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What business and personal finance advice were you taught when you were in school?
Many schools make children prepare for real life situations. I think that every child should be taught basic personal finances and business from the age of fourteen to sixteen years. Finances need to be taught at schools, and there are many benefits of teaching these subjects at schools.
Ensuring that our youth is financial literate at young age should be a goal of our educational system. If students do not understand finances, domestic and foreign financial issues, or the mortgage crisis concerns, then these future wage-earning adults will to struggle with the financial reality of the real world.
By teaching business and personal finance, we can educate them on the reality of credit cards and interest rates. We also can help them learn to manage debt, save money, and invest for the future.
Children should be taught how to manage credit debt and understand how credit companies earn money by charging high interest rates. Children should also understand how mortgage works, since it is perhaps the biggest financial decision a person can make.
Although finance classes are often offered as an elective to some students, we feel learning how to manage money should be a compulsory subject. Title the class “Personal Finance and business” so that it will make them realize the importance of that subject and spark an interest in the topic.
Teaching “life skills” is a critical part of an education and that it why we feel so strongly about financial literacy. Many people agree that financial literacy is an important element of a child’s education, and feel that it is hard to implement in academics.
Financial learning begins at home
Teaching financial literacy to children cannot be the sole responsibility of schools and colleges. Parents, close relatives, or neighbors can teach business advice to youth. Take it as an opportunity to explain some concepts of economics, and importance of money so that they understand at the young age.
Teaching credit card debts, bad debt loans, mortgage loans,etc. in the twenties or thirties is too late. If they are not given proper education at the age young age then it is going to affect their personal life and also the growth of the country.
Many of the aspects of the personal and business finances are at present not taught at schools, the present system needs to be modified. Business and personal finance needs to taught at high school and college levels.
Author Bio : This guest was written by Jessica Williams, she researches on ppi claims currently focusing on personal finances. Catch her @financeport.