Shouldn't schools start to offer Money Management Subjects already?

Davao, Philippines
January 22, 2012 6:06am CST
Though academic education is important, it is not enough anymore in this day and age. Shouldn't school start teaching its students how to use money and manage them? What do you think, MyLotters?
5 responses
@bellis716 (4799)
• United States
23 Jan 12
I had a course like that my Freshman year of High School. It was called General Business and was a requirement before taking any of the other business classes, except typing. This was back in 1947. I thought the course too easy but really did learn more than I realized.
• Davao, Philippines
23 Jan 12
That's nice but sadly they only give that to high-schoolers? How about the elementary? Aren't they given the basic education on financial management? Though it is also the responsibility of parents to teach their kids about money, but because most of them are busy with their respective jobs, they won't be able to find enough time to teach their children much less be with them...
@bellis716 (4799)
• United States
25 Jan 12
In grade school, we learned basic money transactions. We learned how to make change in second or possibly 3rd grade. By 6th grade, we were figuring percentages for sales tax purposes. By 8th grade, we were figuring compound interest. What was missed?
• Davao, Philippines
25 Jan 12
There are still much to learn about financial literacy especially how real money works in the real world. Management of money does not stop only on those things, if you know what I mean. Seriously, schools never teach it's students things like "how to use money to work for you"--it's still a money management skill, right?...It isn't tackled in my area's education system, at least. And so far I've learned all money usage from real hand experience instead of the traditional way of sitting oneself in a classroom.
@bobmnu (8157)
• United States
25 Jan 12
To teach money management means you are teaching personal responsibility. Many people don't beleive in that. I think that we should teach children about our government and how it should work and the capitalist system and how it should work. You could then teach how the stock market works and how you could be saving for your retirement and not be dependent on the government or the company to take care of you once you retire.
• Davao, Philippines
26 Jan 12
I agree with you on the first sentence and the last one. I am a bit confused with the middle of those two. Yes, teaching money management or financial literacy is the same as teaching another person his personal responsibility--his responsibility towards his life and his future. I don't know nor do I understand why there are people who don't believe that saying but I do, my mom do and even my brother and sister do. And I also believe that one should never be dependent on the government or some company to take care of you once you retire...or even while the person is still working. Because they really don't give a damn to other people they knew nothing about and someone who is dispensable for them. This is the cold harsh truth. Heaven only knows how many people I know who really suffered in their current situation because they believed otherwise.
• China
22 Jan 12
To my mind, it is imperative to teach students how to manage finance. Even though someone is not interested in money, nobody can live without money. Everyone should learn something about finance because we have to deal with financial problem. With certain degree of kownledge, people can arrange their life properly.
• Davao, Philippines
23 Jan 12
That is correct. People needs to learn money even children as young as 7 years old. They need to be able to start young so that they'll have a very good foundation in financial literacy so that in the future, they won't find it hard to manage their own finances as do many of us experience nowadays.
@cearn25 (3456)
• Philippines
25 Jan 12
I guess for those who are taking courses related to business and accountancy, they are having subjects for money management. But if this will be offered to other courses, this is a good sign and start since we see money as a very important material nowadays. However, it would be useless having a money management subjects if we who are taking it are not spending money wisely or just wasting it. It depends on how we use our money.
• Davao, Philippines
25 Jan 12
There are facts that says even bankers or tellers that manage our money in banks can't even make themselves rich through the use of their knowledge in money making. That is something that surprised me when I first heard of it. Even accountants have problems in making themselves rich. Are those financial learning they got in school still not enough? Or is it that they haven't gotten the full meaning of what it is they're learning? I wish to learn more about financial management and how to use my money to make money for me instead of me working for money. That's why I asked, because of the way our economy is today too, that shouldn't school start to get serious in teaching students how to manage money? I guess my question is too broad that others couldn't understand the full meaning of it...
@shiesse (306)
• Canada
25 Jan 12
I think teaching money management is very important but do not think it should be left to the schools. I don't think it is a schools responsibility to teach children everything. I think this would fall under parents obligation to teach their children. Not the schools.
• Davao, Philippines
25 Jan 12
That is what I mentioned in my other comment. But there is the problem with parents with not enough time in their hands to be with their children enough to teach them management of money due to their work. So the school is left with such a responsibility. And there is this another case where there are parents who don't know how to manage money. So how can they teach their children to manage money if they themselves don't know how?