Why Teaching Personal Finance in Schools is a Good Idea | impactyou.info

The whole purpose of schooling is to teach children the skills they need to survive in the wide world. However, even though they’re taught reading, writing, and arithmetic, and even woodwork, they are rarely taught how to deal with their own finances.When you think about it, this seems unusual because one of the most important steps in becoming an independent adult is learning how to manage your own finances. If you don’t know how to balance your accounts, you could find yourself bankrupt.Often you will find that newlyweds who are beginning their life journey together will quickly find themselves saddled with debt. This is because they were never taught how to manage their personal finances.This is a simple skill that needs to be learnt early on, because otherwise your debt could spiral out of control, and you could lose the few assets you have, maybe even your marriage.Many young people don’t even know what happens if their bank account becomes overdrawn, or how important it is to save, even if it’s as little as $60 a month, or how careful you have to be when using credit, so it’s not surprise they will often find themselves in debt. To attempt to run your household without these skills is a recipe for failure.This is why it is important for everybody to be taught these skills, especially when they are still at high school. Before you know it they will be at university or working at their first job and being financially independent and capable will be vital to their happiness.It is critical they learn how to live in a financially sustainable way and learn how to save, before rather than after it is too late.Starting out with a sound financial understanding will set them up for a happy and fulfilling life.