With Oklahoma high schools teaching students how to manage finances, why is this not implemented on a national scale?
In a related report by The Inquisitr, it’s feared that student loan debt that could trigger another recession. Because Federal student loan debts account for over $1 trillion, that means student debt alone accounts for over six percent of the $17 trillion federal debt. If a large enough percentage of students default on their student loans this could have catastrophic effects on the economy. This is similar to how the housing bubble bursting caused the Great Recession, but that financial crisis only involved $900 billion.
So that’s one sterling example of why teaching students to manage their finances is almost an imperative for the education system. But very states do this, and today’s parents are apparently shirking their duty because most Millennials do not seem to have a clue on where to even begin.
Amy Lee, executive director of the Oklahoma Council on Economic Education, claims her state is leading the United States
“Oklahoma has some of the strongest standards in the country. Where other states require four or five standards regarding earnings, savings and investing, Oklahoma has 14 standards including three that are state-specific: bankruptcy, the financial impact of gambling and charitable giving.”
While they may brag about this plan they face a problem because the standards are not being enforced by funding teachers with a financial background. Personally, I’m not surprised by this oversight considering how the US Congress cannot manage its own budget. If the leaders of our country cannot do it, and our parents do not teach it, then how should we expect students to learn from example?
I don’t say this as just a pundit, either. Just this past week I was asked to teach a local study on managing finances. Even this morning I had a twenty-something approach me and ask about the basics of investing. While everyone acknowledges the need for this type of education there’s few who pursue it, and usually only when they’re at their wits’ end.
I’m just hoping that a financial tsunami like the collapse of the student loan system is not what is required for people to wake up to why we need every American student to understand the basic principles of wisely managing their money.