There is no doubt a lack of personal finance education may lead people struggle with their money. Some people point that teenagers can learn financial literacy in school to avoid financial problem in the future, whereas others believe that teenagers should focus on their main curriculum. Personally speaking, I strongly believe that personal financial literacy should be taught in school. This can be supported by reasons as follows.
The first and most important reason of my belief is that young people learn financial literacy early can help them schedule future financial plan, which is obvious because if teenagers learn the knowledge of saving and investment in schools, it will encourage them to get started earlier, and to save more and invest wisely for retirement with the retirement boom looming. To further support the above statement, I learnt nothing about finance in school, now I feel difficult to manage my money and plan the future. But if I had learnt financial literacy, I might have had a good plan for my future.
The second reason of this argument is that there are now more temptations about consuming a lot of products, which is reasonable because they can buy clothes online with credit card in few minutes, even they can pay tuition with credit card. If young people can learn financial literacy in schools, they will understand how to manage their own money. This can be established by a recent study by Oxford University which stated that 80% of graduates fail to manage their own money because they didn’t have basic knowledge of personal finance management.
With all the points above, the conclusion can be made that personal financial literacy should be taught in school, because learning financial literacy early can help them schedule future financial plan and there are now more temptations. In this regard, it is important that governments should devote sufficient funding and public awareness should be raised to improve the situation.