Essay
Personal finance should be a required high school class in Minnesota because many students don’t learn about finances at home. If they aren’t learning about finances at home, then when will they ever learn it? The only way they will be able to learn about it would then be at school. Learning about financial literacy at school will help to minimize financial mistakes in the future. They will be able to make budgets, save, invest, and other smart financial decisions.
Another reason why personal finance should be a required high school class in Minnesota is that it will help students be able to prepare for real-world challenges. They will be able to better understand how to navigate through student loans, homeownership, credit scores, buying a car, etc. They will know how to do these things without going bankrupt. They will also be able to figure out what is the best choice for them financially.
Another reason why personal finance should be a required high school class in Minnesota is that in other states where it already is a requirement, research shows that it is reducing financial hardships for students. According to ednc.org, “The report says that high school financial instruction improves credit scores, lowers loan delinquency rates, and reduces the use of risky services such as payday lending”. As these students graduate from high school, they are more informed and more prepared for how to deal with their finances.
One reason why this bill wouldn’t be so great is that some of the math and concepts involved are very complex and will be hard for students to understand. There also are very limited resources for curriculum on the subject, making it difficult for teachers to keep students engaged. Another reason is that the financial world is constantly changing, and teachers would have to find a way to keep up with all the new information. Another reason is some parents don’t want their children to learn about finances from their teachers. They would rather teach them themselves.
Sources:
Brown, C., & Brown, C. (2023, December 14). New report details importance of personal finance education in high schools. EducationNC. https://www.ednc.org/new-report-details-importance-of-personal-finance-education-in-high-schools/
eDynamic Learning. (2024, April 1). 7 reasons why financial literacy matters for middle and high school students - eDynamic Learning. https://www.edynamiclearning.com/7-reasons-financial-literacy-matters/
Farrington, R. (2024, August 6). More states require financial literacy classes in high school. Forbes. https://www.forbes.com/sites/robertfarrington/2024/08/04/more-states-require-financial-literacy-classes-in-high-school/
Shrm-Cp, T. G. M. A. (2024, October 11). Financial literacy in schools? Explore the 6 pros and cons. Money Talk With Tiff. https://moneytalkwitht.com/blog/teach-financial-literacy-in-schools/