Money Matters: Making Financial Literacy a High School Requirement by Kayla

Money Matters: Making Financial Literacy a High School Requirement by Kayla - June 2025 Scholarship Essay

Many high school graduates in America are going into college without the slightest idea of how to save or manage money. This information, which should be taught regularly in schools, is not accessible to all students. While some students do work part-time jobs during their academic year and learn the value of money, others do not have-what I consider- privilege to learn about financial literacy, which is essential for real-world success and personal well-being.

You might think, "Well, if it's not taught at schools, then it should be the parents' responsibility at home!" But parents also may not be able to pass these lessons onto their kids because they either were never formally taught personal finance themselves, they may not have the time to sit down and teach financial lessons, or money may be a private or even stressful topic to discuss if they are going through financial hardships. Even with all those reasons, Economic systems and tools are changing quickly, with new digital banking, credit scoring, student loans, and investing apps that didn’t exist for many older generations.

This is an especially important lesson for students who do not have a stable form of income to pay for college because they end up taking on student loans without fully understanding interest rates, repayment, or long-term impact. Personal finance education can reduce the risk of overwhelming debt. Even tasks beyond college life, such as buying a car, renting an apartment, filing taxes, and saving for retirement, are life skills that everyone needs to be prepared for and educated on to create a sustainable future for themselves. Understanding budgeting, saving, and credit can prevent financial mistakes that can have lifelong consequences.

The lack of knowledge concerning financial literacy would not only impact the individual but also the larger economy. Picture many young adults are unprepared to manage money. Just a disaster. This could potentially lead to increased defaults on loans, higher reliance on credit cards, and long-term debt cycles that majorly affect the economy. We need a more informed generation of citizens who are capable of making sound financial decisions, who, in the long run, contribute to a healthier economy and society.

Some schools and states have already started to make financial literacy a graduation requirement. I can assure that the majority of students would feel more confident about budgeting and managing expenses. I think that even partnering with local banks or financial professionals for workshops and real-world lessons can also make the subject more engaging. Ultimately, a collective effort from educators, policymakers, and communities is needed to prioritize this essential life skill. This is why it is so important that Personal Finance, whether an elective at a school or not even a class at all, should become a required class.