Financial literacy plays a crucial role in people’s life, which is why some has suggested the inclusion of this subject as an obligatory part of school curriculum with the intention of teaching them prudent money management. Although this development might serve as an distraction from essential academic subjects, I believe that this approach facilitates in bridging socio-economic gaps while simultaneously allowing students to learn a lifelong skill.
Some argue that the existence of mandatory financial education can divide students’ concentration into various academic subjects. In their view, school learners’ schedules are already filled with a range of different subjects, making it challenging for them to meet the deadlines, complete the assignments and keep up with homework. The addition of another compulsory subject will place a burden on students by pressurizing them, which leads to emotional and physical burnout, eventually taking a huge toll on their mental health. Even though this opinion holds a certain amount of truth, I would argue for the introduction of a subject revolving around effective money management skills.
With this small, yet impactful, change at schools comes a reduction in poverty rate. When young individuals initiate financial education from an early age, they can be equipped with important tools, such as budgeting, tax filing, effective saving skills, and money management, ultimately resulting in making well-informed decisions associated with their finances. Not only does the acquisition of these skills discourage the culture of impulsive expenditure, but also it paves the way for people to improve their employability, since employers tend to value applicants with a background in finances. By contrast, failure to master financial skills cause young people to enter workforce without true understanding of credit, interest rates and consequences of bad financial habits.
Easy acquisition of knowledge at an early age is another factor supporting my stance. Knowledge gained during childhood and early adolescence tend to stay with a person for a long time. This is mainly attributed to the fact that people do not have to cope with many distractions and responsibilities, an assumption that cannot be made about adults. If we all overlook the significance of learning skills, such as money management, and do not include this subject in school curriculum, there is a high likelihood of having an increasing number of citizens without sufficient financial expertise.
To conclude, according to some people, the introduction of financial education as a mandatory school subject might pose threats to their overall academic performance by putting them under high pressure, but I remain convinced that this change serves as a stepping stone for a utopian future where individuals live a fulfilling life devoid of financial strains.