Most young people would derive great benefit from completing a required course in financial planning at high school. Good financial education can provide school leavers with a better start to their working life, after graduating or when they are qualified to start for their first real job, but financial planning should really begin well before then.
High school students can earn money from part-time employment, helping at home or by starting a small enterprise for themselves. Their attitude to money, and how they spend it or save it, is of vital importance. Developing good financial habits is essential from an early age.
The economy of the country as a whole would grow if more young people could learn to manage their own finances and fewer people would get into debt. The National Endowment for Financial Education in the USA has a High School Financial Planning Program, but this is part of a Cooperative Extension System, not a required course in all High Schools.
Prepaid credit cards
Students can begin to understand the value of financial planning when using a prepaid credit card, either funded by their parents or from their own endeavors.
High school students could easily learn how to budget so they can afford to purchase the items they want, using with their own prepaid credit cards. The result would be less personal debt in future, because more young people will understand that in order to buy what they want they do need to do some financial planning.
Wealth accumulation
Most people desire to accumulate wealth, but in order to achieve this they might need to overcome their money-making fears and build more determination to accumulate that wealth. This will help the economy to grow by producing more entrepreneurs, encouraging new business enterprise and allowing more business development.
Learning about wealth accumulation will also encourage young people to plan in future to build a good portfolio of investments and create the best mix of funds to suit their own situation.
Building emergency savings fund fast.
High school students can learn about the purpose of having an emergency savings fund and learn how to build that fund fast, to create financial security and the ability to deal with unforeseen events that require urgent financial input.
It is never too soon for young people to start considering the benefits of using prepaid credit cards, putting money into savings, or using their money as a foundation for future wealth accumulation. If financial planning was a required course for all high school students it would help to boost the economy and provide some long term solutions, with fewer debts and a better financial future for all.