Masuk Free Press

Money makes the world go round. At least, this has been the general truth for thousands of years. 

Financial literacy is a core skill needed to succeed in the 21st century, yet there is still dispute about whether or not American schools should teach proper economic habits. With many students not understanding the intricacies of the economy, high schools have given teens the option to take a personal finance course. 

Connecticut recently passed a bill requiring every student graduating in 2027 and beyond to take one semester of personal finance, where the basics of budgeting, credit cards and banks will be taught. While it’s a step in the right direction, only 25 states currently require a personal finance class to graduate. Even worse, states such as California, Wyoming and Alaska don’t require any form of this course to be taken ever throughout schooling. The transition into adulthood has always been difficult, but growing up blind to the importance of money is simply setting students up for failure. 

“Most kids don’t really think about their money, even though college is right around the corner and it costs a pretty penny. Most kids just live paycheck to paycheck, and spend it on their wants, not their needs,” said senior Brian Victoria. “They should be teaching kids how to prepare for the future, not how to solve math problems. Other states should really follow Connecticut’s path, preparing kids for their taxes, how to save, and how to spend.”

The issue may be that some schools take financial literacy for granted. The risk for future generations lies in a lack of understanding of how serious spending problems have grown with teenagers. The idea of a ‘shopaholic’ has existed for a few decades and is growing prevalent in high schools.

“I have such a shopping issue,” said senior Gianna Convertito. “I probably go shopping around 20 times a month, and I’ll always get myself something small if I go somewhere. If we’re talking about going out to Starbucks, I’d say I probably go at least five times a week.”

A bad habit that snowballs, teenagers learn to live by saving a small portion of their paycheck and spending the rest on their personal interests. Whether it’s on clothes, going out to eat or video games, many young workers spend all of their paychecks on their wants. 

The importance of saving has been completely ignored for generations, and it’s not considered to be an essential skill. Schools worry about the digitization of finances, yet they disregard the fact that the ability to spend money digitally is allowing teenagers to blow through their finances more quickly. 

“I don’t think they grasp the concept, because it’s not like real money. You just grab whatever you want and click Apple Pay,” said junior Sofie Dvorsky. “I’m 100 percent worried about my spending habits in the future.” 

The dispute over whether schools should be required to teach financial literacy has two driving forces. One side begs for schools to administer courses teaching students important life skills such as budgeting, investing, taxes and the basics of economics. Their opposition sees a lack of relevance for financial knowledge in students’ current lives, combined with the practical constraints of teaching the course.

Unfortunately, the issue for many students is not with a lack of knowledge, but a lack of self control. Students have repeatedly fallen victim to the ease of modern spending; the click of a button, tap of a card and something is yours. The majority of teenagers are not going into their wallet and taking out cash, a physical reminder of their purchase. 

With additions to shopping such as Apple Pay, young adults are given freedom to spend without the worry of seeing their bank account drop. This puts them in the headspace that they are not actually “spending”. When talking to multiple students off the record, they mentioned they purchase gift cards for themselves so they are not using “real money”, and a few claimed it was “free money.”      

A dangerous misconception, the modernization of finances is leaving a trail of destruction for young spenders. Bad habits are developing for teens across the country, and the debate of teaching financial security is becoming more and more relevant.