Teaching Teens About Money Management in High School
I have been giving this subject a lot of thought lately. After I read “Should Schools have Money Management Classes?,” an excellent post from Fortune Watch. As far as I can tell, there are two “real life” subjects being taught in high schools today: sex education and driver education. Both subjects are aimed at helping students survive or perform better in the real world.
Then the question is, how come we are not teaching our children about money?
Here are some factoids:
- The official poverty rate in 2006 was 12.3%, or 36.5 million people lived in poverty (U.S. Census Bureau)
- Average college student owed $3,262 in credit-card debt upon graduation (Liz Pulliam Weston at MSN Money)
- Personal saving rate has declined into the negative territory (US Government Accountability Office, slide 14)
- Revolving consumer credit has reached a record level of $907.4 billion and is growing by 6.6% per annum (CardTrak.com)
- Average person in the civilian labor force owed $6,215 in credit-card debt (Population data from Population Reference Bureau)
- Average U.S. Household owed $8,249 in credit-card debt (Household data from U.S. Census Bureau)
- In 2006, there were a total of 597,965 non-business bankruptcy filings (U.S. Courts Bankruptcy Statistics)
Based on these grim numbers, I am surprised that money management is not a mandatory subject in high school. What are your thoughts?
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About the Author
, on Sep 14, 2007
is the owner of Moolanomy Personal Finance
. He is a licensed Realtor
specializing in residential homes in the Northern Virginia area. Over the past 20 years, Pinyo have enjoyed a diverse career as an investor, entrepreneur, business executive, educator, and financial literacy author.
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