Although not everyone is on board with this decision, a good amount of academic professionals believe a mandatory personal finance class is essential for seniors getting ready to go out into the real world. Deputy superintendent of innovation, David Stegall, reportedly said that change will put North Carolina’s curriculum in line with other states in the country. (1) While it would be most beneficial for children to learn about personal finance as young as possible, introducing this course in high school at least sets the stage before they graduate.
The Benefits of a Personal Finance Course
Money is the leading cause of stress for Americans. (2) With this major issue affecting so many people, teaching students necessary financial skills will only benefit them in the future. Since this course is not yet mandated in every state, a good amount of students graduate without personal financial knowledge. (3) Among all the classes taught in our schools, children can benefit so much more by taking useful and practical classes where they will come out with real tools on how to live a successful and stable life.
With the board of education implementing this mandatory finance course, students who are eager to learn can benefit from gaining knowledge in the following areas: home mortgage, credit and debit, taxes, W-4 forms, how to budget, how to obtain grants for college, 401k plans, how to start a business, and much more. These are skills that will be used throughout an individual’s lifetime.
What Will Personal Finance Course Replace?
This change to the curriculum will be minor. The four history courses that have currently been in place include World History, American History I and II, and American History: Founding Principles, Civics and Economics. With the added personal finance course, there will now be one American History class instead of two. This allows the students to still have plenty of courses in history while adding a very useful and powerful finance course. (4) With three history courses still in place, it will not result in any less student knowledge of American history.
A Better Future
We have the chance to make positive changes for generations to come. If schools do not take the lead in preparing our children for the future who will? Sadly, not every parent is teaching finances to their children at home. In fact, a 2017 survey conducted by T.Rowe Price concludes that 69% of parents have some reluctance about discussing financial matters with their kids. (5) If the board of education wants to implement these changes, it can only be for the betterment of our children, their future, and the future of our country. For those who disagree with this new course requirement, ask yourself, what harm can it do? Is there really any harm in teaching your child some practical financial knowledge to walk away with? School boards are implementing this standard because of the research done that tells us it is a positive change. Hopefully, more states follow the lead of North Carolina and make personal finance a required course for graduation.