking because the problem with banking education is that it makes
Today’s college students are bombarded with ads, commercials and mailings telling us that we need to spend money to be happy. At the same time, many of us come to college very ill-equipped to handle our finances. Financial literacy, defined as "the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security," is important in our money matters as well as academic performance. Based on your understanding of financial literacy and experience (or lack thereof) of personal finance, 1) pick two personal finance topics (including but not limited to: credit cards, student loans, budgeting, saving, banking, and investment, etc.)
The general statement made by Lauren E.Willis in her work, “Should College Students Be Prepared to Take a Course in Personal Finance? No: Courses Will Miss the Real Issues”, is that personal-finance courses are ineffective in helping the students making wise decisions. More specifically, Willis argues that the information that students receive from courses is actually stereotyped and misleading, instead, federal regulations, and personal decision and experience are the fundamental solution in how to be financially success. She writes, “What’s more, even experts disagree about the right investment and retirement-savings strategies. Financial offerings change too quickly for regulators to keep up, never mind educators.”
Making improvements on our financial literacy results in a wave of impacts on our economy and the financial health in our society because of responisble behiavior with our finances. These modifications to our behavior are neccesary because it let's us address primary cultural problems, for example over-credits on your purchases, mortgages possibly resulting in debt, dealing with expectations on inflation and also planning on your retirement.
In light of your default status in the above-mentioned case, the upcoming ‘prove-up’ hearing, your request to vacate, and my opposition to it. This seems like the right opportunity to give you and your client the benefit of a reality check regarding this lawsuit. Accordingly, this letter sets forth my analysis of my case thus far, and the range of potential damages that can happen. I do encourage you to share this letter with the proper executives at Discover Bank. I welcome any comments you may have based on the evidence.
One way our school could accomplish the goal of financial literacy education is creating a set class for high school students towards the end of their high school career. Offering classes in a curriculum that is set helps kids become better prepared for the real world. They receive a better understanding of what it is like having a great deal of responsibility, without the overwhelming of stress that comes with it since the class would be set in a classroom. According to the article written by Laura Langemo from Fox6 entitled “MPS Eighth-Graders Get a Lesson in Financial Literacy”, the Milwaukee Public School District Superintendent Gregory Thornton states, “We need [students] to be ready financially. We need them to be ready to step into the world and be able to actually navigate and manage money.” Students should feel confident after graduating that they will be capable of receiving such a great sense of responsibility. Teaching students about financial literacy at an older age throughout high school will allow them to be ready for their lives ahead. According to this article, many of the students were surprised with how bills amass in such a rapid pace. Similarly, the article from the Sandpiper by Edie Ellison includes information about being able to offer high school students classes in
1.Source #1 is the best of all the articles that is relevant to increasing people’s financial literacy. The article states, that they are working to get every school to teach a financial class, “While more states are beginning to require some sort of personal financial instructions, there aren't enough that do…”, but are failing to do enough. As well as stating, “But that hasn't stopped enterprising teachers like Mathew Frost...from working the topic into his student's school day.” This shows even though the states aren't going enough, some teachers are, which is another good way of teaching about financial literacy.
According to the Washington Times, the United States is in more than 300 dollars in debt. Financial literacy according to PBS means using knowledge and skills to manage financial resources effectively for a lifetime of financial well-being helps plan future. Financial literacy means to me is managing money, planning future, and learning about college loans. Everyone has to learn how to manage their money to stay out of debt. There are six categories to split up a budget.
...ial literacy, encouraging independent thinking, and reinforcing good habits. Building financial literacy in children while they are young gives them a chance to use and begin to understand money for a longer period of time. Therefore, giving them a better understanding of it when they are older and, in a way, giving them a head start for being financially responsible as adults. Encouraging independent thinking will give adolescents a chance to think for themselves even if it is small decisions at first. Because they will most likely value their money and not want to give it away for just anything, their peers will have less of an influence on their decisions. You, as a parent, can reinforce good habits like self-discipline, setting short and long term goals, and learning and practicing good work ethic. Nagging all the time has got to stop. Set up an allowance system.
The second lesson concentrates on the importance of financial literacy. There is one rule to follow so as to understand financial literacy – “Know the difference between an asset and a liability, and buy more assets.” In order to do this, you need to be able to understand and comprehend numbers instead of jus...
Financial literacy: Financial literacy refers to the ability to understand how money works in the market world and how a contributor manages to earn it or spend it, how to track it, how to invest it (turn it into more) and how that person shares it to help others.