Personal Finance Deserves More Attention In Schools by Kailey

Personal Finance Deserves More Attention In Schools by Kailey - November 2021 Scholarship Essay

One class that receives little to no love from students is personal finance. Not only do some students decide they don’t want to take it, but some schools do not even offer or require it. According to cbs6albany.com, “Only 21 states require a class in personal finance to be taken to graduate.” This course encourages kids to build strong money habits, avoid money issues down the road, and learn about bills, taxes, and many other financial “need to know '' information. Personal finance is not only critical but a life lesson that is essential to know for a successful future.
The goal is to come out of this class with how to build good money habits that will lead to financial success. A good way to start would be to open up a savings account and come up with a budget. Ever since I was little, I have been putting half of the money I receive from birthdays, babysitting, and work, and placing it in my savings. So now, I will have the money I have been saving to take to college with me. Creating a budget will prepare kids with the countless expenses they will have as an adult. That way you can stay organized, and make sure you have enough money for your wants and needs. Following a budget will also keep you out of debt or help out if you are currently in debt. It’s important to consider your future when it comes to money. This is why it’s a great idea for kids to experience what life will be like in this class before they graduate. With experience, you can stay on top of your finances that will lead you to the financial freedom you desire.
Another reason why personal finance is important is that it educates kids on terms such as taxes, bills, loans, mortgages, credit, and many other words to know. Kids are so used to hearing their parents talk about how they need to pay the electricity bill this month or they need to build their credit score. But do they know exactly how it all works and how to handle it when they are on their own? Not without personal finance. In this class, every kid is put in a situation where they have to figure out on their own how to handle each situation so they are prepared in the near future. Since not every parent has the time or patience to teach their kids everything they need to know about finances, it is vital that every student has access to this class.
In conclusion, many classes in school are important, but to me, one that gets little to no credit is personal finance. This class lays a foundation for students to build strong money habits early on and avoid many of the mistakes that lead to lifelong money struggles. High school is the perfect time to learn these helpful skills because students are about to start making their own decisions about their own money for the first time. When students learn personal finance in high school, they are able to quickly use their new knowledge in the real world. Thanks to this course, students will hopefully create the self-discipline needed to save for all expenses that will be dealt with in adulthood.