If you ask these people whether the skills they acquired in high school are still relevant, chances are they will say “absolutely!” Personal finance education is no different. We’ve seen a trend in recent years where states have passed legislation that requires high schools to teach personal finance. Numerous studies and polls were conducted on the importance of personal finances in our educational system. Those in support of these courses are huge. Here are some statistics on our current financial situation:
- 80% of financial decisions are based on behavior, according to most experts. It’s not just about spreadsheets and taxes. The way money is handled when a child grows up can have a lasting impact on their relationship with finances.
- 88% of Americans support the requirement that personal finance be taught in high school. It makes sense, considering that the average American household carries over $9,000 in credit card debt.
- In 2023, approximately 25% of U.S. students will attend schools where personal finances is a required course and around 47% will attend schools where personal finances is an elective. This number is expected increase in the next five-year period.
It is important to start teaching children simple financial habits as soon as possible. Over time, these conversations become part of their daily lives. They will learn the importance of saving early and often. It’s great to use the education system to help your child learn basic financial skills, but nothing beats hearing from someone you trust and seeing their success. It’s never too early to learn about financial concepts or change your relationship with money. It’s time to make progress so that our future generations will be better prepared than the ones before them.
