Argumentative Essay Writ. COMP Nova 2023 September 13, 2023

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Jackson 1 Kamille Jackson Professor Lutkewitte COMP 1500H 26 September 2023 Financially Literate or Illiterate: Who is Better? As of March 2023, about 24% of students go to schools that value personal finance, according to NPF (CNBC). That leaves an additional 77%, where 47% is silver standard, with the remaining either bronze standard or no standard (NGPF). This would guarantee that less than a quarter of the students in America are required to take a personal finance course. These students are given the foundation many lack while they grow and learn to manage their lives. They will be more open to working money as they should, increasing their quality of life with financial literacy. Financial literacy is the knowledge of practical financial skills that you have learned that help you adequately handle your money. When you think of money, it is hard not to inquire what you can use it for now. Financial literacy helps with the now and the later. Kids must learn how to use their money while growing and learning in school rather than when struggling in the real world. The TIAA has reported that millennials, the largest share of the American workforce, are left unprepared for a severe financial crisis. The severity of not having a reliable money system is only one reason students should be guaranteed a financial literacy course. Financial literacy creates independence and confidence and lessens the burden of not knowing how to divide your money and assets properly. While being financially literate gives a person a better understanding of how to use their money, being economically illiterate opens you to circumstances that include debt, poverty, and money loss. Financially illiterate students are more likely to be introduced to debt, whether credit cards or student loans. When they are off on their own, their lack of financial knowledge now and in the future contributed to Americans having more than eight hundred billion dollars in credit card debt (Annuity). Money is a disease that everyone wants to hold, touch, and admire. It is used to buy things we need, something we value, and things we want. The price for our prosperity is high, but we use all the shortcuts to get what we wish now, many without thinking of the future. 64% of American adults have reported that money adds stress to their lives, while the majority have learned to save, increasing their funds for the future (Annuity). The Americans who have acquired the knowledge to manage their money have a valuable skill; however, all of America should have the opportunity to have this same skill. Financial literacy is essential to the students, their parents, the government, and even the economy.

Jackson 2 Many of the students who learn money management start with their parents. The parents are usually the ones who introduce their kids to the prospect of spending and saving money. In a survey of 2,00 parents of kids ages 5-17, 82% agree that children should be taught financial literacy and money management skills in school. Parents can introduce the experience of money to their kids, but they need to be allowed the time or knowledge to teach their kids the intricacies of financial literacy. This is where the school would come in and better inform the child how to budget, handle debt, save money, and spend money. Another factor to remember is how early children are introduced to the value of money. In a survey done for BOK Financial, the average parent believed someone should have an excellent financial understanding by the age of 22, with more than three-quarters, 79%, of the parents who have a bank account for their kids wishing they set it up sooner. Parents can control the beginning of their kids' money use, but as they age, keeping up with them can be more challenging as everyone moves around more and frequently has activities outside the home. The time granted and the money spent on keeping kids in school should be used to educate the students accurately, following the core curriculum and creating stable skills that are constantly built upon. When the parents can trust the school to ensure that their kids are getting a well-rounded education, not just on the core curriculum in place but on the life skills everyone will need, they do not have to worry about becoming their child's second teacher or of their child's future struggles related to money. A thesis written by Maria Calamato on learning financial literacy in the family states that financially stressed people tend to need better money-handling skills as they become overwhelmed with expenses quickly. If students continue not to receive the life skills they need, the possibility of stress increases, as money is what runs our country. The household people grow up in suffers significantly when approached with money troubles that have no solution. Additionally, studies have found that households or individuals who are less financially literate are less likely to have a checking account, maintain an emergency fund, have a retirement plan, or hold stocks. All of these examples are ways people can save for the future. If students who are less financially literate are opposed to using those necessary money-managing choices, then they are open to potentially financially ruining themselves. It is easier for someone unaware of how money is used to fall victim to malpractice. Those with low financial literacy are likelier to spend more money on less expensive items, invest in fraudulent accounts, and be a part of a financial crisis. In 2007-2008, we witnessed a decline in credit and lending, which caused an increase in houses bought, a decrease in home values, and an increase in housing prices, leading to the great recession only a few years away. People jumped at the opportunity to become homeowners with little stress, not realizing it would lead them straight to poverty. The bank's misuse of their investments and radical adjustment of their policies resulted in financial illiteracy amongst the people. This is yet another reason why schools should teach financial literacy. Most people’s wants overturn their needs, creating poor financial decisions. If you show people how to control their spending on their needs and wants, you can regulate how much people spend on certain items without them struggling to find the money for low-quality, short-term things.

Jackson 3 Personal finances will help kids excel in the working world, where they must worry about more than doing homework. Schools that offer personal finance courses need to require it to graduate. This would increase the students' readiness and understanding of the challenges that come with independence. Learning about money is not a once-and-go experience, and it needs to be treated as a long-term evaluation of where you stand and what more you need to know, just like math, English, the sciences, and history. All subjects are essential to student learning, but personal finance is the most important.

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Jackson 4 Works Cited Mandell, Lewis. “Financial Literacy: If It’s so Important, Why Isn’t It Improving?” SSRN , 10 Aug. 2006, papers.ssrn.com/sol3/papers.cfm?abstract_id=923557 . Mandell, Lewis. “Financial Literacy of High School Students.” SpringerLink , Springer New York, 1 Jan. 1970, link.springer.com/chapter/10.1007/978-0-387-75734-6_10 . “Financial Literacy for High School Students.” OppLoans , 27 July 2023, www.opploans.com/oppu/financial-literacy/high-school-financial-literacy/#:~:text=High %20school%20students%20need%20to,while%20living%20within%20their%20means ). Gale, William G., Harris, Benjamin H., Levine, Ruth. “Raising Household Savings; Does Financial Education Work?” Social Security Office of Retirement and Disability Policy , vol. 72, no. 2, 2012, www.ssa.gov/policy/docs/ssb/v72n2/v72n2p39.html#:~:text=Studies%20employing%20d iffering%20measures%20and,and%20Padula%202008%3B%20Hilgert%20and . Accessed 5 October 2023.

Jackson 5 https://www.proquest.com/docview/210944060?pq-origsite=gscholar from openview=true https://www.ifac.org/knowledge-gateway/contributing-global-economy/discussion/cost-financial -illiteracy#:~:text=Higher%20debt%20and%20bankruptcy%20rates,effects%20on%20the%20fin ancial%20system . https://www.cnbc.com/2023/04/13/how-personal-finance-is-taught-in-us-schools.html https://d3f7q2msm2165u.cloudfront.net/aaa-content/user/files/Files/NGPF_AnnualReport_2023. pdf https://www.annuity.org/financial-literacy/financial-literacy-statistics/#:~:text=75%25%20of%20 teens%20lack%20confidence,they%20didn't%20feel%20confident. https://www.investopedia.com/terms/f/financial-literacy.asp https://www.investopedia.com/terms/f/finra.asp https://www.investopedia.com/articles/economics/09/financial-crisis-review.asp https://www.investopedia.com/terms/p/predatory_lending.asp https://scholarworks.sjsu.edu/cgi/viewcontent.cgi?article=4846&context=etd_theses#:~:text=Fin ancial%20understanding%20not%20only%20gives,making%20it%20through%20difficult%20ti mes. https://nypost.com/2023/08/14/most-parents-agree-children-should-be-taught-financial-literacy-i n-schools/ https://www.ssa.gov/policy/docs/ssb/v72n2/v72n2p39.html#:~:text=Studies%20employing%20d iffering%20measures%20and,and%20Padula%202008%3B%20Hilgert%20and

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