Having the know-how to manage money correctly is important, and many adults recognize this. However, a large portion of the population is concerned about young people who may not be properly prepared to tackle their future financial strategy.
Nearly every adult polled felt that high schools should be teaching students about how to manage personal finance, a report from Bank of America that was conducted by Harris Interactive explained. Despite this, there are some issues about finances that may make this hard.
Nearly four-fifths of those polled explained they think that it is not easy to learn about finances in general, the report noted. More than 40 percent said that their lack of understanding prevented them from being able to take advantage of a financial opportunity. Another 32 percent acknowledged having made mistakes in their financial discipline because they didn’t know enough.
Some experts think this can be improved with the advancement in certain educational tools.
“Technology has innovated a lot more in the last 20 years than education has but we are at the start of an ‘education revolution,'” said Joanne Weiss, former chief of staff for the Department of Education, at the New York Times Schools for Tomorrow Conference, where the findings were released. “If we do it right, the curriculum and the way we teach in a few years will not be the same as it is today. Instead of being invasive, technology is making education pervasive. Additionally, we need to begin treating time for learning as a variable and mastery of subjects as a fixed measure.”
Some parents prefer to be in charge of financial education
Despite the findings, not everyone agrees that schools should be the ones to teach children about finances.
Approximately 80 percent of parents noted that they are the ones who should be teaching their children about finances, as they are best suited for it, according to a report from Country Financial. Slightly more than 10 percent explained this was better done by schools.
There was a consensus about when children should begin to learn about this, as close to 70 percent of parents felt they should start educating kids by the age of seven at the latest, the report added. Close to half also felt that credit cards should be given to young people when they are between the ages of 18 and 22.