The Benefits of Financial Literacy in Young Adults by Kelsey

The Benefits of Financial Literacy in Young Adults by Kelsey - February 2022 Scholarship Essay

Having control of your own money is one of the most freeing experiences that comes with being a young adult, but with little to no guidance on responsible spending, it can quickly become a burden. An elective class centered around finances would teach students how to spend responsibly, keep track of saving and spending, and a multitude of other skills that are required in being a financially successful adult. Rather than focusing on the concepts of saving and spending alone, this class would make sure that students leave with full financial literacy to carry into their adult lives.
Some of the other topics this class would discuss are how to save responsibly, the difference between wants, needs, and requirements, how to budget, and how to keep track of finances. In terms of class work, students would not be subjected to constant memorization of facts and the regurgitation of those facts onto test sheets. Instead, they would use real life examples and life-based activities to truly learn and understand the complicated word of finances. Though this does not seem like the most fun class available, it would certainly be the most useful, especially in the context of financial success within future generations.

A major takeaway from this class would be the ability to educate others on the same topics. With parents who are financially literate, children will most likely gain the same skills through shared advice and lessons. As this cycle continues on, with parents passing knowledge through the generations, the lessons that are taught will change with the times. However, the responsibility of teaching about the ever changing world of finances and economics would not lie solely on the backs of parents. As the landscape of finances shifts, so would the class. With the use of real world examples and life-based activities, there is much room for change with what is done to teach students and prepare them for their futures.

I do not have the knowledge to offer suggestions for what the current curriculum of this class would look like, as I am a young adult without a financial class offered at my high school. I do not have the time (or motivation) to become financially literate on my own, since I am too busy writing essays about hypothetical ways for students, like me, to become so. While this class would be optional, it is my belief that it should be required. Entering life with even a basic knowledge of financial systems would equip a new generation with at least one of tools needed for people to break free from a system designed to keep them down.