Whose Job Is it to Teach Personal Finance to Our Children?

I never received any education in personal finance during high school. I vaguely remember being taught how to write a check in 5th Grade Math and how to balance a checkbook in 8th Grade Home Economics. I don’t remember ever talking finances with my parents other than, “Don’t ever get a credit card because you’ll go in debt up to your eyeballs.”

This TIAA Institute Study points out that employers often offer financial wellness programs because they recognize the stress employees are under, which affects their productivity. It is more often those with more financial literacy who take advantage of these programs. Meanwhile, those with low financial literacy spend up to 6 hours of work time per week dealing with their financial troubles.

Of course, I believe that more should be done in school to adjust to today’s needs including the financial literacy of our students. I’m not going to step on anyone’s toes with this article by pointing out that some unnecessary courses exist in high school. I plan on publishing an article in the future arguing that the 12th grade in its current form is almost an entire waste of time. I believe that it could be transformed into a time in which students perfect those life skills, like personal finance, that they will soon be required to put into practice.

It doesn’t stop at school. Parents must do more to ensure their kids are prepared for the world. It is, after all, their job as parents. As I’ve been writing this article, I’ve been thinking about what I could do with my own children, and I’ve realized that they likely have no idea how much money we bring in and spend each month. I’m going to sit down and take them through the process of paying the bills so they can see it all first-hand.

I’ve learned quite a bit about personal finance through trial and error as well as by self-education. I realize that not all parents may feel so sure about their level of knowledge, but so much information is available for free on the internet now. It takes time and effort, but the rewards of financial education will pay off and help parents to leave a legacy of financial freedom for their children.

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