Financially Illiterate

It's great being a college freshman. It feels like a milestone signifying adulthood, which comes with new responsibilities that I realize I know nothing about. What is "Rule of 72?" How do I build credit? What is a good bank for first time credit card holders? I have so many questions, and I know I'm not alone. This is where the education system has failed so many young adults, such as myself. We've been so focused on achieving high test scores and following a curriculum, that we've neglected not only incorporating but prioritizing basic knowledge that students of all ages should have.

According to Nicole Kruse's article, "Money Matters," only one third of of the world is financially literate, at least enough to make informed financial decisions. While individuals may be able to make their way without having this knowledge, it allows for those in higher positions to take advantage of our ignorance. New rules and policies can be put into place, and we don't even know in what way it affects us. Thanks to the constantly developing technology, we can find this information for ourselves or find somebody to help us, but we shouldn't have to. Kruse provides a beaming example of a school, Aspen Academy,  that incorporates financial education as an essential to their students rather than a basic requirement to graduate high school. In fact, the class isn't a high school course at all. The class is built in to the curriculum of a kindergartner by playing around with money and getting more technical as the grades go on. The results are teenagers and children with a thorough understanding of money management, the economy, and the personal affects it has. To reiterate, these are children with a better understanding of the economy and finances than most adults.

Watching these students succeed, it should be obvious how we should implement financial literacy courses into the curriculum like any other main course, and yet many schools simply provide a course briefing over the basics without giving the students a concrete understanding, leaving them more confused than when they started. They are no longer ignorant, but are also not well informed on the subject. It should be the responsibility of the school systems to reanalyze their priorities when creating the curriculum and truly emphasize the importance of financial literacy, a skill students cannot deny they will need in the future. The economy can prosper in new ways if all students were properly equipped with the information they needed to create their own businesses and inventions, which opens the door to new jobs and greater opportunities for everybody on a more even playing field.