Financial literacy is a set of skills and knowledge that help people manage their finances wisely. This involves many aspects such as budgeting, saving, investing, credit management, and tax planning. Now you might ask, what is the importance of understanding financial literacy? Let me explain to you.
Financial literacy should be an essential class for high school students. While you might agree or disagree with this statement, I believe that is it important to teach and explain financial literacy. According to the University of Arkansas, Financial literacy does have the attention it needs in American high schools. I feel that schools should make it a mandatory course considering the increasing prices of the economy. High school students who know how to make better financial decisions will make their lives less stressful. Bob Jones High School does offer some financial literacy classes like Career Prep, and Accounting, and we have a bank where students learn more about money but I feel like it shouldn’t be a choice to take these classes. I also feel like we should have a class about how to file taxes.
The question of whether schools should have a class where they teach about taxes has always been a long-established debate. Some say it should be a necessity class and some say it’s not necessary. Well, I believe that it should be crucial for high school students to learn more about taxes because when new young adults experience taxes they will know how to handle them. After graduation, some students will need to get a job, and knowing how to file taxes is a very important skill. I know there are many ways to file taxes but the students should at least know the fundamentals to ensure they can file accurately. Some students’ parents might not do taxes the wisest way, so I feel like schools can better prepare their students to successfully do their taxes.
To sum everything up, financial literacy is an important life skill that every high school student should master. It can help them make better decisions about their financial future and develop a sense of financial responsibility. Schools should just pitch into making financial literacy and taxes a must for students to learn to better their adulthood.
