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Financial literacy introduction essay
Financial literacy introduction essay
Strengths and weaknesses of financial literacy
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Several students claim, they are not fond of school. They want to take as few classes as they can to finish as fast as they can. The most common question a teacher will hear is “How will we use this in real life?” In most instances, students will not use a majority of the information they learned in school, in the ‘real world’, but they will have the information if the need arises nonetheless. Not everyone will use the quadratic equation every day, nor will they need to know the electronic configuration chart from memory. Despite that fact, something students will certainly need knowledge of every day for the rest of their lives is the nation’s economy and how it operates. The purpose of school is to give students the information they need, so they will not encounter a Sink or Swim scenario. Economics is a life jacket that will help students face the outside world and know how to handle its curve balls. Students need a high school economics course; it will help with the students’ potential goals and help them understand choices that will not only impact them, but the nation as a whole. For students, knowing how to handle their money is essential to their success. Students need to learn how to invest it to make it grow. For example, if a student wants to start a business one day, and 45% out of two thousand aspire to do so, will need to learn all the aspects of managing a business (Valerie J. Calderon, 2011). There are special standards that teachers have to cover when teaching a subject. There are many standards covered throughout an economics class, and there are many that can help make sure that the student is successful when they wish to start their business. The first subject is found in Standards 2.1 and 2.3 through 2.11, i... ... middle of paper ... ... side of the argument Students will need to know how the economy works. If it was up to the student to learn it on their own, it will most likely go unlearned. It must be taught when the mind is still developing new ideas and is mature enough to see both sides of arguments instead of blindly following the advice of a biased internet page. Students need to understand the world they live in. Not only will an Economics class prepare the student to face his future, he will understand how to mold it and make it his. Works Cited L. Obringer. (n.d.). How The Fed Works . Retrieved 4 24, 2014, from How Stuff Works: http://money.howstuffworks.com/fed.htm V. Calderon. (2011, 10 13). U.S. Students' Entrepreneurial Energy Waiting to Be Tapped. Retrieved 4 23, 2014, from Gallup: http://www.gallup.com/poll/150077/students-entrepreneurial-energy-waiting-tapped.aspx
The authors statements in his essay are ones every student coming into college age should hear. Though it is widely known that our economy has been through hard times, it is great to hear the prospective of a college student learning valuable life lessons. The motivation to use this first hand knowledge and see its potential to motivate himself through his studies is a lesson for all students.
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
Jobs, Charles. "Peakonomics: toward a case typology for increasing undergraduate economics literacy and concept retention." Journal of Economics and Economic Education Research 9.1 (2008): 19+.General OneFile. Web. 17 Feb. 2014.
In society, independent learners are those who seek to further their education to the next level. In the article, “Why We Are Looking at the ‘Value’ of College All Wrong” by Valerie Strauss, Christopher B. Nelson argues that people can’t compare economics with receiving a higher education. Individuals who look at college from an economic lens view education the wrong way. Instead, individuals should look at the bigger picture, which is gaining an education and taking in the knowledge.
High school seniors need to be taught economic responsibility. Economic responsibility should not only be taught in the schools, but in the home as well. As we have discussed in prior chapters, some of the reason we are in the mess we find ourselves in is due to the overspending not only by individuals, but the government as well. Arthur MacEwan states, “U.S. consumers have a reliance on credit and fail to look beyond the present” (2012, p. 6) As a consumer the high school senior needs to be taught how to look beyond what they see. How are they going to pay for the credit they have taken out, if our country hits another recession and they are left without employment?
Subjects talked about incorporate the advantages, costs and financial return of school training, examination for compensation of school graduates, and the ramifications of rising educational cost and falling wages for the estimation of school instruction (Abel, Jaison R., and Richard Deitz. "Do The Benefits Of College Still Outweigh The Costs?." Current Issues In Economics & Finance 20.3 (2014): 1-12. Academic Search Alumni Edition. Web. 1 May
One might say there is a strong argument for the requirement of financial literacy for students in America. Americans continue to have increased balances on their credit cards as well as show a continued increase in bankruptcy filings according to statistics. Even the “baby boomer” generation is no longer exempt from financial hardships, as their generation has recently taken the title of “Fastest Growing Bankruptcy Demographic” from the 25 – 34 year olds (Linfield, 2011). Would it not make sense to say that Americans need to learn how to budget and borrow more wisely? Would not the best place to start be in schools? Well, the answer to that question is not a simple one.
High school seniors takes deep breaths and parade onto the stage. The beginning of a new chapter awaits as they make the journey from one point of the stage to the end. They reflect on what they have been taught in those many years of high school. The most terrifying fact while graduating high school is the next step: making it on their own. Because they have taken part in the appropriate classes, the students are certain that they have gained the correct knowledge to begin making their mark on the world. In high school, it is crucial to achieve the appropriate classes in order to feel ready to take on the world ahead as an adult. However, many students lack proper education. One key example is financial literacy. Financial literacy is the
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
The economics, as an independent subject has already existed in this world for a long time. Maybe some people believe that the knowledge which is contained in economics is so far from them that it is not necessary to consider about is. Actually, economics always hides in our daily life and effects decisions what we made. Once I have hold the same opinion of economics is not really my business, but I do not think like this any more after I studied this subject. Economics no longer acts as an abstract terminology lying on the textbook far away from me, this word became meaningful and I am sure it will make some changes not only in my mind, but also in my future life.
Individuals are always confronted with decisions. America is changing into being more materialistic and it is becoming a problem in schools. It may be a matter of constrained time. The economy is critical on the grounds that it widens our comprehension, which thusly enhances the expectations for everyday comforts. Matters of trade and profit are paramount to ordinary life on the grounds that it gives social order an adjusted and composed framework for cash administration and business cycles. What ties the individuals and their lives together is the manner by which they choose to settle on the decisions against the risk of lack. The economy is about why individuals settle on the decisions they do and what the suggestions or impacts of those decisions are, and it assumes a significant part in everyone's lives. As America advances in technology, our materialism appears to grow and technology has become a tool for distracting individuals.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'
O’Dubhslainé, A. 2006. The White Paper On Education: A Failure To Invest. Student Economic Review. 20 p 115
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...