It is widely recognized that a significant number of high school graduates lack financial management skills. This issue can be attributed to a host of reasons; however, some viable measures can be taken to help students improve such crucial skills.
One of the chief reasons behind students’ weakness in managing their money is the primary priority of schools on academic disciplines. This means that high school students are often made to focus solely on core subjects that are not associated with budgeting or managing expenses. There are few opportunities for students to learn how to use money wisely at school as a result. Another driving factor is that parents tend to discourage children from working until higher education. For example, most students in Vietnam are not allowed to have part-time jobs as their protective parents often place a heavy emphasis on academic performance over other essential skills, contributing to their inadequate knowledge of financial management.
However, schools and parents can take several actions to help children enhance their expense management. First, educational institutions should regularly organize extra-curriculum activities in which students can learn how to budget. For example, Vietnamese schools often celebrate national holidays by allowing their pupils to set up themed booths in which they can sell various foods and souvenirs for others, which can hone numerous soft skills of students, including finance. Furthermore, high schoolers should be incentivised to work part-time during summer breaks. Such hands-on experience may teach the young valuable lessons about monetary values, boosting their budgeting skills.
In conclusion, I believe that the lack of financial management skills in high school graduates are associated with several factors, namely schools’ emphasis on academic subjects and parents’ protection. However, the participation in school activities and working experiences can help students cultivate such skills.