How important is financial education in our schools? New data released recently shows that high school students who are required to take personal finance courses have better average credit scores and lower debt delinquency rates as young adults.
Like it or not your credit score determines how much you pay for auto and home insurance. How much your mortgage or rent will be? Being a credit risk can cost you, so the sooner you understand how all this works the better off you’ll be. Let’s face it, when you learn good habits, you tend to have better outcomes. Financial education varies widely by state. Some require that standards be implemented starting in primary school. Others merely suggest that high school classes in economics or personal finance be offered, while others require students to pass those courses to graduate.
To be successful, most kids don't need to learn about collateralized debt instruments, but they do need to know how to open a bank account, how much they need to save each month to reach their goals and, how does interest work when borrowing or saving?
I would love to see all schools at every level teach basic finances. Start in elementary school with age appropriate lessons and continue right through High School.
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