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A lot of young people do not know how to manage their money when graduating from high school. What do you think are the reasons? What can be done to teach them this important skill?

#people #money #school #skill
Every year many young students graduate high school without the necessary
knowledge
 of personal expenses as they don’t know how to survive on a budget in the real world. Financial illiteracy is due to a lack of proper education as well as inadequate
knowledge
.
However
,
this
 problem can be solved by introducing
management
 and finance-related class in high school and proper parenting. The reasons why many youngsters do not know how to spend their money properly is due to the lack of both theoretical and practical
knowledge
 on how to manage their own money.
Likewise
, some
parents
 do not share financial responsibilities with their children. Take my cousin as an example, my uncle will buy everything that my cousin needed. In consequence, she doesn’t know how to manage her cash.
However
, financial education comprises lessons on how to spend efficiently and enable individual to make informed and useful decisions with all the financial resource.
Furthermore
, if schools introduce financial and
management
 education
then
 students can learn about making plans for savings, how to use a credit card and how to avoid debt.
Similarly
,
parents
 can teach financial accountability.
In addition
,
parents
 can
also
 share some financial responsibilities.
For example
, my
parents
 give me pocket money
that is
 sufficient for a whole month and give me the freedom to make my own plan on expenditure and save some for the future. We should plan our budget as
such
 that we should spend on what we can afford rather than accumulating debt. In conclusion, nowadays financial
management
 is necessary more than ever. Schools should integrate financial
management
 into their syllabus while
parents
 should share some responsibilities with teenagers so that they can have both theoretical and practical
knowledge
 on how to spend fund appropriately.
Submitted by sriharsha1862 on

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Topic Vocabulary:
  • financial literacy
  • real-world applications
  • consumer culture
  • credit facilities
  • financial independence
  • practical financial literacy
  • manage finances
  • financial responsibility
  • money management
  • financial planning
  • tailored
  • accessible
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