Why Don't Schools Emphasize Money Management? by Aniyiah

Aniyiah's entry into Varsity Tutor's November 2021 scholarship contest

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Why Don't Schools Emphasize Money Management? by Aniyiah - November 2021 Scholarship Essay

In school, we learn the basics about everything and it progressively gets harder as we get older. Learning about the importance of atoms chemistry and finding the domain and range in algebra is important, but some students, including myself, think we should have a curriculum that will be relevant to all of us in the near or far future. This curriculum would be an expansion of the “Technology and Financial Literacy'' class. In this class, basic information about bank accounts, credit scores were discussed. Just like we have Algebra 1 and Algebra 2, a money management class could build on foundation and teach more. In addition to learning so much about the subjects already taught, schools should add advanced money management and go in depth about important things like bills, mortgages, and renting/owning places. With this, people will be more prepared in the future and it might actually better the state of the economy as a whole. The anxiety and stress levels of teens transitioning into adulthood would be reduced if there was a money management class that included real life application of income, expenses, debt, bills, and insurance in its curriculum.
Money management is a skill that half of high school students flourish in and the other half struggle with. In high school, most students are getting jobs and they buy themselves new clothes, sneakers, phones, accessories, etc. By spending this way, students don’t understand income and expenses. I suspect very few of these students are saving money. While there are students who save, it is more likely that the developing teen mind isn’t thinking about starting a serious savings account for the future. Having a class that includes the teachings of money management will hopefully help students understand the connection between income, spending and saving. This class could encourage young spenders to save a little each paycheck. This will teach them that they can have pleasure now and have something to lean on when they get older.
In this money management class, bills and taxes should be one of the main things talked about, as there are so many different kinds and rules that go with them. These things are taught in history or social studies class. However, the application of taxes became real for me, when I got my first paycheck and there were taxes and other fees deducted that I did not understand. Which is why it is really important to get at least a ground structure of what you are going to be dealing with for the rest of your life. An extra push for the teaching of bills is that they don’t just start when you’re an adult. There’s college tuition, phone bills, and other things that high schoolers are already paying for or about to start, and they should know the “life hacks'' or tricks that come with paying bills. With taxes, there’s so much to not understand. What is the IRS? Why are there taxes on certain things? My point is that no one should go into something of such high significance without understanding. If a money management class is added to the curriculum, they won’t.
Lastly, insurance should be taught in this class. There are so many different insurances, cars, life, health, and not only are there different types, but there are millions of different companies. Insurance is used by almost everyone in the world, and it is too important of a topic for some young adults fresh out of high school or college to be taken lightly. Teaching the purpose of insurance, how to understand cost, and value will help avoid youth seeking insurance from getting scammed. For example, I’ve heard the word “claim” at least a million times in my life and I know it’s something extremely important, but have no clue what it is. Millions of teens my age or even older are just like this, not knowing about claims or credit scores or anything that is related to these topics. The class will help teens understand important topics like these and lead to a successful person, which is what the ideal teen wants to be.
In closing, this money management class would be a beneficial, valuable class that would contribute to helping teens become good adults. Some may say that students wouldn’t appreciate the class and brush it off. Is that not what some do for other subjects? Most students could care less about the literary tactics Shakespeare used, but they still have to learn. The point is, those who were meant to get something out of the class will, and those who take it as a joke will be missing out on a great opportunity, but at least they actually had an opportunity. If I have to sit in class for an hour and a half learning about something I have no interest in pursuing in the future, why wouldn’t I sit through and potentially learn about something that could help me right now AND in the future? With the money management class, teens will no longer be blindsided. They will have an opportunity to learn more about real life stuff that confuses them, such as bills, insurance and saving. Building on subjects taught in math, history, language arts, a money management class could help teens reduce anxiety and stress about becoming adults.

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