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 focus of schools on academic disciplines. This emphasis means that high school students often concentrate solely on core subjects, leaving little room for learning about budgeting or managing expenses. Consequently, there are few opportunities for students to acquire financial literacy at school. Another contributing factor is that parents tend to discourage their children from working until higher education. For example, most students in Vietnam are not allowed to have part-time jobs because their protective parents prioritize academic performance over other essential skills, resulting in inadequate financial management knowledge.
However, schools and parents can take several actions to help children enhance their expense management. First, educational institutions should regularly organize extracurricular activities that teach students how to budget. For instance, Vietnamese schools often celebrate national holidays by allowing students to set up themed booths where they can sell various foods and souvenirs. Such activities can hone students’ soft skills, including financial management. Furthermore, high schoolers should be incentivized to work part-time during summer breaks. This hands-on experience can teach young people valuable lessons about monetary values, thereby boosting their budgeting skills.
In conclusion, the lack of financial management skills among high school graduates is associated with several factors, including schools’ emphasis on academic subjects and parents’ protective attitudes. However, participation in school activities and gaining work experience can help students cultivate these essential skills.