opinion | Personal financial training is great, but it’s not enough
To assist all students, schools must provide diverse and specialized training for the vastly different requirements of adult careers. For example, different financial classes are required by future investment bankers and future carpenters. We propose a Career Education Harmonization Committee to ascertain the changes needed to help those left behind succeed.
Students will need to explore their interests through project-based learning, from grade two onwards, to discover a career path they can be passionate about by age 15. Students will need daily training, before they are left behind, to master the academic skills needed for the diverse disciplines. The school day needs to be expanded to include both activities. The committee will determine what changes are needed, and the funding and training to make it work.
William BerksonAnd the rest on And the William ShelligAnd the rest on
As an economics educator, I applaud The Post’s position that personal finance education should be required in all US states. However, what often happens is that the imposition of personal finance curricula drives the education of economics. Instead, personal finance should be taught as a practical application to understanding economics. We must help students understand:
Unintended consequences of uninformed decisions and policies
• Cost/benefit analysis and how to apply it to personal finance decisions
• Choosing a profession and investing in human capital
• Unemployment and how investing in human capital can help insulate people to some extent from unemployment
• Inflation, real and nominal interest rates
• How do we measure the economy because the real GDP per capita is used as an indicator of the standard of living?
• Financial and monetary policy and its impact on family budgets, savings, spending and investment decisions
The effect of taxes on decision-making
The Federal Reserve Bank of St. Louis (along with other Reserve Banks) has a variety of free practical lessons and resources for educators to incorporate economics, including personal finance, into their lesson plans at stlouisfed.org/education. Our students, especially the most vulnerable, need financial knowledge to navigate our economy and ensure their financial stability.
Marie SweeterAnd the Chesterfield, Mo.
The writer is an economic education officer at the Federal Reserve Bank of St. Louis.