I hesitated before I wrote this piece because it’s so obvious, but we need to remind everyone again and again until we finally complete the implementation, . We need to incorporate basic personal financial education topics into our educational curriculum.
In fact, I think we need to inject the lessons into every subject. How? Math teachers should use sales tax examples in fractions and decimal lessons, and teachers should talk about delayed gratification along with compound interest. In English, we should also read personal finance books, or at least novels that give youngsters a glimpse of what it’s like to be drowned in debt. I mean, history and Shakespeare is important and all, but isn’t it just as important that we learn about the power of credit cards? Some subjects are more obvious than others, but I believe that every general subject can be tied to personal finance. History? How about talking about the savings and loans crisis in the 1980s or our financial crisis in 2008?
Having the topics incorporated into each subject and repeated through the years also lets kids absorb the ideas much more efficiently. It’s like learning addition. You are exposed to it early. Then it’s used again in grade school, junior high, high school and so on. Once it’s deeply planted in your brain, you can’t forget it even if you try. Imagine everyone knowing personal finance topics like they know how to add. How great would that be?
I don’t know why, but none of the developed nations actually teach any of this. Do they believe that everyone will be responsible enough to learn by themselves? Or do they believe that learning about Newton’s laws of motion is more important than realizing the disastrous ending of not living below our means? Let me be more upfront. While knowing that you are falling down just as fast no matter how much you weight is a fun fact that may impress your friends, knowing how to spend wisely might save your retirement, and quite possibly your life.
With more exposure to these topics, kids will even start teaching their parents the basics by asking them questions about it. Imagine your kid, coming home from school and asking - “Do we have a retirement account?” I bet it will give every family an additional push to make the right moves.
Financial education at a young age is such a no-brainer. I can’t believe our government isn’t pushing to include it.
Can we add it? Please, please, pretty please?
This is part of the Government Improvement Series, where various possible government improvements are discussed every Friday. Many more are available at the link provided, and please help spread the word if you agree with the suggestion.
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Personal Financial Education - Government Improvement Series
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