On Our Own?

10 years ago, I was a junior in high school. Like most other students my age, I spent my days learning all about English, history, math, social studies, biology, and even a couple years learning Spanish. I enjoyed most of these subjects and understood why I was learning about them. The goal of course, was to turn 17 and 18 year olds fresh out of puberty (most of us were by then I think), into well-rounded young adults. I understood why I took these basic classes even if they weren’t always my favorite.

So if none of the aforementioned courses were my favorite then what was? Well, it was the personal finance course I took! You know, the class I was required to take that taught me all about credit cards, mortgages, paying for college, buying a car, and retirement? The class that instilled fiscal responsibility in me and taught me basic budgeting skills to use when I was a “grown up.” Ah yes, this class was the key to making it to 26 without filing for bankruptcy or being buried by thousands of dollars in student loans. There was only one problem…

This class didn’t exist.

That’s right. Where I went to school, there was no requirement to take any sort of personal finance course of any kind. There was one option to take an elective course that lasted for a few months (which I did) but it was fairly outdated and wasn’t required so participation was low. The only thing I remember about that course was how to balance a checkbook, which wasn’t really relevant in 2006 and it’s even more obsolete now in 2016 because most transactions now are processed instantaneously.

It was, and still is, baffling to me that a basic finance course isn’t required in every high school across the country. Now I’ve heard the argument, “Personal finance is a delicate subject and it should be left up to the parents to teach their kids about it.” Really? In 7th grade health class I watched a video of a baby being born and in 10th grade I learned all about the STD’s that were going to soak into my skin the day I stepped foot on a college campus. If teachers are talking about those subjects, I think it’s ok if they talk about personal finance. Another invalid argument I’ve heard is that it’s just not important enough. Not important enough? Aside from maybe English class, I can’t think of a subject that’s more important than personal finance! Whether we like it or not, money is what makes the world go around. It’s time to start talking about it with our youngest members of society BEFORE they get out into the real world because, by then, it’s already too late.

Before I go, I want to make one thing clear. I am not an advocate for the “poor me” millennials who think that their student loans aren’t their fault. Those who signed on the dotted line are fully responsible for the debt they incurred. However, I do think that if young people were better informed in their teenage years, they wouldn’t be so inclined to sign a blank check for tens of thousands of dollars in student loans with no promise of a degree that has applicability in the marketplace.  It’s also important to mention that parents of these impressionable teenagers need to be very involved in the decision making especially if there is nothing being taught to them in the schools.  That’s not being controlling it’s called being a parent!  I was lucky enough where I received most of my financial guidance from my parents. Without them I would probably be swimming in student loans like many other people my age.

My hope is that, going forward, we can find a way to introduce personal finance to young adults well before they have the chance to make destructive financial decisions.  Instilling financial discipline and fiscal responsibility within our next generation is our best shot at making sure that no one is left on their own.