Sunday, June 18, 2023
Students need Financial Literacy skills
Recently in a discussion with a student about his future beyond high school, he commented about the Personal Finances/ Financial Literacy class. The student indicated of all the classes he had taken at Sorenson’s Ranch School, he believed Financial Literacy was the most beneficial. Research has indicated that students who have access to quality financial education will have better financial outcomes as an adult. Students learn how to spend and save wisely, showing them a way to living with less debt and a higher quality of life. Our Financial Literacy class at Sorenson’s Ranch School can help our students understand the concepts of how they can reach their individual goals. Students learn about making career decisions, money management, and financial security. Students also learn about credit, resource management, risk management and insurance. When students move forward in life, they may reflect on how the Financial Literacy concepts can help them understand compound interest, the cost of borrowing money and the way to grow savings or investments. It may help them identify and then reach financial goals. I believe Financial Literacy has been taken for granted in the past, but now more states are starting to see the importance of financial skills and are passing legislation that requires students to have Financial Literacy as part of graduation requirements. Financial Literacy only makes sense since money affects every aspect of an individual’s life. If we don’t teach our students about money and the economy, how can we expect them to manage their own money as they become adults? In my opinion, it is dangerous to our youth to take the next steps in life without understanding the function of money and how to manage credit and risk. At Sorenson’s Ranch School we have a class that helps our students understand these concepts so much better. It helps them transition into independent living which is coming quickly in their future.