The fluorescent lights in the school hallways are humming softly as students walk around carrying their backpacks and sports gear. They are thinking about their future, which can be a burden. Yet between managing math homework and writing college essays, there is an important lesson that students are not learning: how to deal with money.
Financial responsibilities, like credit cards, student loans and rent, are a major part of adult life, and many people struggle to manage them. While teenagers are not yet responsible for these challenges, they will face them as they enter adulthood. This raises the question of whether students are truly prepared for life after graduation.
The younger generation is already showing signs of learning about money. 60% of 15 year olds already have bank accounts or debit cards, which can be a positive way for them to begin understanding how money works and gain experience. However, more than 85% have bought things online, which can be risky if students are spending without understanding budgeting or long-term consequences. Further, almost one in five students don’t know the basics of money management, showing that many are using money without fully understanding it. This gap between access and understanding is the main issue.
Schools should start teaching financial literacy classes in order to help students understand real-world financial issues. Paul Luna, an economics teacher at Arvada West High School, states, “I think it should be required and the primary reason is that I think it is very useful for young adults to have an idea on how to set a budget, how to acquire insurance, do basic starter-type activities as an adult.” Since students will eventually need these skills in real life, learning them in high school can give them a strong and early foundation.
In addition, an article from Forbes Finance Council found that students who learn about money are more likely to save their money, avoid debt, and plan accordingly for their futures.
Natalie Coffing, a business manager at Arvada West High School, adds, “Parents aren’t always prepared to teach their children about investing or credit scores and classes could help ensure that students from all socioeconomic backgrounds have the same teachings.”
Financial literacy classes can help close this gap by giving all students access to the same essential knowledge, regardless of their background. While some students may learn these skills at home or through electives, others may not have those opportunities.
However, not everyone thinks these financial classes should be required. Coffing mentions, “Student schedules are already so full, a mandatory finance class would mean they would have to cut something else.” Adding another class could be an issue, especially if it takes away from other important courses or increases student stress.
With these challenges in mind, financial literacy still offers clear benefits in preparing students for the future. Coffing states, “Any financial education would be helpful in setting students up for success… Students should learn the basics, like minimum payment traps and the importance of a good credit score.”
Luna has seen some good things coming from economic classes, which teach a basic level of financial literacy. He reports that many students found lessons on finance helpful and saw something that connected to them. “They actually are like ‘you know, maybe I can work in that industry’ [the insurance industry or the banking industry].” For some students, learning about money doesn’t just prepare them for adulthood, it opens doors to new careers.
After students graduate and the final bell rings, it won’t be the math formulas or essay formats that determine their future, but the financial decisions they make; how to spend, save, borrow, and plan for the future. These choices will ultimately shape the lives they build. A financial literacy class equips students with the practical knowledge and skills they need to make those decisions wisely and responsibly.
