Personal Finance Curriculum

Personal Finance Curriculum Can Change How Society Manages Money

Wed, Aug 26, 2009

Do you recall how you were first educated in personal finance? Chances are it was right after you got your first paycheck and had to make decisions related to paying rent, a car payment and a new student loan. This is common in America today. Most of us didn’t receive personal finance education in high school, college or at home with mom and dad.

Instead, most us leave school, find a job and receive our first paycheck with utter joy and satisfaction. We’re happy to be real world grown ups with money management responsibilities and the main focus is where to go shopping over the weekend.

Lack of personal finance education at home

Mary Hunt, author and personal finance counselor had this to say in her book, How to Debt-Proof Your Marrage.

I didn’t learn a thing about personal finance in any of my years of education. And I didn’t get it at home either. My family didn’t talk about money.

Maybe this is part of the root cause of financial distress in America today? Coupled with a society that has not been as frugal as past generations (maybe because of more temptations and “get it now” tools) and little money management education, aren’t we creating time bombs of financial hardship? Personal Finance Education

Professionals have to be educated in their respective trade today in order to perform their jobs. Doctors must receive a medical degree. Teachers must be certified. Yet, as personal money managers our education hasn’t been made readily available.

Churches are often picking up the responsibility of education by offering Biblical finance small group studies or Dave Ramsey’s Financial Peace University. Often, these courses are selected by young professionals or families beyond their school years and while having already accumulated debt from regretted financial decisions. I know for me and my wife, our first formal education was taking the Crown small group study a few years into our marriage.

Personal financed education in schools

I’ve recently caught wind of exciting news about how schools are developing personal finance curriculum to prepare students earlier in their adult lives about the basics of personal finance. As an article in the Boston news suggests, these courses are being created in response to the financial meltdown America has recently experienced. For the first time, courses are being offered in budgeting, spending, credit and investing. Other courses are being offered in public libraries for adults to become more educated and to make basic sound financial decisions. Way to go Boston!

I think this is a huge step towards changing our society’s perspective on money management and how it’s not a wise choice to go out and put unplanned, unbudgeted purchases on a credit card for instance gratification purposes. Starting with our children is the first step.

I’ve long been a fan of soccer. I dream of one day the United States having a soccer team that can make it to the World Cup final. Through recent games this summer we are now seeing we can play with top teams in the world. I can’t describe the excitement I had when the United States men’s team beat Spain in the Confederations Cup semi-final match.

It’s only because of the development programs that have been built for our youth soccer players around the professional soccer league in the United States in the last ten years that makes wins like this possible. The training and education has to start at the youth level and only after years of hard work, training and education can you see results.

The education of society through programs and curriculum that are now occurring in Boston are wonderful steps in helping people manage their money wisely for everyday life.

Have you heard of other education opportunities in your area? If so, I would love to hear about them.