In today’s world, financial decisions play a crucial role in everyone’s life – from saving life and paying taxes to understanding loans and investments. In this essay I will explain, why I agree with this Statement.
One major reason is that financial education teaches young people skills that are essential for adulthood – budgeting, saving, and investing. Most students are taught in schools how to solve maths problems but not how to manage their first pay cheque or avoid debt. With financial education we could solve this problem. An example for that is the book “Rich Dad Poor Dad”, from Robert Kiyosaki. He explains that schools focus only on academic success but forget about teaching how money works. We can learn these things from our family, but that is not realistic for everyone.
Another important point is that, learning the basics of finance can cause to less poverty and fewer people will depend on others due to bad financial choices. Kiyosaki also explains in his book that having financial education in schools can break the cycle, where rich parents teach their kids about finance, while poor and middle class can not, because they were never taught themselves. Breaking this cycle would give students all the tools they need to become financially independent. They can still learn from their families, but learning the basics is the most important thing.
All in all, having financial education in schools can help students to make better financial decisions and learn the basics of finance and it reduces financial inequality and creates independence among all students. Therefore, I strongly agree that financial education should be a mandatory subject in schools, as it teaches them basics and helps them to manage their future.