Mandatory Personal Finance Courses in High School

[Tayloriron (Greg Taylor)]

Dave Ramsey!

[JoyfullyMary (Mary M)]

Do we really want government schools to be teaching our kids about personal finance? I don’t think so! Education is a 10th Amendment - state’s and people’s authority - issue. Let’s not try to improve government schools. Let’s get rid of them!

[LoriBP1]

I agree with this teaching but believe it needs to be on the state level and not the federal. Especially if we are trying to dissolve the US Dept of Education and get control of what is taught back into the states hands where we have a chance of having a say in what is taught.

[Loki-USA (Linda Garcia)]

Teaching personal finance from primary school through high school builds a strong, age-appropriate foundation that evolves with students’ growing understanding of the world. Each grade level offers unique benefits and a way to introduce financial concepts gradually and effectively:

Primary School (Ages 5-10): Foundations of Money

1. Basic Concepts of Money: At the primary level, students can learn about the value of money, understanding that it is exchanged for goods and services. Basic skills like identifying coins and bills, understanding where money comes from, and differentiating between needs and wants lay an essential groundwork.

2. Early Savings Habits: Concepts like saving for something special introduce children to delayed gratification and the benefits of saving. Activities like “classroom banks” or mock allowances teach them to set small goals and work towards them.

3. Simple Budgeting Games: Introducing age-appropriate budgeting games can show kids how to make choices with limited resources. For instance, deciding between buying a toy or saving for something more valuable helps them grasp budgeting basics.

Middle School (Ages 11-14): Building Financial Awareness

1. Income, Spending, and Budgeting: In middle school, students can dive into slightly more complex budgeting by working with a weekly allowance or a mock income. They can learn to plan for purchases, account for their spending, and even track savings.
2. Understanding Work and Earnings: Teaching middle schoolers that money is earned through work, and the idea of having a job, connects finances to effort. Some schools even allow students to do classroom “jobs” for a small wage to simulate real-world earning.
3. Basics of Credit and Loans: Introducing the idea of borrowing and lending, with simple examples like borrowing school supplies and “repaying” them, teaches the importance of returning what’s borrowed. Students can start understanding that credit comes with responsibility and costs.
4. Charity and Giving Back: Financial literacy can also include the concept of donating money or resources. By discussing charitable giving, students learn the social impact of finances, encouraging a sense of community and empathy.

High School (Ages 15-18): Real-world Financial Skills

1. Advanced Budgeting and Planning: In high school, students can learn about budgeting on a larger scale—managing monthly income, saving for college, or even creating a basic household budget. They can begin to make connections between budgeting, financial stability, and goal-setting.

2. Introduction to Banking and Credit: High school is an ideal time to introduce students to concepts of credit cards, interest rates, and the importance of credit scores. Simulations of credit scenarios and practical lessons on using credit responsibly can help them avoid debt pitfalls in the future.

3. Investing and Wealth Building: Concepts like saving for retirement, investing, and compound interest can be introduced. Using examples like investing in stocks or creating a hypothetical retirement plan illustrates how money grows over time and the advantages of starting early.

4. Financial Tools and Technology: High school students can learn to use financial apps, online banking, and budgeting tools, making them comfortable with the digital side of finance. They’ll also benefit from knowing about financial privacy and security, which is critical in an increasingly digital world.

5. Understanding Taxes and Employment: Teaching high school students about income taxes, Social Security, and deductions prepares them for their first jobs. Even a mock exercise of filling out a tax form helps demystify the tax process, so they aren’t overwhelmed as they enter the workforce.

6. Introduction to Debt and Loans: Topics like student loans, car loans, and mortgage basics can help students understand the long-term implications of borrowing. They gain insights into assessing loan offers, choosing the best terms, and managing debt responsibly.

[Mtuck80 (Michael Tucker jr)]

This will go great with my idea for schools. I hope you will join me.

Boost our trade jobs

We should allow for the trade schools to be brought to the attention of our younger generations. We should make the trades a more prominent choose for all. I believe if we implement trade schools as much as we do college and further education. Furthermore we could also bring the trades into not just our education system but into our prison networks. We teach them a trade and they will be more inclined to work when they get out. The trades are for hard working individuals, they really do not car…

[RandyK (Randy Kay)]

IMO financial institutions , ie. banks etc. would be happy to offer seminars for the kids…They are likely to become better informed future customers. I could also see this as extracurricular course material for evenings and summer education.

[RandyK (Randy Kay)]

IMO extracurricular apolitical courses can be readily handled by the After school Computerized tutor proposed in the my proposal , The Home Learning Builder (HLB)
The Home Learning Builder (HLB),

Teacher unions--Returning power to the family!

The Home Learning Builder (HLB) The HLB initiative will be life changing for families that find themselves in difficult educational circumstances HLB takes about 30 seconds of introduction. (see the outline below) -Inadequate education is a fundamental threat to the long term viability of our Republic –For the “Voice of the People” to be meaningful it must be educated and informed. The HLB public introduction (30 seconds): {Presenter’s Pitch} “In addition to school choice, we’re going to cr…

[Kelly_McInerney (Kelly Ann McInerney)]

I would include a course in government economics, as well.

[NinaSalt (Nina Salters)]

I think bringing financial literacy back in the schools is essential. My niece is in 2nd grade and failing math because they have overcomplicated arithmetic methods and they don’t even teach kids how to count change anymore. I swear I’m only good at math because my mom always let me count and organize her change as a child.

[eldongeb (William Richard Turner)]

100% agree.

[cowdelaine (Mary Delaine Taylor)]

You are so correct. I did all of that when i was 8 to 14 at home, but was taught by my parents, not the school. Course i had home Ec class for basic cooking and sewing. It is a shame that there has been such a push, these last 30 years for both parents to work, house payments to high, car payments to high and the children, for the most part are left to educators and screens. The whole fabric of the life i lived in 70’s to 80’s seem really gone.

[agconnors (Amanda)]

Couldn’t agree more.

[agconnors (Amanda)]

I took a year of Gov/Econ in high school. Did they do away with that course? Gosh I hope not. Ugh!

[Daundre (Daundre Demars)]

This is huge! I would also double down on taxes and tax advantaged accounts if every high schooler knew they could put $100 per month in an IRA until they retire and walk away with $1,500,000 of tax free money I’m sure we wouldn’t have an issue with people retiring.

We would also have the ability to make social security optional

[4FinancialEducation (PEM LIFE)]

@agconnors

It would great if there were a simulation module developed that allowed students to “practice” basic personal finance management in these classes.

What about an economic model designed so that you would be able to visualize what is happening with every dollar that you earn?

The fundamental purpose of which is to help you see and understand how to balance your current lifestyle desires with your future lifestyle requirements, so that you can be adequately prepared to live the kind of lifestyle you envision for your future.

I explain more about it here, I’d love to hear your thoughts on it.