These financial topics should be taught in schools, say teachers

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How many times have you thought, “I wish they had taught me that in school” – especially when it comes to finances?

Crucial concepts surrounding money management are typically not covered in the average K-12 curriculum. It leaves us in the dark when it comes to making big financial decisions.

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It’s not the fault of the teachers. In fact, teachers agree that our current education does not go far enough in financial literacy. The teachers GOBankingRates spoke to either observed a class without adequate financial lessons or implemented them into their teaching. Either way, they saw a huge impact. Here are the most important topics that should be taught in schools according to what real teachers told our team.

How to make a budget

When it comes to financial literacy, it’s best to start at the beginning.

Teaching students the value of a dollar is something Akanksha Bajaj truly believes in. Bajaj is a former teacher and current director of curriculum at Juni Learningan online learning platform that helps bridge the gap between what’s taught in the classroom and what’s needed to succeed in the real world.

Bajaj said teaching the basics of money management is the key to success in the future.

“Budgeting is a concept that should be introduced early on to ensure a financially secure future,” Bajaj said. “Introducing a course that addresses basic financial concepts early on will spark student curiosity and build a solid foundation for learning additional concepts with more complex material as they progress through their educational careers.”

Even though the curriculum does not explicitly include a course on budgeting, Bajaj said, it can be integrated into already existing courses seamlessly. Bajaj recommends incorporating budgeting projects into math lessons so students can see how far money goes in a real-world setting.

How Mortgages Work

Most of the time, people are not informed about mortgages before buying a house. That’s a lot to learn in a short time. In addition, your decision has an impact on the rest of your life. The stakes are incredibly high.

Related: States are trying to add financial education to high school curricula

Sajan Devshi believes that teaching students about mortgages earlier in life could reduce the stress of buying a home when the time comes. Devshi, teacher and founder of Learndojo.orgpoints out that buying a house is something that most kids now think is a part of growing up, but they have no idea what goes into buying a property.

“We have a generation of young people growing up now who are heavily influenced by social media and want to live a certain lifestyle,” Devshi said, “but (they) have very little awareness of the amount of expensive items such as houses cost and what it takes to be able to afford it now I think that, in turn, is a bit of a shock when people get older and start to realize the cost of everything, but also the fact that should have started saving much earlier.

Robert Puharich taught high school for 16 years and started TeenLearner.com, a website that provides financial literacy training for teens. He agrees with Devshi that mortgages should be taught in school, and he recommends students use a mortgage calculator to see how much a house might cost.

“Online mortgage calculators are a great way to discuss payments and interest paid, often providing a surprise for young students.” said Puharich.

How much does a job really pay

This probably comes as a rude awakening to most young people that the salary they’ve been quoted isn’t quite what they’re earning because of the taxes coming out of their paychecks.

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Devshi said people need to find out before their first day on the job.

“Schools don’t really teach common sense stuff like this beyond academia,” Devshi said. “Nothing really gives life advice like this that applies together to shape life choices.”

How Debt Can Affect Your Financial Future

Debt can make or break your finances, but people often don’t know it until they end up in debt and it’s too late.

Chris Willox created a financial literacy course while teaching at Georgia Military College. The course covered the concepts of credit and debt, safe debt, and how to manage debt repayment, among other topics.

“This course encourages students to think critically and apply personal financial management concepts with an emphasis on saving and investing,” Willox said. “Students receive the tools that prepare them to manage their personal financial affairs. »

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About the Author

Sam DiSalvo is a Los Angeles-based comedian, writer, and actor who has performed nationwide. His written work has appeared in numerous digital publications. As a copywriter, she has worked with a variety of top brands, including GoldieBlox and Thrive Causemetics. Sam loves dogs and is currently browsing hobby costumes to buy for his corgi mix, Barry

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