Financial Literacy

 The article talks about how we should teach kids skills that are important for their future. The skills we should teach include financial literacy and an entrepreneurial mindset. In a world that is filled by both technological changes and economic changes, teaching these skills in schools has become more important.

Financial literacy has a lot of important skills, like budgeting, saving, managing credit, and understanding investments. In the survey “2014 S&P Global FinLit Survey”, only one-third of the global population is financially literate, showing a big knowledge gap in finance. In the study on the  United States, the 2015 National Financial Capability Study revealed that nearly two-thirds of Americans could not pass a basic financial literacy test. This lack of knowledge is connected to a lot of issues, including people relying too much on the government, So by educating students on financial literacy, we can teach them responsible decision-making.

In addition to financial literacy, having an entrepreneurial mindset is important for preparing students for the future. Entrepreneurs help to create jobs but also influence innovation and social change. By encouraging creativity and problem-solving skills, schools can help students navigate uncertainties and seize opportunities in a changing world. Teaching entrepreneurship encourages students to think about their ideas, develop business plans, and add a sense of responsibility and purpose.

The best way to help teach financial literacy and entrepreneurship education involves having these subjects in school courses from an early age. In the article “Money Matters” by Nicole Kruse, she says “The Aspen Entrepreneurial Institute (AEI) isn’t just a class; it is the foundation of the values and a belief system that all students must be prepared for a future that is unpredictable. At every grade level, students and teachers devote 30 minutes twice a week to their AEI work, learning the financial-literacy curriculum. In any given AEI class, kindergartners are counting money, contributing to a classroom economy, and creating a class business.” Aspen Academy’s Entrepreneurial Institute shows how schools can learn about financial responsibility. By scheduling regular class time to teach financial literacy—through hands-on activities and real-world applications—students learn to engage with money management. For instance, younger students might run a classroom economy, while older students develop business plans and pitch their ideas. 

Despite the benefits, There are a lot of challenges that set back financial literacy education. Many educators are limited by state-mandated teaching plans that important subjects tested for accountability, often leaving financial literacy behind. Also, a lack of resources and training for teachers can result in an unwillingness to teach these subjects. Schools that are independent, have the ability to innovate, yet often just do "drop-in" programs that don't continue and don't provide all the necessary material for developing strong financial habits.

To prepare kids for the hardship of adult life, financial literacy, and entrepreneurship should be important in education. By making these subjects important, schools can empower students to not only show them about their personal finances but also to help positively impact their communities and the economy.

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