The Essential Need for Financial Literacy Within the Education System by Nicholas

The Essential Need for Financial Literacy Within the Education System by Nicholas - January 2023 Scholarship Essay

One elective or extracurricular activity that I think should be a required class is financial literacy. Financial literacy is the ability to understand and manage one's finances and it is crucial for personal and professional success. It includes understanding the basics of budgeting, saving, investing, and managing debt, as well as understanding the financial systems and institutions that affect our daily lives.

Given that finances are a fundamental aspect of adult life, it would be beneficial for students to have a strong foundation in financial literacy before they graduate. This would help them to make informed decisions about their finances and to achieve their financial goals. Additionally, it would also prepare them for the real-world financial responsibilities they will face, such as managing credit, taxes, and insurance.

Furthermore, financial literacy is especially important in today's society, where financial products and services are more complex and where access to credit is more prevalent. Thus, it is imperative that students have the knowledge to navigate this complex financial landscape and to avoid falling into debt and financial traps.

In summary, financial literacy is a fundamental skill that is crucial for personal and professional success, and it would be beneficial for students to have a strong foundation in this area before they graduate. It would help them to make informed decisions about their finances, prepare them for the real-world financial responsibilities and navigate the complex financial landscape.