Financial Literacy by Stephenie

Financial Literacy by Stephenie - June 2025 Scholarship Essay

I believe financial literacy and budgeting should be a required class, not an elective or extracurricular opportunity. The course would be mandatory for high school and new college students for them to learn skills on how to manage their money effectively. Financial literacy is a vital life skill that many adults could benefit from, yet there are so many that do not have this knowledge. This could easily result in poor financial decisions or stress later in their lives.

Throughout college, I have witnessed my peers carelessly spend their money without thinking of the long term consequences. Providing a class like this would teach students of all backgrounds how to budget, save, and prepare for possible expenses such as rent, tuition, or emergencies. For example, something that helped me was the 50/30/20 rule—it taught me how much to save or spend for myself and other expenses. Utilizing this method has helped me become financially responsible over my funds, and to track my spending habits.

As someone who depends on federal loans and grants, learning to manage my finances correctly has been crucial. Without those learned skills, its easy for students like myself to fall into financial traps in the future. Requiring this financial literacy course would help educate students to make responsible choices that will enable them for financial stability beyond school.