According to a youth report by the Youth Empowerment Participation (YEP), the financial knowledge of graduates is poor. Even after twelve years, students hardly feel prepared for everyday financial life. We have summarized the responses on the forum for you.
Once again there is a call for a new school subject that increases students’ financial knowledge. But the ‘Krone’ community locates the causes of the lack of knowledge elsewhere.
According to the report, it is a fact that younger generations are worse at managing money than previous generations. These also had no special subjects in the financial field. For many, the causes do not lie in the education system, but in the lack of education of parents.
“They are seduced by marketing, you can’t imagine!”
But the parental generation of today’s graduates also grew up under different circumstances. The social media challenges to see who could rack up the most debt and the constant barrage of expensive vacations, luxury items and ‘buy now, pay later’ offers were no longer a factor fifty years ago.
“When the fair was empty, there was no more shopping. That’s how you learned it.”
According to the ‘Krone’ community, it is precisely these new payment models that contribute to the incorrect handling of personal finances. Before the digital age, it was difficult to take on consumer debt.
If you can only make purchases with cash, you can hardly spend more than you have in your wallet. In times of online trading, this is an almost unthinkable concept for young people.
Finally, the topic of investing could also be discussed at the end of the financial lesson. But the basics, like readers, need to be firmly established in advance schoabisl notes humorously. Students are not supposed to compare apples with bi… Bitcoins?
What do you think of the proposals? „Crown“community? Is there a need for comprehensive financial education in local schools? Should parents be held responsible, or is this a broader problem? Share your thoughts with us in the comments!
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
