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Should Schools Teach Finance?

Is learning to manage your money as important as learning history and literature?

School is where you learn reading, writing, and math, among other subjects. Should it also be where you learn how to balance a budget and manage credit card debt? Many educators think so. In fact, more than half the states in the U.S. require high school students to have some instruction in personal finance before they graduate. People in favor of these courses say they prepare students for real life and help them avoid getting into financial trouble once they're on their own. But others say personal finance classes are ineffective and that teachers shouldn’t have to be responsible for teaching students how to manage their money.  

Yes

Imagine you’re a new high school graduate. Which is going to help you rent your first apartment: being able to recite a Shakespearean sonnet, or being able to understand your credit rating? No offense to Shakespeare, but it’s going to be the credit rating. That’s why schools should be required to teach financial literacy. Courses on things like opening checking and savings accounts, setting a budget, and paying taxes would immediately benefit us. Understanding how to manage your money is one of the most important steps to becoming a successful adult, and schools have a responsibility to prepare students for the real world.

—Henry Pratt, a junior in California

No

During your years in school, I’m sure you’ve heard your classmates ask, “How does this subject apply to real life?” Theoretically, no one would have to ask that about financial literacy classes. But in reality, these courses would be, at best, useless for students. Studies show that requiring students to take financial literacy courses has little effect on our actual fiscal habits. Also, many teachers say they aren't prepared to teach these courses. As a result, they might teach students inaccurate information. Instead, schools should focus on teaching students the basic math that will help us make informed decisions about our financial futures.

—Darcy Green, a senior in New York

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Debate
fiscal

adjective:

relating to financial matters
credit rating

noun:

a score or grade that a company or organization gives to a possible borrower
financial literacy

noun:

the set of skills that allow people to make informed financial decisions

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