The consensus of the majority is well settled that personal finance should be taught in schools. However, while the voice of the majority has been expressed, the problem lies on how the same should be implemented in schools. While financial education can be very useful to students and the economy, it appears that it cannot be a viable option currently mainly because of a number of barriers and reasons why personal finance cannot be taught in school more efficiently.
The barriers why personal finance cannot be taught in school
About 99% of the adults do believe that students should learn personal finance in school. From the survey conducted by the Harris Interactive of the Bank of America, the poll question showed the result that only 1% disagree that students need to learn personal finance in schools. While barriers are known to prevent this from becoming a viable option for schools, there are some states that are already taking the steps of offering personal finance course in high schools. Other schools already include money management in classes but there remain some barriers that need to be addresses before personal finance may be successfully implemented in schools.
In a University of Wisconsin research study, only one out of five professors is qualified to teach the subject. With insufficient competent instructors to teach personal finance and management in schools, it is not probable to teach the subject in class. Another problem lies on the lack of federal authority to impose the subject to be taught in class as education is within the state level with legislators having varying insights regarding the issue. Among the academic debate includes which type of instruction for personal finance should be more effective in the school setting and most educators are waiting for the issue to be resolved before they finally sign in for this undertaking. It is unlikely to pursue the formal integration of personal finance subjects in classes at the present as there is yet no standardized test for this particular purpose.
Hope is just around the corner
While there is no guarantee that this pursuit may become possible soon in most states, its advocates are making progress. Private companies like the PwC launch its Earn Your Future Program that allow local government school faculty and administrators to go into relevant training and seminar for this undertaking. The core initiative for pushing for personal finance classes or courses in schools are also pursued by the non-profit organizations to devise teaching guidelines like the Council for Economic Education and JumpStart Coalition to allow personal finance education to proliferate across state borders. Financial firms and even the federal authorities are making the initiative as well in providing free programs and even launched websites that are useful for personal finance that offer learning materials.
Many organizations are also beginning to become pro-active in pursuing this goal such as private and federal insurance companies, the Treasury Department, Federal Deposit Insurance Corporation and even banks like Wells Fargo and Bank of America partner with Khan Academy to offer learning materials on finance. Some global financial institutions are likewise becoming more interested in providing financial education programs and tools.
Overcoming inaction with pro-active choices
While it is seems too premature to fully implement personal finance in school, the initial pro-active choices of private and public agencies to develop finance education programs and tools to improve the ability of students to learn a sound personal finance and management system is a good start before school curriculum programs are officially determined with regards to determining the best education program that will work best in schools. Check here: netspysoftware.com.