Students Need Financial Literacy Our economy is a system that produces and consumes goods or services and we, as a society, should carefully manage those resources to the best of our ability. This is where being financially literate becomes valuable because it guides the planning, budgeting, and accounting of all resources. It also provides stability with saving, spending, and debt management. Financial lessons can be useful in other aspects of life, such as, knowing how to prioritize deadlines and making sure to utilize time effectively. These lessons could also assist in saving a relationship or help differentiate between right and wrong, and that is why students need financial literacy. Each state throughout the country has their own policies for integrating financial literacy into their curriculum. However, some states are more superior to others with regards to teaching this topic. Jump$tart Coalition, a non-profit organization interested in advancing financial literacy among students, shows a map of only five states that “Requires at least a one-semester course devoted to personal finance” (Jump$tart). Most schools offer economics, advanced math, accounting, or current events as electives. Yet, many schools disregard financial literacy and it should be considered a requirement because students need to understand the basics of money. They need to understand how it works, the consequences of misuse, and the accomplishment of succeeding. A lot of students have a difficult time financially after high school or college, due to not being prepared. Although students need financial curriculum in their schools, it does not suggest that they would be capable or have a grasp on their financial well-being; as noted by Schmeiser and Seligman in the Journal of Consumer Affairs:
Despite the proliferation of academic studies examining financial literacy and financial outcomes, no consistent definition or empirically validated measures of financial literacy exist. While a handful of questions have become the standard measures of financial literacy in previous research, little work has been done examining whether responses to these questions accurately capture underlying financial capability, or whether they causally relate to subsequent financial well-being. (243)
Students may not show the capability of handling their own finances, but the curriculum should still be taught. They need to obtain the knowledge and resources, to give them an opportunity to do research and find the best outcome for their situation. Without resources, students will not be able to ensure their financial decisions. In high school, most students do not usually make their own financial decisions. They have a part-time job or no job at all and depend solely on their parents. Also, parents need to be involved in the education of financial literacy and prepare their children for the world outside of high school and college. Once school is over and they go onto college or begin a full-time position, they become financially independent. Many see dollar signs and do nothing but spend, while others make it a point to save, spend, and share. A recent survey conducted by Visa states, “Americans eat lunch out twice per week, spending $10 per outing – totaling $18 per week and a shocking $936 per year” and “Those who make less than $25,000 per year spend nearly 20% more than other income brackets when they buy lunch” (Visa Inc.). Schools and parents need to unite and demand that a law be put in place stating that all school districts in the United States shall have a financial literacy program. It should be a requirement for all grade levels and instead of implementing it into an existing curriculum; it needs to be its own. Some parents may not want a financial program in their children’s schools because they want to discuss that topic their own way and on their own time. Thus, by acknowledging the financial program throughout the different grade levels, parents are able to discuss amongst their children what they agree and disagree with. The curriculum will allow involvement from the parents and they can provide direction to their children regarding money management. If the school provided the students and parents with the necessary resources, they could excel financially. For example, ThreeJars.com would be a resource that both parents and children can utilize and be able to interact with each other. ThreeJars.com gives the child an opportunity to learn how managing money works and the parent still plays an active role by soliciting chores or deducting money that the child has spent. Financial literacy within the schools allows the student to gain insight from multiple places and involves all parties. The teacher offering the course can play different games, show videos, and act out certain situations. All of these give the student a way to learn about their future and being financially stable. Teachers have many avenues to prepare for this curriculum from online and book resources to speaking with actual businesses. There are a vast array of websites that offer free materials and lesson plans for educators, as well as, websites that offer educational materials for a fee. There are training sessions, support groups, and guidance for assisting the teacher in selecting and implementing the correct curriculum. Practical Money Skills for Life, developed by Visa, says, “Here, educators will find everything they need to teach a class on personal finance. Our lecture guides, worksheets and even quizzes and tests are free to download and ready to use” (Lesson). This website also provides financial calculators, numerous resources, and information regarding personal finance. The benefit of students gaining financial education is that they may be less likely to live beyond their means. For example, the 2008 mortgage crisis was an eye opener for many people and shocked them into being more cautious of how they manage their money. Younger generations need to know about their financial history and all of the ups and downs, so they do not make the same mistakes. They are the future of our economy and need to make wiser decisions than the decisions that are being made today. By implementing a financial curriculum into the schools, students can be more prepared and aware of the financial decisions in their life as they grow. These students will use their life experiences to expand and create new ways of being financially literate.

Works Cited
“Lesson Plans.” Practical Money Skills for Life. N.p. Web. 24 Sept. 2013.
Schmeiser, Maximilian D., and Jason S. Seligman. "Using the right yardstick: assessing financial literacy measures by way of financial well-being." Journal of Consumer Affairs 47.2
(2013): 243+. Academic OneFile. Web. 23 Sept. 2013.
“State Financial Education Requirements.” Jump$tart Coalition. N.p. Web. 24 Sept. 2013.
“Visa Inc. 2013 Lunch Spending Survey.” Practical Money Skills for Life. Telephone Interwiew.
23-25 Aug. 2013.