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I believe most youth are woefully ignorant when it comes to managing their finances when they leave home. I come across people in my profession everyday who have little or no understanding about managing their personal finances when it comes to such things as interest rates, saving, investing, buying a house, buying a car, importance of credit scores, credit cards, different types of debt, debt implications, budgeting, bankruptcy etc. It's obvious that they are not learning this at home. What this leads to are serious financial mistakes being made by many people that haunt them the rest of their lives and have a negative impact on their quality of life and standard of living. Why isn't it required that personal/family financial planning be a mandatory course for high school students? I'd be interested in hearing some feedback. Thanks.
I believe most youth are woefully ignorant when it comes to managing their finances when they leave home. I come across people in my profession everyday who have little or no understanding about managing their personal finances when it comes to such things as interest rates, saving, investing, buying a house, buying a car, importance of credit scores, credit cards, different types of debt, debt implications, budgeting, bankruptcy etc. It's obvious that they are not learning this at home. What this leads to are serious financial mistakes being made by many people that haunt them the rest of their lives and have a negative impact on their quality of life and standard of living. Why isn't it required that personal/family financial planning be a mandatory course for high school students? I'd be interested in hearing some feedback. Thanks.
It is required at the school where I teach. It's taught in 9th grade.
My husband used to work in the small loan business. He had one client who never made her payments. He sat down with her, helped her with a budget and helped her open a checking account. The first check cleared just fine. The next one bounced. When he went to see her she said "That's impossible, I still have checks left.". Never underestimate what people don't know.
Not on topic but an even more disturbing demonstration of how ignorant people can be is a woman who came to my doctor and when he told her she was pregnant, she told him that was impossible because her husband had a vasectomy. Turns out they were swingers. But it worked out in the end. She decided to keep the baby and raise it as if it were her own . Odds have it adoption would have given that child a smarter mother.
a woman who came to my doctor and when he told her she was pregnant, she told him that was impossible because her husband had a vasectomy. Turns out they were swingers.
I'm sorry, but I'm now laughing so hard that I can't properly answer the question!
I believe most youth are woefully ignorant when it comes to managing their finances when they leave home. I come across people in my profession everyday who have little or no understanding about managing their personal finances when it comes to such things as interest rates, saving, investing, buying a house, buying a car, importance of credit scores, credit cards, different types of debt, debt implications, budgeting, bankruptcy etc. It's obvious that they are not learning this at home. What this leads to are serious financial mistakes being made by many people that haunt them the rest of their lives and have a negative impact on their quality of life and standard of living. Why isn't it required that personal/family financial planning be a mandatory course for high school students? I'd be interested in hearing some feedback. Thanks.
I suspect part of it is that so much that is "important" is already crammed into the curriculum.
A cynical part of me wants to suggest that it is better for those "with" to be able to continually take advantage of those "without."
But... I am left with two pieces:
1) Who would teach these courses in a society in which the very governments that would be called upon to offer the instruction fail the lessons at almost every turn;
2) Why do mortgage companies prey upon the ignorant? Why are loans approved on the basis of absurd claims?
Might I suggest either that you approach your school board to ask them, or talk with your local or state Chamber of Commerce to suggest they pursue it?
Why isn't it required that personal/family financial planning be a mandatory course for high school students? I'd be interested in hearing some feedback. Thanks.
IMO this should be taught in the home.
Use real numbers with real money, a real family budget and real research.
Use real numbers with real money, a real family budget and real research.
Have you looked at the financial situation for the average family lately? Most people don't save. They hold way too many credit cards. They buy first, think and pay later. While they should be able to teach personal finance to their kids, many are not qualified because they flunk the course themselves.
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Never underestimate what people don't know. 
. Odds have it adoption would have given that child a smarter mother.
