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Financial Literacy in Schools: A Necessity for Future Generations

HFF Staff Writer

Yellow school bus driving down a fall tree covered lane.

We’ve all been there—fresh out of school, suddenly hit with the realities of managing money. Credit cards, rent, student loans—oh, and let’s not forget the grocery bill. It’s like being tossed into the deep end of a pool and expected to swim without any lessons. Which brings up the big question: Should financial literacy in schools be a required part of our curriculum?


On one hand, it feels like a no-brainer. Teaching kids how to budget, save, and understand the basics of investing seems like it should rank up there with algebra and history. But then again, we have folks who argue, “Isn’t this something parents should handle? Or isn’t life the best teacher when it comes to money?”


So, where’s the balance?


The Importance of Financial Literacy in Schools


Let’s be honest—personal finance is way more complicated now than it was a generation ago. We’ve got cryptocurrency, rising student loan debt, volatile stock markets, and let's not even get started on inflation. It’s not as simple as stashing cash in a piggy bank or saving for retirement through a 9-to-5 job with a pension (remember those?).


Take our clients at Halter Ferguson Financial, for example. We’ve seen young professionals overwhelmed by choices when it comes to retirement accounts, or new parents trying to figure out how to start a college fund while also paying off their own student debt. Many of them say the same thing: "I wish someone had taught me this earlier."


We can’t help but wonder, could a little bit of financial literacy in schools have changed the course for some of these folks? Would they have been better equipped to make smarter decisions? Maybe avoided a few financial blunders along the way? It’s tough to say for sure, but it sure wouldn’t have hurt.


But is School the Right Place?


Now, some people say schools have enough on their plate. Between standardized tests, sports, and the pressure to perform in STEM subjects, do we really need to add another mandatory class to the mix? And should it be the job of the education system to teach kids how to manage their personal finances? Some argue that parents should be the ones to teach this, or that kids can learn it the old-fashioned way—through trial and error.


Fair point. But let’s be real here—are parents always the best financial educators? Sure, some households talk openly about money, but in others, it’s practically a taboo topic. And relying on social media influencers or YouTube videos for financial advice? That’s a slippery slope. While there’s some good content out there, there’s also a lot of misinformation. Would you really trust TikTok to teach your kid about compound interest?


The Risks of Not Teaching It


And then, there’s the flip side. If we don’t teach financial literacy in schools, we risk perpetuating the cycle of financial mistakes. Overspending, racking up high-interest debt, not saving for retirement—these are things people often figure out the hard way. I can’t tell you how many times a client has come to us with a financial mess they’ve spent years building, only to say, “If only I knew this earlier…”


It makes you think, what if they did know earlier? What if schools gave them the tools to understand how to manage a budget, differentiate between good and bad debt, and maybe even get a head start on investing?


What Should Be in the Curriculum?


If we’re going to make financial literacy in schools mandatory, it’s not just about giving students a quick overview of how to write a check or balance a budget. We need to dig deeper. The curriculum should include everything from basic budgeting and saving strategies to understanding how credit works (and how it can ruin you if you’re not careful).


It could also teach kids about investing—not to make them the next Warren Buffett, but so they know how to navigate the basics. And throw in a few lessons on taxes, because honestly, who learned about that in school? Not me, and I’m still bitter about it.


Our Clients’ Stories: The Good, the Bad, and the Ugly


We’ve had clients at Halter Ferguson Financial who grew up in households where money was openly discussed, and those folks? They tend to come in with a solid understanding of what they need from us. They already have a good idea of how to plan for the future—they just need help fine-tuning their strategy.


On the other hand, we’ve seen people who’ve had to unlearn bad habits picked up from years of financial missteps. They were never taught the basics—maybe not by their parents, maybe not by life—and they’re paying the price. But that’s why we’re here. Financial advisors can fill in those gaps, even if schools don’t.


The Bottom Line: Schools Can’t Do It All—But Advisors Can Help


At the end of the day, schools might be able to lay the foundation for financial literacy, but they can’t customize a plan for each student’s future. That’s where a financial advisor comes in. We can take what you do know, fill in the gaps, and build a strategy that’s unique to you. Because let’s face it, one-size-fits-all doesn’t work when it comes to money.


So, should financial literacy in schools be taught? Absolutely. But even with that foundation, it’s important to seek advice tailored to your goals. If you’re looking for that personalized touch, we’re here for you at Halter Ferguson Financial. Ready to get started? Reach out, and let’s craft a financial plan that fits your life—not someone else’s.


It’s never too late to learn, but earlier is always better.

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