Financial literacy should be taught in high school

In high school, we learn math, biology, English, history and more. However, in everyday life, history is of no use, neither is biology, and even less so English and math. In a world where living in debt has become commonplace, it is necessary to educate teenagers, making them financially literate.

In fact, most students graduate without knowing how to budget, save, file taxes or manage credit. They have finances that they don’t know how to manage. One study found that 74% of American teens lack confidence in their personal finance knowledge, with 52% learning about it in school and the rest relying on family. Another study revealed that 37% of Gen Z and 30% of Gen Y struggled with financial literacy questions.

Compared to biology or advanced algebra for example, it’s part of a student’s daily life and is a necessity for them to graduate. But tell me how many times in your life will a linear function or the structure of a cell help you solve a problem? Don’t get me wrong, I am not saying that math and biology are useless, I’m just saying that financial literacy should be as important. One in six young adults experience challenges repaying debt burdens. Young people fall into student loan debt because they don’t understand borrowing or interest. Financial literacy could help prevent poor financial decisions early in life.

Teaching budgeting, saving and investing can help teens become more responsible and independent. Early education can lead to better money habits as adults, preserving debt from afar, I believe.

With the popularity of social media and online shopping, it is easier for young people to spend impulsively. Financial education could help students understand marketing tactics and make smarter choices in their spending.

Students who learn to manage money early are more likely to succeed financially in adulthood, which could reduce poverty and financial burden. So financial management should be taught in school to save young adults from financial burdens and assure their financial freedom.