Young people need financial literacy

Our public education system is failing to emphasize the importance of financial literacy. Many high school graduates lack the knowledge necessary to survive in basic real-world situations, such as paying bills or writing checks.

Without these necessary skills, many fall prey to mistakes that could have easily been avoided, such as overdrafting or not paying rent due to poor money management. Financial literacy should be mandated in schools for all students; classes teaching basic financial competence are extremely vital in today’s world.

Other subjects, such as English and Math, are also important. Financial education, however, is just as important. It is something used throughout life. According to Bank of America, only 41 percent of people who attended college said that they were taught how to be more financially responsible. For those who attended high school, the number is 31 percent.

According to Andrew Plepler, the environmental, social and governance executive of Bank of America, one-third of college students have student debt. If there were mandated financial classes, this number could be lower. The United States needs to make it a requirement in all schools to educate all students on financial responsibility. With these skills and abilities, graduates would be better suited for the real world.