Sunday, September 21, 2008

They really need to teach finance in schools

With the economy the way it is today, all the buyouts of banks and foreclosures on houses and people losing their home, everyone is rethinking money. Everyone is not going to the movies as much or going out to eat and finding better solutions on their utilities as well as paying down credit card debt. These are more reactive solutions to people's money problems - I know I am guilty. I think we are opting more for Mac & Cheese and PB&J sandwiches over the juicy steaks and fresh produce. We are rethinking how we spend, and getting our credit card debt down and saving for a down payment on a house. Problem is, with all of this reactivness, is though we are doing the right things in getting our finances solved, not everyone knows what to do.

Living in the USA, everyone has to know something about how money works, how loans work, how credit cards work. But everyone is learning from the "school of hard knocks" and not being educated in schools. Being in a capitalist society, it has not been a priority for schools to educate students on the basics of finance. So, unless you study it in college, or you enroll in a community class, you have no idea of how the system works. I am sure there are some good school systems that might incorporate into their curriculums something about business math, or economics in general. I remember studying economics for a semester in high school but it was only a semester and the curriculum was only covering the basics of economics. But finance is something a little different. Nothing about borrowing or investing. Should it be our responsiblity to make sure our educational systems cover this? If not, who will, and at what price?

Since our society is rethinking money, we need to rethink our educational system and make sure everyone is educated on how the system works before we have a generation of kids entering the workforce who have no idea.

1 comment:

NoVA Dad said...

This is a very good point; you're right that educating folks about finance is one thing that we're not (as a society) paying attention to. It won't necessarily solve all the problems, but it would certainly make sure that folks are better equipped to handle these problems.