The Importance of Financial Literacy for High Schools
Financial literacy is the foundation for making informed decisions about personal finance, budgeting, saving, investing, and managing debt. Without this crucial knowledge, individuals are left more vulnerable to financial hardships, debt burdens, and limited opportunities. The unfortunate reality is that many, if not most, young people lack the necessary skills to navigate these challenges effectively. And this isn’t surprising. In the day-to-day work we do serving our clients and community, we are regularly reminded of how uncommon true financial literacy is, including among adults. This is a problem in dire need of a solution. What are the implications of this initiative? What benefits does it bring, and why we should rally behind it?
Implications of Mandatory Financial Literacy Classes
We understand that not many, if any, young adults have financial education when graduating high school. It’s not uncommon for them to be approached by a credit card company in a store and sign a contract without understanding the implications. We see it more often than not: young adults racking up giant credit card bills with little understanding of how interest is calculated, how it affects their credit score, and many more things. The Financial Literacy classes offered in the upcoming school year will cover many critical topics applicable to young adults entering the workforce. Those include;
earning
saving
spending
borrowing
sharing
investing
protecting
Why Should We Support Financial Literacy Education?
To ensure the success of the mandatory financial literacy courses, it is essential for parents, educators, and policymakers alike to rally behind this initiative. By collectively supporting the integration of financial education into high school curriculum, we can empower the next generations and help secure a financially literate society.
The province will also be adding a financial literacy course as a required credit taken in Grade 10, described as teaching students to “understand personal finance and the economy. – Saskatchewan Ministry of Education,
Recognizing the urgency to address this knowledge gap, Wiegers Financial and Benefits acknowledges how this knowledge gap has effect young adults. We are here to support anyone of any age who would like to strengthen their own financial literacy. Check out our financial literacy video series to learn more, or contact one of our advisors today.
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