Financial Literacy

576 Words2 Pages

Name: Jeruhan Rivera. Professors Conboy ENG 1010 Date 2/7/24 Should financial literacy be a required class? A whopping 95% of Americans wish financial literacy were tough in schools, as they struggle with money. Young adults notice the difficulties of not learning finance in school, as they experience the cost of debt, savings, retirement plans, and much more. They see these struggles happen to them, they wish for better for their children and to do that, the pending legislation for the 34 states in America should be approved. Even though seven states have already approved the legislation, it will barely make a dent in the percentages. Reasoning: I think financial literacy should be a required class in high schools since it will help them in their futures. The negatives of not learning financial literacy. 38% of Americans have debt and 30% have no money or retirement plan. Showing the lack of financial literacy impacting young adults, not being taught financial skills before going out in a world full of it, is like putting someone out there to struggle. And having a lack of skill in finance has made many young adults not have emergency funds, savings, a retirement plan, and a good credit score. This has …show more content…

Being taught financial skills in high school teaches students the top 2 most important aspects of finance: credit scores and debt. As you ask yourself what debt has to do with finance, most students think that debt is when you borrow $3,000 and pay back $3,000, but the money you borrow always gains interest, which is the price you pay to borrow money, or the return earned on an investment. Without knowing this simple skill, many young adults are dozens of dollars in debt. They would get a credit card since they would think it would help them, but it only helps if you know how to use it. Many young adults would get accepted for a good amount and waste it fast, thinking it is free money without knowing the consequences of

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