Improving Personal Finance Education During The United States Essay

Improving Personal Finance Education During The United States Essay

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A major way to improve personal finance education in the United States is motivating students by showing them that this content will help them in their lives, with emphasis on the need for it in the real world. After all, “since financial education is not a requirement…it is important to provide other sources of financial information…which might stimulate the teen’s interest” (Varcoe et al. 70). Personal finance classes are not made a requirement in many states, however, those that do have these classes have seen positive results from increased student motivation. For example, after the 2008 financial crisis in the United States, “15% [of personal finance classes] indicated that enrollment had increased since the start of the recession” (Hite et al. 255). At this time, high school students were more aware of their lack of financial knowledge because of the economic crisis, as well as the effects that personal finance ignorance had on the economy. Enrolling willingly into these programs was a positive step towards increasing their own personal finance knowledge amidst surrounding financial troubles. These motivated students took more responsibility for their financial literacy and this idea could be used today to encourage students to take personal finance classes.
Another good way to increase student motivation is by incorporating class materials that are interesting to students, such as a stock market game. While playing a stock market game, students will follow stocks throughout the real-world ups and downs of the stock market, without having any risk of possibly losing money. This can help them be more prepared for investing, a typically tricky topic. In every study conducted, it was found that there were significant increases...


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...and this can take place in addition to the coursework offered in schools. Parents could share their mistakes and the financial information they feel comfortable sharing with their child (Bodnar 1). Even the individual states could involve parents into the curriculum, such as in Utah, where schools are mandated to incorporate “methods of appropriately communicating to…parents key financial and economic literary messages; and encourage parents and students to establish higher education savings, including a Utah Educational Savings Plan account” (“Financial and Economic Literacy Amendments” 6). Parents can have a beneficial impact on their child’s personal finance skills, but for those who cannot provide adequate preparation for their child, incorporating personal finance within the curriculum can ensure financial literacy for all young people, regardless of background.

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