Should high school students be required to take a personal finance class?

[collegegirlphx]

I was thinking about how many people have made financial mistakes, such as obtaining mortgages that are bad for them, taking out too many payday loans, obtaining home equity lines of credit to purchase unnecessary items, etc.

I then wondered if these people had taken a personal finance class in high school to teach them basic money management and maybe consumer skills, if as many people would be in the same bad financial situation.

What do you think? Should personal finance be required for high school or taught at home?

Please take my anonymous survey and I will update with the results in about a month. Thank you.

http://www.surveymonkey.com/s.aspx?sm=WC1F_2bo6hEJpPnDD5OT4bvQ_3d_3d

[fruitcakegirl22]

Most definitely. Teens are the most irresponsible. Heck I'm a young adult and I'm still irresponsible. I blame high school.

[AnadarkoS]

It's a good idea. Proper training at a school level will prepare people for the real world. Even something as simple as balancing a checkbook is very help full information. The most important part is making a routine that you follow.
Knowledge is power.

Even at my age I find that I have a tendency to buy spontaneously.

When you get out of high school you're not going to make 100k a year unless you make a great new game, cause all men to look like Charles Atlas or woman to look like Miss America. Sorry, life can be a real pain.

Try some common sense ideas.

Don't shop for grocery's when you are hungry.
Don't eat out when you have food at home.
Don't carry large amounts of cash (more than 20% of your paycheck)
Shop around, a guarantee is worth a higher price.
Take a good look at your needs. There is a difference between want and need.
Don't use credit unless it's an emergency!
Don't show off by being a big tipper, or buying rounds at the watering hole.
Don't pick up the tab. Have everyone chip in.
Spend money where it is needed such as paying bills.
Don't presume your job is safe and don't think you will get overtime when you need it.

SAVE SAVE SAVE. Trust me, when you get to retirement age that savings will be a godsend and you'll thank yourself for being very very smart. I'ts also a good buffer in an emergency.

[Baxter4444]

Without a doubt.

Basics like how to balance a checkbook, the risks of credit cards, the importance of maintaining good credit, the need to have some sort of long-term plan in place, etc etc

All things I learned as I went, usually at my expense.

[livelychati]

Without a doubt.

Basics like how to balance a checkbook, the risks of credit cards, the importance of maintaining good credit, the need to have some sort of long-term plan in place, etc etc

All things I learned as I went, usually at my expense.
Shouldn't parents bear responsibility to teach kids this too???? Why just in school??? "Attack" the issue both at home and in school, then perhaps we won't see stupidity of mindless spending as much!

[Baxter4444]

Shouldn't parents bear responsibility to teach kids this too???? Why just in school??? "Attack" the issue both at home and in school, then perhaps we won't see stupidity of mindless spending as much!

Absolutely, you bet. But my parents (who were good folks - don't get me wrong) didn't teach me any of that. I wish I had had at least the option in school.

I'm not a big fan of abdicating responsibility away from the parents, but this is pretty basic and important stuff. It also has the plus of not really being spinnable: THIS is how compound interest works, THIS is how 401k's function, THIS is how you keep track of credits/debits etc etc

All pretty straightforward things based on numbers and facts. If your kid knows this stuff, then super, but I don't see how the class would be anything but helpful. No one suggested teaching this stuff "just in school", and no reasonable person would be behind that idea. I think we're on the same page with this.

[ppchaser]

i wish i had that when i was younger... i think it's a good idea. there's so much consumerism around. kids can use all the help they can get...

[emilynghiem]

* I would require civics education, similar to drivers education to qualify for a license and also naturalization requirements to qualify for citizenship, but with an emphasis on due process, where citizens have assistance from mentors to access the democratic and legislative process, and on the importance of equal protection of interests through conflict resolution and mediation.
Examples of basic policies I recommend: http://www.ethics-commission.net

* For finance, I would recommend programs in math instruction that include basic business training, such as teaching students to set up their own business so that all the necessary skills are applied in practice.

Examples of model programs:
* microcredit business training
http://www.grameenfoundation.org
* microdonations
http://www.modestneeds.org
* local currency business networks
http://www.ithacahours.org
http://www.ithacahours.com

[ppchaser]

wow, emilynghiem.. do you work in the sector (education)? i've always wondered if it's our educational system that's lacking or if students just aren't interested to learn anymore... there's too much of everything else that education is taken for granted, what with the tv, the internet...

* I would require civics education, similar to drivers education to qualify for a license and also naturalization requirements to qualify for citizenship, but with an emphasis on due process, where citizens have assistance from mentors to access the democratic and legislative process, and on the importance of equal protection of interests through conflict resolution and mediation.
Examples of basic policies I recommend: http://www.ethics-commission.net

* For finance, I would recommend programs in math instruction that include basic business training, such as teaching students to set up their own business so that all the necessary skills are applied in practice.

Examples of model programs:
* microcredit business training
http://www.grameenfoundation.org
* microdonations
http://www.modestneeds.org
* local currency business networks
http://www.ithacahours.org
http://www.ithacahours.com