Our school curriculum encompasses numerous topics which are taught in subjects like Maths, English, Physics, Geography, etc. Unfortunately, one very important topic that is missing is money. Schools do not teach money and personal finance as a whole. Now, you may be wondering, “Why is personal finance not taught in school?” “Why is the concept of money foreign to the curriculum?”. The answer is obvious. Basically, there’s a lack of urgency in the educational system and a failure to recognise the importance of financial literacy.
This article will explore why teaching finances is not a priority in the school curriculum. Also, you learn about the importance of teaching money in schools.
Understanding Money As A Necessity
Money is a very important need in life, however, we don’t learn anything about money in school. Basically, schools teach everything about math, English, and even geography, but they never teach how to make or manage money. This is a major problem because everyone needs money to cover the basic needs of life. We need money to pay for food, clothing, and shelter. Also, money is needed to pay for educational expenses.
On the other hand, debt is another major problem that people face. Basically, many people take out loans without ever understanding how personal finance works. The accumulation of loans from different lenders and the interest each loan attracts can lead to a lot of debt issues later in life. To avoid these problems, students need to learn about personal finance and money management in school.
Why Is It Important To Teach About Personal Finance in Schools?
Some people believe that personal finance is not a needed subject in school. They believe that learning about money should be individualized. However, this is not a great idea. It is much better to learn about money in school to prevent impending problems like debt. Basically, teaching personal finance in school can help students to:
1. Plan their future budgets
2. Avoid money problems later in life
3. Know how much money they require to further their education
4. Know how to handle money when they start earning
People who believe that personal finance is not a necessary subject are wrong. Basically, students need to learn about money to avoid facing money problems as adults. Personal finance is a major skill everyone needs to make it in the 21st Century.
Two Reasons Why Money Isn’t Taught in School
There are primarily two reasons why money isn’t taught in school. They include:
1. Lack of Urgency in the Educational System
The present education system does not see money teaching money as a pressing need. Hence, they neglect it and do not see it as an academic subject. This is because the curriculum is outdated so some things important in the modern-day are yet to reflect in the curriculum.
Also, students are already loaded with so many subjects to study, hence, money is not seen as essential.
2. Failure to Acknowledge Financial Literacy as an Important Skill
Children need to learn so many things at school to be successful in life. One of these important skills is money management. Commercials and advertisements steadily bombard us every day with what to spend money on. Hence, it is important to understand how money works, so we do not end up falling for these tricks.
Basically, money does not teach money because they don’t see it as important. Money is money, and money neither has a gender nor discriminates against anybody based on sex.
How can Personal Finances/Money be Incorporated Into the Educational System?
To make money an important subject in school, it is better to teach it interdisciplinary. Basically, this implies that you should not just teach money in math or accounting class.
Also, you should incorporate money in other classes like English, science, and even geography. Basically, this should help students to see money as a more fundamental subject and help them learn about money holistically.
Another great way to incorporate money into the educational system is by providing students with personal finance coaches. A personal finance coach should be there to help students understand how money works and its management. Also, they can assist students who are battling money-related issues.
It’s Hard For Teachers To Teach What They Don’t Know
Schools teach every other thing but money because it is difficult for teachers (and even parents) to teach children about money when they do not even know much about money themselves.
Most parents attempt to teach their children about money by setting a good example. However, this method does not work because it’s difficult for parents to change their spending habits. Also, they generally do not have the knowledge, money, or financial capabilities to offer their children good advice. Fortunately, schools can fill this gap by teaching students about money.
Debt is another good reason why schools need to teach about personal finance. So many people take out loans without having any solid plan on how to pay back the loan. Basically, schools need to prepare students for situations like this so that they learn how to take calculated risks. This is because students have to understand how to avoid debt and effectively manage it if they acquire it.
The good news is that recently, the Central Bank of Nigeria (CBN) introduced financial literacy into the school curriculum. Although this is a good start, the government should make more efforts to incorporate personal finance into the curriculum.
Some other good reasons why schools need to teach personal finance include:
1. It is more difficult for parents to educate their children about money themselves.
2. Debt is a major problem for millennials. More people go into debt every day.
3. Lastly, teaching personal finance in school is the right step to guaranteeing that every student graduates with money skills. These skills can help them succeed in the future.
Bottom Line
The answer to the question “ Why is Personal Finance Not Taught in School?” is clear to see from the points listed above. However, teaching money in school is a necessity. Basically, teaching money in school is an excellent idea and schools can teach about money through different disciplines. Also, schools can provide students with personal finance coaches to ease the process. Money management is not a part of the curriculum, and this has to change. Money management needs to be incorporated into education.
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