The urgent necessity of teaching personal finance in classes – Educating the new generation

As countries like the United Kingdom and Australia have already voted to make personal finance education necessary in school systems, the United States of America is also moving fast to assert their leadership in this vital venture of bringing back financial classes in schools and colleges. Promoting financial literacy is the primary aim of these countries and since the young generation is the future, it is all the more important. A few weeks ago, the CFPB or the Consumer Financial Protection Bureau introduced ‘Transforming the Financial Lives of a Generation of Young Americans, a white paper with particular recommendations for promoting financial education is grades K-12. At the same time, the Treasury Department has also created a website called moneyasyoulearn.org, a site that offers teachers personal finance lessons that befits their English and Math classes.

The schools in the US are usually governed at the state level and are it pretty unlikely that they will ever have a government mandate for enhancing financial education for K-12 as it is in the UK or Australia. But most of the states have started participating in the common initiative of boosting financial literacy and this will be in force throughout 2015. Apart from this, the new website of the Treasury will also help teachers with worthy personal finance lessons.

It’s all about not repeating financial mistakes

CFPB is the powerful financial federal watchdog that sprang from the economic crisis and it has the wide-ranging interest of safeguarding the interests of the individuals. Since its birth, CFPB has been focussing on simple financial statements and mortgages and now they have turned to the younger generation. Young generation should not repeat the financial mistakes committed by their previous generation. This is why CFPB is supporting this plan to incorporate financial lessons in K-12 classrooms. Here are the recommendations of the agency.

Introduce some of the most vital key financial concepts in kindergarten and a personal finance course for graduation for college

Introduce classes on personal finance questions in some tests and exams

Offer incentives and perks to teachers who are involved in training in personal finance class

Provide practical learning chances as they start relating to poor economic management

Offer parents with different tools that discuss money topics with their kids

Personal finance classes are the most vital class in college

Whenever you head off to college, you step out of the bubble created by their parents, and it is then that you prepare for a career and start making decisions on your own. Your first lesson should be to set up a budget and stick to it throughout the month. No matter which stage of life you are in, creating a budget and then sticking to it can also be a tedious job.

Lessons on credit card are vital too

Apart from the normal personal finance course, you also have to learn about credit cards. There are some personal finance advisors who focus on some of the negatives of cards but one should always know about the positives. Using a credit card means that you don’t need to carry a lot of cash but that doesn’t mean that you have to buy everything with credit cards. They carry outrageously high interest rates and hence you should use it according to your affordability. Over-using credit cards will lead to credit card debt and that will make you run after third-party companies after going through the debt consolidation reviews.

Other financial advice for students

Apart from the above mentioned advice on general personal finance and credit cards, here are some other advices for college students that they need to follow.

After opening a checking account, you should obtain a debit card and not a credit card. However ensure that there is at least one branch ATM nearby so that you can withdraw money whenever you need to. If the bank that your family uses doesn’t have an ATM near your college campus, switch to one that has.

Students with their ID can avail to different discount programs and you should look for such programs. There are many local businesses who give 10-20% discounts to students.

Try getting a part-time job as there are many openings at the start of each semester. This will help you with some passive income.

It’s time to save money for emergencies and for some big purchases that you plan to make down the road.

Hence, it can be well understood that personal finance is indeed one of the most important lessons that should be included in high school classes. The current young generation should be financially literate as it is only then that they can grow up to be responsible individuals who will cause no further harm to the nation’s economy.

9,463 Responses to The urgent necessity of teaching personal finance in classes – Educating the new generation
  1. Rodrigo Branco
    April 21, 2019 | 4:43 pm

    hey there and thank you for your information – I’ve certainly picked
    up anything new from right here. I did however expertise some
    technical points using this web site, as I experienced to reload the website many times previous to I could get it to load properly.
    I had been wondering if your web host is OK? Not that I’m complaining, but sluggish loading instances times will sometimes affect your placement in google and could damage your high-quality score if ads and marketing with Adwords.
    Anyway I am adding this RSS to my email and can look out for a lot more of your respective exciting content.
    Make sure you update this again soon.

  2. tinyurl.com
    April 21, 2019 | 4:48 pm

    Excellent web site. A lot of helpful info here.

    I am sending it to some friends ans additionally sharing in delicious.
    And obviously, thanks for your effort!

  3. Emory
    April 21, 2019 | 4:55 pm

    If you are going for best contents like myself, only
    visit this web page all the time for the reason that it gives quality
    contents, thanks

  4. Rodrigo Branco
    April 21, 2019 | 5:01 pm

    Hey there! This is my first comment here so I just wanted to give
    a quick shout out and say I really enjoy reading through your posts.
    Can you recommend any other blogs/websites/forums that go over the same topics?
    Thank you so much!

  5. Violet
    April 21, 2019 | 5:18 pm

    It’s awesome to go to see this web page and reading the views of all colleagues on the
    topic of this paragraph, while I am also zealous of getting experience.

  6. bit.ly
    April 21, 2019 | 5:27 pm

    This post is priceless. How can I find out more?

  7. http://tinyurl.com
    April 21, 2019 | 5:29 pm

    Hello Dear, are you in fact visiting this website on a regular basis, if so after that
    you will absolutely obtain pleasant knowledge.

  8. tinyurl.com
    April 21, 2019 | 5:30 pm

    My spouse and I absolutely love your blog and find most of your post’s to be just what I’m looking for.
    Do you offer guest writers to write content in your case?
    I wouldn’t mind publishing a post or elaborating on a lot of the subjects you write in relation to here.
    Again, awesome web site!

  9. Mauro Pereira Martins cunhado
    April 21, 2019 | 5:45 pm

    I visited various web pages but the audio feature for audio songs present at this web
    page is truly superb.

  10. tinyurl.com
    April 21, 2019 | 5:48 pm

    This is very interesting, You are a very skilled blogger.

    I’ve joined your feed and look forward to seeking more of
    your great post. Also, I have shared your web site in my social networks!

  11. Rodrigo Branco
    April 21, 2019 | 5:51 pm

    This post is really a good one it helps new web users, who are wishing in favor of blogging.

  12. Mauro Pereira Martins cunhado
    April 21, 2019 | 5:52 pm

    Good day! I could have sworn I’ve been to this
    blog before but after browsing through some of the post I realized it’s new to me.
    Nonetheless, I’m definitely happy I found it and I’ll be bookmarking and
    checking back often!

  13. Veta
    April 21, 2019 | 5:56 pm

    Hello There. I discovered your blog the usage of msn. That is
    a very neatly written article. I will make sure to bookmark it and return to learn extra of your useful info.
    Thanks for the post. I’ll certainly return.

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/the-urgent-necessity-of-teaching-personal-finance-in-classes-%e2%80%93-educating-the-new-generation/trackback/

The urgent necessity of teaching personal finance in classes – Educating the new generation

As countries like the United Kingdom and Australia have already voted to make personal finance education necessary in school systems, the United States of America is also moving fast to assert their leadership in this vital venture of bringing back financial classes in schools and colleges. Promoting financial literacy is the primary aim of these countries and since the young generation is the future, it is all the more important. A few weeks ago, the CFPB or the Consumer Financial Protection Bureau introduced ‘Transforming the Financial Lives of a Generation of Young Americans, a white paper with particular recommendations for promoting financial education is grades K-12. At the same time, the Treasury Department has also created a website called moneyasyoulearn.org, a site that offers teachers personal finance lessons that befits their English and Math classes.

The schools in the US are usually governed at the state level and are it pretty unlikely that they will ever have a government mandate for enhancing financial education for K-12 as it is in the UK or Australia. But most of the states have started participating in the common initiative of boosting financial literacy and this will be in force throughout 2015. Apart from this, the new website of the Treasury will also help teachers with worthy personal finance lessons.

It’s all about not repeating financial mistakes

CFPB is the powerful financial federal watchdog that sprang from the economic crisis and it has the wide-ranging interest of safeguarding the interests of the individuals. Since its birth, CFPB has been focussing on simple financial statements and mortgages and now they have turned to the younger generation. Young generation should not repeat the financial mistakes committed by their previous generation. This is why CFPB is supporting this plan to incorporate financial lessons in K-12 classrooms. Here are the recommendations of the agency.

Introduce some of the most vital key financial concepts in kindergarten and a personal finance course for graduation for college

Introduce classes on personal finance questions in some tests and exams

Offer incentives and perks to teachers who are involved in training in personal finance class

Provide practical learning chances as they start relating to poor economic management

Offer parents with different tools that discuss money topics with their kids

Personal finance classes are the most vital class in college

Whenever you head off to college, you step out of the bubble created by their parents, and it is then that you prepare for a career and start making decisions on your own. Your first lesson should be to set up a budget and stick to it throughout the month. No matter which stage of life you are in, creating a budget and then sticking to it can also be a tedious job.

Lessons on credit card are vital too

Apart from the normal personal finance course, you also have to learn about credit cards. There are some personal finance advisors who focus on some of the negatives of cards but one should always know about the positives. Using a credit card means that you don’t need to carry a lot of cash but that doesn’t mean that you have to buy everything with credit cards. They carry outrageously high interest rates and hence you should use it according to your affordability. Over-using credit cards will lead to credit card debt and that will make you run after third-party companies after going through the debt consolidation reviews.

Other financial advice for students

Apart from the above mentioned advice on general personal finance and credit cards, here are some other advices for college students that they need to follow.

After opening a checking account, you should obtain a debit card and not a credit card. However ensure that there is at least one branch ATM nearby so that you can withdraw money whenever you need to. If the bank that your family uses doesn’t have an ATM near your college campus, switch to one that has.

Students with their ID can avail to different discount programs and you should look for such programs. There are many local businesses who give 10-20% discounts to students.

Try getting a part-time job as there are many openings at the start of each semester. This will help you with some passive income.

It’s time to save money for emergencies and for some big purchases that you plan to make down the road.

Hence, it can be well understood that personal finance is indeed one of the most important lessons that should be included in high school classes. The current young generation should be financially literate as it is only then that they can grow up to be responsible individuals who will cause no further harm to the nation’s economy.

9,463 Responses to The urgent necessity of teaching personal finance in classes – Educating the new generation
  1. Rodrigo Branco
    April 21, 2019 | 4:43 pm

    hey there and thank you for your information – I’ve certainly picked
    up anything new from right here. I did however expertise some
    technical points using this web site, as I experienced to reload the website many times previous to I could get it to load properly.
    I had been wondering if your web host is OK? Not that I’m complaining, but sluggish loading instances times will sometimes affect your placement in google and could damage your high-quality score if ads and marketing with Adwords.
    Anyway I am adding this RSS to my email and can look out for a lot more of your respective exciting content.
    Make sure you update this again soon.

  2. tinyurl.com
    April 21, 2019 | 4:48 pm

    Excellent web site. A lot of helpful info here.

    I am sending it to some friends ans additionally sharing in delicious.
    And obviously, thanks for your effort!

  3. Emory
    April 21, 2019 | 4:55 pm

    If you are going for best contents like myself, only
    visit this web page all the time for the reason that it gives quality
    contents, thanks

  4. Rodrigo Branco
    April 21, 2019 | 5:01 pm

    Hey there! This is my first comment here so I just wanted to give
    a quick shout out and say I really enjoy reading through your posts.
    Can you recommend any other blogs/websites/forums that go over the same topics?
    Thank you so much!

  5. Violet
    April 21, 2019 | 5:18 pm

    It’s awesome to go to see this web page and reading the views of all colleagues on the
    topic of this paragraph, while I am also zealous of getting experience.

  6. bit.ly
    April 21, 2019 | 5:27 pm

    This post is priceless. How can I find out more?

  7. http://tinyurl.com
    April 21, 2019 | 5:29 pm

    Hello Dear, are you in fact visiting this website on a regular basis, if so after that
    you will absolutely obtain pleasant knowledge.

  8. tinyurl.com
    April 21, 2019 | 5:30 pm

    My spouse and I absolutely love your blog and find most of your post’s to be just what I’m looking for.
    Do you offer guest writers to write content in your case?
    I wouldn’t mind publishing a post or elaborating on a lot of the subjects you write in relation to here.
    Again, awesome web site!

  9. Mauro Pereira Martins cunhado
    April 21, 2019 | 5:45 pm

    I visited various web pages but the audio feature for audio songs present at this web
    page is truly superb.

  10. tinyurl.com
    April 21, 2019 | 5:48 pm

    This is very interesting, You are a very skilled blogger.

    I’ve joined your feed and look forward to seeking more of
    your great post. Also, I have shared your web site in my social networks!

  11. Rodrigo Branco
    April 21, 2019 | 5:51 pm

    This post is really a good one it helps new web users, who are wishing in favor of blogging.

  12. Mauro Pereira Martins cunhado
    April 21, 2019 | 5:52 pm

    Good day! I could have sworn I’ve been to this
    blog before but after browsing through some of the post I realized it’s new to me.
    Nonetheless, I’m definitely happy I found it and I’ll be bookmarking and
    checking back often!

  13. Veta
    April 21, 2019 | 5:56 pm

    Hello There. I discovered your blog the usage of msn. That is
    a very neatly written article. I will make sure to bookmark it and return to learn extra of your useful info.
    Thanks for the post. I’ll certainly return.

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/the-urgent-necessity-of-teaching-personal-finance-in-classes-%e2%80%93-educating-the-new-generation/trackback/