It is true that financial knowledge is of great importance to individuals’ wealth. It is argued that money management should be a compulsory subject at schools to equip students with such knowledge. Although this skill is truly crucial to one’s future financial security, I believe that making it mandatory is not optimal for students’ overall development.
Admittedly, money management is a crucial skill for people to improve their financial situation. This is because understanding financial principles enables individuals to allocate their income more effectively, resulting in better-informed financial decisions. As a result, they can manage their debt, establish necessary savings and explore investment opportunities to increase their personal wealth. In fact, people without financial knowledge are more likely to be in heavy debt due to their poor financial decisions, such as overspending or engaging in risky investment.
However, I contend that making financial education a mandatory part of school curriculum may be detrimental to students in terms of other aspects. First, the current curriculum is heavy enough to burden students with a considerable amount of schoolwork, therefore, adding another compulsory subject will not only cause extra stress and workload but also reduce their recreational time. To illustrate, in Vietnam, if financial literacy were introduced, students would have to take 14 compulsory subjects at a time, which could negatively affect their overall well-being and academic performance of other important subjects. Furthermore, while it is directly linked to personal wealth, it is not as important to students’ future success as their professional development, particularly if they have no interest in pursuing a career that requires such knowledge. For example, students who desire to become artists or doctors may have to divert their valuable time from their specialized training to acquire money skills – skills they can develop later in life when they are independent. For these students, mandating financial literacy prevents them from focusing on their true passion.
In conclusion, while financial education could enable individuals to manage their money more effectively, it is not advisable to force all students at school levels to take it.