It is common to see that young high school graduates leave schools without sufficient knowledge about financial management. The reasons are that financial management is not included in the curriculums and that families tend to shield children from monetary matters. The solutions can be to renovate the curriculums and to foster more financial planning in families.
As a matter of fact, high schools’ curriculums do not consist of personal finance. Schools place emphasis on teaching major subjects such as Math, Literature, Chemistry, etc. In other words, academic knowledge is the concentration in high school education instead of preparing students with soft skills such as how to manage their money. The second reason is that parents believe that children should have a fully worry-free life before entering adulthood when they have to face a wide range of bigger concerns including financial ones. That, especially, is a common practice can be found in traditional Asian countries like Vietnam.
It is crucial to take actions to ensure students’ proper preparation in personal financial management. First, the school governors may update the traditional curriculums by making money management a compulsory course required for graduation. Establish such class and ensure students’ registration will allow students to gain sufficient skills in managing their budget. The state of Washington has already started applying this method and received positive feedback. Another approach is to promote financial education to parents so they can prepare their children with knowledge about the family’s finance, which is more popular among western nations. By this, students will be able to grasp better understanding about financial planning and dealing with monetary crisis.
To sum up, high school graduates have little understanding about money management due to many reasons but this situation can be improved with appropriate changes.
Nguồn: DOL English