understanding of personal finance

To lead a healthy, secure, and content life, one must be familiar with personal financing. The degree of understanding you possess around saving, budgeting, investing, and debt will have a serious impact on every little aspect of your life. It can also bring in a significant difference between poverty and prosperity in the long run. Despite how necessary personal finance skills are, it is quite surprising that in only 17 states, students take a course in personal finance. In your high school, you are taught things, such as Art, Accountancy, Geometry, Home Economics, and Latin, among other subjects. Sure, these are important subjects and should be taught in school, but can calculating an area of trapezoid really make a difference for you? Not really! But, your financial literacy is a quintessential skill, which can make a mark difference in your life ahead. This guide will discuss a few reasons you must have personal finance literacy. Let us get started and address these reasons one by one by understanding of personal finance.  

Everyone needs knowledge of money- understanding of personal finance

Right now, you are in college struggling with your homework, but it will not be many years from now when you will be plunged into the real world, where you will be forced to take some vital financial decisions. From the day you complete your graduation to the time you retire, and even after till the day you die, you will have to make several decisions in your life, which will involve money. Hence, you must have thorough money management skills and be financially well-equipped. Some vital decisions, such as buying your first home, having children, or getting married, revolve around financial planning. One wrong decision and your entire life will be put in half. Even if we don’t go too far, the littlest decisions, such as traveling, what you buy, where you must go out with your friends, or where you eat, are the simplest choices, wherein you will be faced with a financial decision. If you do not have financial competency as a young adult, you are bound to make a mistake, which can induce regret in both the short-term and long term. So, if you feel that your school or college is not making you financially literate, you can enroll yourself in a course wherein you will learn this skill. Of course, with tons of homework to complete every day, you might not get time to take up an additional course. So, if that is your struggle, you can delegate your lengthy assignments, such as Accountancy assignments, to the top and recognized experts at TopAssignmentExperts. This can save you some time, and you can utilize this time to be well-equipped with financial knowledge.

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Americans want the curriculum to include knowledge and understanding of personal finance

Several adults in America believe that knowledge of financial information should be inculcated in students early in school to give them a good quick start. As a matter of fact, a survey conducted by Credit Karma concluded that sixty-three percent of people feel that personal finance is a skill that must be mandatorily imparted in schools. However, the respondents were divided on when this knowledge should be imparted. 

  1. Thirty percent of respondents believe that personal finance education must start in elementary school. 
  2. Thirty-three percent of respondents believe that understanding of personal finance knowledge should begin in middle school. 
  3. Thirty-two percent of respondents believe that high school should teach personal finance. 
  4. However, only five percent of respondents believe that college should teach personal finance. 

Despite this division in debate, it is still evident that Americans are united on the fact that the knowledge of personal finance should be imparted. Many Americans even believe that including personal finance education in school should be a political agenda. This is proven because seventy-seven percent of surveyed individuals believe that politicians must include personal finance as a mandatory education in schools. Furthermore, sixty-seven percent of the respondents say they are more inclined to vote for candidates who prioritize the inclusion of personal finance in the curriculum. Surprisingly, Americans are indeed willing to give up on a lot to include financial education in their lives. Twenty-nine percent said they could give up on dating apps, thirty-five percent were ready to forego happy hours, twenty-four percent were willing to give up on their morning coffee, eight percent were okay with sacrificing their sex life, and twelve percent had no issue giving up on their vacation days if that meant the inclusion of better financial education in their lives. Hence, as a student, too, if you feel that it can make a difference, you must surely, try some way or other to include financial education in your lives. If this means freeing up your schedule by delegating some assignments from EduWorldUSA or ThanksForTheHelp, it is still a win-win situation for you.

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Inadequate financial knowledge can result in dire consequences.

We understand that your studies and assignments take up quite a lot of time in your day, but this is not your excuse not to be financially educated. You must learn some time management tips to ensure that you have time for everything in your schedule. Also, if you feel that your lengthy assignments eat up all the time in your day, you can avail of reference solutions from Unifolks. This can drastically reduce your assignment solving time and give you time to improve your financial knowledge, as insufficient knowledge is worse than no knowledge. More so, studies suggest that finances are one of the most dominant factors of stress in adults. Even the wealthiest people can relate to this stress and must have experienced it at some point in time or another. Insufficient savings or debt can result in hardships in any person’s life. Unfortunately, financial problems can also result in graver issues, such as depression, anxiety, poor health, bankruptcy, and divorce. Thus, it is essential to establish sources to seek this knowledge early on in life and make time for it.  

Bottom Line

In lieu of the school-sponsored personal finance lessons, several Americans have not deduced that students should look for alternative sources, too, to educate themselves on this vital subject. So, why are you still thinking? Be informed, and you will see a dramatic change in your life in general. 

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