The Importance of a Financial Curriculum

Financial Literacy is a subject matter that is now required to be taught in many states across the United States, although, some it is still an elective. There is an abundance of curriculum related to financial literacy that can be purchased and used by schools of all levels. What exactly is financial literacy? Financial literacy is schools is learning about finances, savings, checkings , how interest works, budgeting, debit vs. credit and financial safety. A solid Financial Literacy Curriculum needs to cover all the things aforementioned in a manner in which students can understand the content. 

Why has financial literacy become more and more important? As the financial economy changes, our education system and our approach to education should change. It used to be that things were paid strictly with cash and then we moved on to either using cash or checks. There wasn’t debit cards, there wasn’t credit cards, so there isn’t necessarily a need for a financial literacy education, other than knowing what the various product were. Now, however, there are so many different options in the world of finance that it often leads to confusion for young people just starting out in the the world of personal finance. A firm financial literacy education makes sure students know how all of the various systems work together. According to the article from there are 6 trends that are making financially literacy more and more needed in our education system(s): 

1. Consumers are making more financial decisions than they have ever made before (with the dominance of online resources, many consumers turn to making decisions based on the information they have found online. 
2. Consumers are being presented with more and more options and do not have the knowledge to make an educated decision. 
3. Government aid is decreasing. 
4. Consumers are living longer than they did in previously. 
5. The changing environment (advances in technology, advances in education, etc). 
6. Too many choices – consumers have not been taught how to choose which option is best for them. 

Financial Literacy is key in teaching your students everywhere so that they can make the right decisions when presented with various financial options. The Washington Post states, “The good news, though, is that all of us can improve our futures through financial literacy. With a better understanding of the basics of finance – how to save, budget and invest – we can increase both our earning potential and our prospects for a solid financial future”.

Financial Literacy is a invaluable life-skill that we all students be exposed to through our education system. Each school system needs to seek out and do the research and find the best curriculum that fits their needs. There is a variety of options out there on financial literacy, from very basic to extremely complex. We are far past the point where High School Seniors should be graduating without any knowledge of the basics of finance. A good curriculum will teach students how to budget their personal finances effectively.


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