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Essay about financial literacy classes
Essay about financial literacy classes
Financial literacy chapter 1 & 2
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What is Financial Literacy anyway? Financial Literacy is defined as "...the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being..."(Hagler, 2016). Currently America is ranked 14th in financial literacy...14th. Let that number really sink in for a minute. For a country that is supposed to be the land of opportunity, we sure are not giving our youth the advantage of knowing how to be successful. Almost half the country does not have enough money saved to pay for even a small emergency expense. This money is a lifesaver for anything from a kid’s new braces, to emergency repairs on vehicles and homes. What makes it worse is that almost a third of Americans also regularly carry credit card debt, a whopping $15,000 according to the National Reserve. (Long, …show more content…
Why is it important for this education to come from a certified teacher, in a classroom setting? Well it is clear that are current method of allowing parents to educate their kids about money is flawed, as seen in the previous argument. "Most parents are either unwilling, unable, or just uncomfortable providing financial education to their own kids..."(Manzo, 2008) Teaching students about money in school allows for every child to be exposed to the same information about money management, no matter what their life at home may be like. Teaching kids early and consistently will lead to good money management habits being formed, and better-informed financial decisions being made, for a lifetime. An added benefit of students being taught about financial literacy in school, they take it home to their parents! Not only will we be exposing students to money management and spurring their interest in the subject, we will be continuing the education and resources of adults, as the financial word is constantly
Once high school ends, most students progress to college after a year or two from graduation. Due to all of the expenses for textbooks and etc., the student might realize that they don’t comprehend what to conserve or spend their money on to get through their years of college which will leave them clueless on what to do next. With situations like this that might occur, all high school students should take a financial literacy class as part of the mandatory course in order to get a diploma. With a numerous amount of students not having enough knowledge about how to manage their money carefully, presumably they’ll have trouble living their life as an adult. Taking a financial literacy class would help students stay out of debt, they’ll be prepared for their future, and they would recognize the discrepancies between wants and needs.
Initially when people receive a credit card they state that it is for “emergency purposes only”. However, that does not seem to be the case. For some, keeping up with the Joneses is an emergency. Heaven forbid, a sale at the GAP. Fewer people are saving money. Instead they rely on the plastic. However, the average credit card holder pays $1200 just in credit card interest. You would think that those individual would figure this out and start putting that $1200 into saving for “emergency purposes only”.
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
The banking model of education does not promote critically thinking as there is no dialogue between the teacher and student as the teacher puts the education from the textbook higher than using the knowledge to create a critically thinker and allows him to apply this to him. As my sophomore English teacher lack connection with me and my classmates and focused more on what we should learn from the textbook. While
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.)
At a young age, my grandpa Robert started practicing financial responsibility. He worked all through his childhood on his family farm. He would take care of pigs and chickens and also butcher them. He also tended to his family’s wheat fields. The small amount of money his parents gave him as wages were saved for a rainy day. My grandpa was never one to spend unnecessary money.
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.
Many Americans are at financial risk and they don't even know it. Let's take a minute and think….time is the most valuable thing in our lives, yet we spend most of our time working, isolated from the lives of our loved ones. Today I will educate you about two lifestyles that will provide ongoing income and allow you to spend more time doing the things you want. Financial independence and financial freedom. Financial independence and financial
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.
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
...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 Banking Concept also results in a lack of critical thinking and knowledge ownership among students. While the Banking Concept of Education is believed by some to be essential for standards-of-learning testing, a student’s education should not be bound by restrictions of standardized testing. Students should
Families accrue large amount of debt carelessly. Accumulating debt does not happen overnight. They fall in debt by not paying attention to where their money is going due and by their disproportionate spending. Families may also have an expensive life threatening health emergency, forcing them into financial struggle. However, life happens. Parents also get laid off their jobs and it takes months to find another one, so they depend on credit cards and loans to survive with their youngsters. Parents may not recognized the dangers the situation of being in debt. Nonetheless, if they are able to recognize the process of how the get in of debt, they might be able to avoid this stressful situation.
“When you use cash instead of plastic, you spend twelve to eighteen percent less because spending cash hurts” (“Dangers of Debt”). The issue of cash versus credit has become a big issue in society today. One may see benefits in using cash, while another may see benefits in using credit. However, the statistics are in favor of using cash, not credit. Using cash is a better decision than using credit, because cash is harder to let go of than credit, credit makes one go into more debt, and credit has risks and fees.
Another way that parents can help their children with their maths, is to give them pocket money. It does not have to be a large amount, and they may have to do chores to earn it. This not only teaches them about the value of money, but they may need to use basic maths to work out how long they will have to save to buy the special toy that they want. This means that children are developing their money se...