I was at dinner at Chevy’s today and I thought to myself, why isn’t there a mandatory personal finance class taught in high school? I feel that this topic is the profoundly relevant in daily life and something many take for granted. One’s livelihood depends on how well one can manage their finances and one major mistake can make your life a whole lot tougher. I understand as well that schools are in a rout as well with teacher unemployment and underfunding, but what if they cut back on physical education in high school and subbed in a personal finance class? Let’s be real, P.E. class in high school never did much for one’s health unless you worked in the weight room. But those were mainly high school sports players who got their exercise anyway at practice. At least at my school, a majority of the people that physical education was intended to impact just sat around.
I look back on the financial crisis and a part of the problem were people taking these teaser rates banks would dangle in front of them. Now we all know today that many could not afford these loans because the rate would eventually spike, but at the time these people did not know. I feel that a lot of this problem could have been marginalized if proper personal finance was taught in high school.
I also feel that if retirement investing was taught at a young age, it would reduce freak-outs for people at age 40 who have nothing substantially saved up. It would also lower dependence on those great big social security payments you will get when you retire at age 80. Along with eliminating childhood obesity, I strongly feel that this is an essential topic to be taught in our schools. One semester of this course has the potential to greatly contribute to one’s happiness when they retire, or save someone from making a huge financial mistake.