The lack of Financial Ed. in schools

**Quadcam** · 08-08-2008, 11:38 PM

I dont know if things have changed but when I was in high school we werent taught anything about personal finance and that kinda bugs me now that I had to learn the hard way.

I cant understand why schools dont have required classes in dealing with personal finances, even just basic things like checking/savings accounts...loans, credit cards. I guess it was more important for me destroy $40 worth of lumber in order to learn how to make a birdhouse in woodshop.

I have a theory that the government wants to keep everyone financially stupid, it's alot easier for banks to take advantage of people who dont know any better.

What are your thoughts on financial education in schools ?

**elphie** · 08-09-2008, 12:26 AM

I think there are certain things that are expected to be taught at home. Unfortunately not every parent is equipped to teach their children financial responsiblity.

It is also assumed that if you can add and subtract then you can see if you have more money coming in than going out. None of the math that has to do with finances is "different" than the math that is taught in school; its all in how you choose to apply it.

For example... we are taught in school how our justice system works. That doesn't keep people from abusing our justice system, from thinking the rules of that justice system don't apply to them, or that well, just this one time won't matter. It is the application of the facts that get murky.

Now, I'm not comparing financial irresponsibility to criminal behavior but the analogy is still correct... basic facts are taught in school; its up to individuals how to use those facts.

ETA: I think it is only fair to point out that my opinion is tainted by the fact that I taught public school for over a decade and grew weary of the expectation for school to cure all of society's ills. I was their teacher, not their mom.

**The Muse** · 08-09-2008, 09:07 AM

I took a personal finance class senior year, but it was an elective. They covered things like loans, compounding interest, etc. very useful stuff.

**DJ1972** · 08-09-2008, 09:24 AM

I graduated in 1990. In our school, the kids on track to attend college did not take the business and finance courses because after the college prep courses, foreign language, required PE courses.......we just couldn't fit them into our schedule. The counselor suggested that if you weren't going to college you would need these courses because it would be helpful in finding a job after high school.
I agree that it's not the school's job to teach our kids everything. I just happened to be one of those kids that fell through the crack on this subject.....was in honors courses so didn't take finance courses, and my mom (biological grandmother) was raising us on what she made cleaning houses so we survived, but she didn't have a checking, a budget, or a savings. So my "at home" financial lesson was: get an education so you can have money to spend. And that's what I did, I spent it because I could and thought I was finally out of poverty. Boy, if I had known 15 years ago what I know now about money. Luckily my mistakes weren't that bad. I figured out pretty quick that paying a cc company was not what I wanted to do with my life.

**zakity** · 08-09-2008, 11:24 AM

This is part of the reason we homeschool. My guys all manage money, well, decent for their age. They get frugalness and such.

When I was a kid, there was an elective "class" that was one quarter sewing, one quarter cooking, one quarter art, and the other quarter was a "how to write a check" class. It went over the basics on budgeting and stuff like that.

**spyzvixxen** · 08-09-2008, 01:02 PM

I was more shocked when I went to college and took a business math course for easy credits and more than 1/2 the class had never learned to balance a checkbook in high school or at home. I thought that was really sad.

**C@rol** · 08-09-2008, 01:14 PM

Originally Posted by Quadcam

I cant understand why schools dont have required classes in dealing with personal finances, even just basic things like checking/savings accounts...loans, credit cards. I guess it was more important for me destroy $40 worth of lumber in order to learn how to make a birdhouse in woodshop.
I have a theory that the government wants to keep everyone financially stupid, it's alot easier for banks to take advantage of people who dont know any better. What are your thoughts on financial education in schools ?

I agree.
I took business courses in high school way back when and we had to learn about checking and savings accounts, bookkeeping, assets and liabilities, loans, etc. This was in the 70's so maybe that business class is not longer offered. But I agree with you wholeheartedly that financial ed. should be a mandatory part of at least everyone's high school education.

**tbs727** · 08-09-2008, 01:35 PM

There are so many different opinions on how finances should be handled that I can see why a school wouldn't select any one way to do it. To me it's kind of like Sex Ed, I would rather teach my kids based on our beliefs and morals.

**JerryG** · 08-09-2008, 01:44 PM

I did not have any classes available in high school. However, my son, in junior high had a full semester of finances. They learned everything from checking, savings, loans, percentage of interest and by the end of the semester they were playing in the stock market. He is MUCH more savvy than myself when it comes to finances. I was / am impressed with what a good job his school did. They taught him way better and more concise information than I ever could have.

**Mom23boys** · 08-09-2008, 02:01 PM

I think it is something that should be taught at home. It would be great if it was a high school requirement since a lot of children aren't taught basic money skills at home. Our high school does teach it, but only as an elective. It is not a requirement. DS#2 took the class is freshman year. I do not know if it helped him or not, but he is very frugal when it comes to his money. DS#1 did not take it and he likes to spend his money as soon as he gets paid eventhough he knows we do not do that in our home. We stick to a budget. Maybe if he would have heard it from someone else besides his parents he would have believed us. LOL!

**justpeachy92** · 08-09-2008, 02:13 PM

Our school had an investing club, though to join one of the requirements was straight A's in math. I remember the 8th grade math teacher showing us how to write a check. I was never taught anything about money or finances from my parents. I have learned from my own mistakes and what I have been able to read in books.

**MomToTwoBoys** · 08-09-2008, 03:25 PM

Originally Posted by Quadcam

I dont know if things have changed but when I was in high school we werent taught anything about personal finance and that kinda bugs me now that I had to learn the hard way.

I cant understand why schools dont have required classes in dealing with personal finances, even just basic things like checking/savings accounts...loans, credit cards. I guess it was more important for me destroy $40 worth of lumber in order to learn how to make a birdhouse in woodshop.

I have a theory that the government wants to keep everyone financially stupid, it's alot easier for banks to take advantage of people who dont know any better.

What are your thoughts on financial education in schools ?

The closest things we had to any financial education in schools were one required class of Economics in 12th grade (to be shared with American Government in the other semester) and Home Economics (which I don't remember having any sort of financial education in it). I'd honestly be all for some sort of financial education class that's mandatory, especially given the fact that the economy these kids would be graduating into has been so screwed up the last eight years.

**yankeegal** · 08-09-2008, 03:32 PM

I think we expect too much of our teachers now-should be taught at home (MHO)
Where will the $$ come from for this required class? Should we cut history, math, special ed? Our school budget unfortunately is maxed out now.
I do love the idea of an investing club...I would join that!

**MomToTwoBoys** · 08-09-2008, 04:05 PM

Originally Posted by yankeegal

I think we expect too much of our teachers now-should be taught at home (MHO)
Where will the $$ come from for this required class? Should we cut history, math, special ed? Our school budget unfortunately is maxed out now.
I do love the idea of an investing club...I would join that!

It should be integrated into part of the Economics class curriculum. There's no reason that any Economics class shouldn't teach kids about one of the most fundamental aspects of the economy: personal finance.

**Sonnenwende** · 08-09-2008, 06:04 PM

As a child of two people how obviously had no idea what to do with their money and taught that lesson well to their children, I fully endorse financial education in schools.

Seriously, I was raised with the belief that when you don't have it, you go into debt for it. When you have too much debt, you declare bankruptcy. Debt is a lifestyle and there is no way around it. That was what I was raised to believe. Obviously I don't anymore, but it took several years of stupid before the light bulb switched on that everything I was taught was ridiculous.