In recent years, there has been a significant increase in the number of high school students that are not knowledgeable about their finances. As they are preparing to enter the real world and take responsibility for their own lives, it is important that they have a better understanding about how their finances work. It is very dangerous to be handling money when you do not have an understanding of it.
Students at Woodhaven High School are now required to take personal finance in order to graduate. However, this only applies to the class of 2028 and below. The current Juniors and Seniors who have not taken the class may not be prepared to handle their finances as an adult. When asked what aspect of finance that students seem to struggle with the most, Woodhaven High School Teacher, Marc Huddy replied, ‘Students don’t think about the long term, living in the moment. They don’t understand that they need to start saving money early in life to realize the power of compounding interest’. Without an understanding of their finances, students will not have the skills necessary to set themselves up for success.
How can this issue be fixed? Huddy as well as Woodhaven High School Marketing Teachers Brian Taylor and Lisa Meyer offer some insight. “I encourage families to talk about finances with children at a young age. Help them make decisions and choices at a young age and the skills will help them as they become adults and ultimate consumers” Meyer stated. “Get a part-time job and start learning how to save portions of the money you’re earning,”Huddy advises. “To gain a better understanding of finance, students must ask questions,” says Taylor. Overall, they all recommended that students take the personal finance class that Woodhaven High school offers, whether it is required to graduate or not.
