There is a common problem among high school graduates nowadays where students leave school without any knowledge or skill in financial literacy. I completely agree that science of personal finance must be taught in school.
One strong reason of the necessity of studying economics is Developing spending habits helps young people prepare for adulthood. Money is an essential part of life, therefore the earlier upcoming adults learn how to manage it, the easier their lives will be in the future. For example, learning how to budget properly will help handle money based on income and expenses. It is important that young people become better prepared to navigate the challenges of adulthood, such as paying bills, managing debt, and planning for the future.
Furthermore, grown public that were taught financial literacy in high school are less tend to risky investments and know how to handle credit cards. According to a large survey conducted in 2021 by the FINRA Investor Education Foundation (Financial Industry Regulatory Authority) about a third of American adults reported having „crucial number of debts”. This breathtaking proportion of financially illiterate people should be reduced by educating youngsters. It will help students to avoid common financial pitfalls throughout their independent lives and could contribute to building a financially responsible society.
In conclusion, it is necessary for high schoolers to learn about money management and get ready for adult life. By making financial education a compulsory subject, government can ensure that future generations are equipped with the necessary skills to manage their finances effectively.