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Financial Literacy Should Be Mandatory In Schools

1555 Words7 Pages

Financial literacy is having understanding of the basic concepts that are associated with money, and having the skills that make a person fully aware of how to use their income in a way that maximize the value of their money. Financially literacy is also a subject or module in some schools and universities as part of the financial literacy program, this program main aim is to educate people about various financial areas and concepts. The financial literacy programs mainly focuses on nurturing young people about financial concepts helping them to take the best decisions when it comes to making money, spending money and saving money. According to several researches and articles, they prove that a large amount of young people are financial illiterate, …show more content…

An American based research that was done by the Jump$tart Coalition for personal financial literate and the National longitudinal survey shows that young people have lack of knowledge concerning the concepts of finance and economics. The financial literacy course has good intention about how to eradicate the ignorance of young people when it comes to understanding how to manage finances, but this course in some cases makes the situation even worse. The argument is between that financial literacy course should be mandatory in schools and universities or not. According to source one written by Annamaria Lusardi (2010), there are three reasons why financial literacy should be mandatory or compulsory taught in schools. The first reason for financial literacy to be mandatory in schools is because young people have to be financial literate before engaging in signing contracts, they have to be fully aware and understand the concepts of interests. The advantage for them to understand the concepts of interest (e.g. simple and compounded) and how the types of interests differ, they will be able to finance their education effectively and use their credits wisely when it comes to starting a business or buying a car. The second reason

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