1/23/2009 7:48:15 PM
Financial Education in school?
I got my academic education from the Philippines. Granted that I learned from a private school, all I could remember were math lessons that dealt with mark-ups and interest. These skills were very useful if you are planning to be an employee in a bank or a retail store. In high school and college, I dealt with more algebra, calculus and trigonometry which I felt I would never use (I never did except some basic algebra) in my personal finance. Some friends of mine who took accounting and finance were no better money managers than I. They were training to be employees. I can only imagine what kind of financial education taught in public schools.
I learned how to save by doing. I figured out that if I save my allowance for the week, I could buy my doodads (I know… my mistake) without asking money from my parents.
The main problem is that parents who are not financially educated could not see that the schools are dropping the ball on financial education. Instead of demanding more financial education in the curriculum, they worry more on the standardized tests and other stuffs while credit card companies are “hooking” their kids to credit debt.
In addition, people think that as soon as they graduate, their education is over. No one bothers to read more books on personal finance and develop asset building skills to help them get out of the rat race.