We need to have better education about finances in school.

I feel that we need to learn more about how to handle our money in school. We have citizenship lessons on bullying, alcohol, drugs, mindfulness and all sorts, to ‘make us better citizens’. These lessons are good, they teach us important things and show us how to be good human beings. However, I think that when I get out of school I will be lacking a certain set of skills, and those skills are financial skills. I feel that it is a large gap in mine and other’s knowledge, and something that I and others really need to learn about. If I hadn’t had occasional conversations with my parents, I would not really know anything at all about taxes, mortgages, budgets anything like that. And still, I feel that when I become and adult, when I start fending for myself, earning money and spending money, I might be a bit clueless. It’s not just me as well, according to youth.gov “A report on the results of a financial literacy exam found that high school seniors scored on average 48 percent correct, showing a strong need for more comprehensive financial education for youth in high school” and that “According to the 2008 wave of the National Longitudinal Survey of Youth, only 27 percent of youth knew what inflation was and could do simple interest rate calculations”. That is a lot of people who aren’t knowledgeable about financial situations, something that we all inevitably will need to face.

As we all will need to know about finances, why not start learning about it in schools. Lessons on subjects like how to budget, how to do tax returns, taxes, mortgages etc seem plainly sensible. I know, as we are only in secondary school it will still be a while yet till we need these skills but just learning a bit every so often would mean that when we do start being financially responsible we don’t have to take in a crazy amount of information all at once, and it means we can get into good habits early. If we can start to learn and become educated on subjects like these, when it does become time for us to deal with stuff like finances, we can make good decisions and be wise with our money and how we spend it. It means when we are old enough we can make educated, sensible, though out decisions, decreasing our chance of getting into some kind of insurmountable debt. I’m not saying we need huge detailed hourly lesson a few times a week on this, I’m just suggesting that maybe an hour or so every month of two would make us more financially wise and arm us with the knowledge we will inevitably need in the future.

So what’s your opinion, do you think we should have lessons on finances in school or do you think it isn’t necessary at all?


  • https://youth.gov/youth-topics/financial-capability-literacy/facts

Comments (37)

You must be logged in with Student Hub access to post a comment. Sign up now!

  • Tiff-Avatar.jpg Tiff @ Topical Talk 20 Nov 2018

    Fantastic post fantastic_duck!

    We like that you've reasoned why it's important to learn about finance as a young person. Can you also think of other decisions or skills this BNC issue might help with? For example, how is it developing your reasoning?

  • I think that we should have lessons about finance in school so that children, when they are adults, know how to deal with money and how to use it wisely. This could save thousands of people from becoming homeless or poor. If they know how to use money safely, then they will not get into so much financial trouble because they will understand and be aware of the consequences of their decisions. This would mean that people would not get into lots of debt because they would know how much is safe to take out, whether the factors of what the company is offering are fair, understand what the amount of interest and how their debt will impact their life, and other things like that. If this happened, many more people would not become homeless or economically vulnerable and this would be a generally positive impact on society. It would also be able to pay for itself as, if there are less people in need of financial support, the government would have more money that it would be able to pay to schools, so that they can pay for somebody to teach finances, and the resources for those sorts of lessons. It would also solve a nationwide problem and leave funding left over for things such as the NHS. I think that it is a very good idea and could benefit the nation in many ways.

  • I really love your idea

  • That was a very good idea well done.

  • Fantastic_duck, I agree with your point. The more we know about finance, and the earlier, the better.

  • Also, children will be more experienced with finance when they grow up then now, leading to an easier job.

  • I totally agree, I think that this piece of writing deserves a big, WELL DONE! :)

  • and easier life

  • I agree with you, the more we learn early the better we will do when we grow up and we won't have any problems

  • I agree with you and everyone else because we are taught about alcohol, drugs and things that other young children are dealing with this present day but kids are also so confused on how to spend and save money in real life. should we be allowing our fellow kids to make such a silly mistake?

  • I absolutely agree, when I see a leaflet from a bank, there seem to be a lot of jargon and gibberish! The thing is as we leave school we will all be getting a job and I don’t want to look foolish and not know about tax, insurance or any banking terms. For example, my 16 year old cousin was working for the first time this summer and she was very confused about how much tax she was paying or knowing whether it was ‘correct amount deducted’ due to her non fixed hours.
    Also lots of adults made wrong financial decisions during financial crisis. I wonder if having some background knowledge would of help safeguard a lot of people from unsensible risk. Who knows but i feel some education about money is better than no education.
    However, there is good news everybody! it appears we will be getting financial education in schools. A while ago there was an ITV program called 10 Things Your Kids need to know by Martin Lewis, a money expert guy. He talks about the importance of financial education for kids and from that he stated he has actually pushed for financial education to all state schools. So I looked further and found this from his website https://www.moneysavingexpert.com/students/financial-education-video-2014/ ‘All 3,400 state-funded secondary schools in England will get 100 free copies of a financial education textbook this week (7/11/18) thanks to a £325,000 donation from MoneySavingExpert.com founder Martin Lewis.’
    And the financial education is taught in the curriculum across citizenship, PSHE and maths lessons.
    I haven’t had the lessons as yet apart from learning about compound/simple interest in maths etc, but we probably will do later, whereas my older sister says she’s already been given some basic lessons in her citizenship class.
    So hopefully when we leave school we won’t all be clueless about money!

  • I totally agree. I’ve NEVER heard any teacher until now mention any financial jargon which is unacceptable. When we get into wider society we’ll be completely clueless as to what all these words mean

  • I agree with this completely i have not yet heard a teacher talking about a financial crisis in a lesson like that ever i think it would be a great lesson because yes we should know about the financial crisis in case it does happen again and it affects our lives and our houses are taken away from us . this can affect a lot of people and even if it doesn't affect us we may be able to help somebody in need.

  • I also think that we should have some kind of learning about money in school

  • Fantastic_duck I totally agree! This is probably the most detailed research paragraph you've covered!

  • Great peace of writing 👍😁

  • People should think about what they are buying for example a bag that is not needed. I really like your work

  • I agree with your point and I think that the earlier we learn about things like this the better we will do later in life . You did realy well on this post and thaught about what your writing.

  • I agree with this because most things in life is not free and we need to understand how to control and use and how to spend money . we need to understand debt , debit , credit cards and mortgages .

  • We do need a better education about finances because we all need to about it for when we are older because we will get a finance once in our lifetime.

  • I don't agree because teachers will make sure you know things you need to know and when you get in high school or higher years they might teach you all about how to keep money safe . Instead of teachers telling you your parents or members of family can tell you or ask teachers when you've got some spear time.

  • In my opinion I think that we should start to learn a little bit about the financial crisis.This is because when you are older and need to start finding a job and a house to live in that is when things like taxes and mortgages start to take there places.If you move out quite young like when you go to collage then you will need to get a small house or a temporary flat which means you will have to pay taxes,mortgages and bills but if you don't know how to use your money properly then you won't know what to do.

  • this is so cool i read it all. its the best thing i have ever read

  • I've change my mind I agree with you now because if teachers don't teach us about how to keep your money safe when you get older you have to pay taxes , mortgages and bills . If your in any education like university or collage and want a little house to live your for now it's all about paying things for that house but you don't know how to do that because you haven't be told how to. Another point is that when your in collage or university you get a job and you earn money by doing that and when you need somthing you won't know what to do with that money which is a struggle to deal with . The thing is they teach us the other thing we need to know in life but there's nothing happening about money so that needs to be tort in lessons

  • I definitaley think that we should have lessons on these types of things. Knowing alot about taxes, mortgages and budgets will surely help young pupil to be organised and ready for future. Especially when young people have high, family responsibility because :
    . Having single parent who is immensly sick or old ( so they can't really teach much to that child)
    .Being the only child and having old carer
    This gives less oppprtunity fo youngsters to learn from their parents so school would be the only solution because even if someone is looking after a child without any parents, that carer needs to be nice and have good mind to teach hard survival in this current world.
    Also if a child is shopping on their own for maybe buying gifts for someone then they would need to know how to under go a budget and how to spend wisely.
    In this modern world, what the government do is take tax from us for every thing in the UK (like food for example), then using that money they give things like child benefit and housing benefit so it may not be a bad thing but understanding this is really important. Just so know why your money is going and where your money is going.Learning about mortgages does really help because if a problem appears in the future, then they would know where to get help from. The bank.

  • amazing! very well explained

  • i agree that that is fantastic