Is It Time to Demand a Better Education About Money?

Imagine graduating from school, stepping into adulthood, and realising you’re expected to navigate a complex world of budgets, taxes, credit scores, and investment without ever having been taught what any of it means. For many, this isn’t just a hypothetical; it’s reality. Despite the life-changing importance of financial literacy, most education systems worldwide fail to equip students with even the basics of money management. Is it acceptable to continue this way, or is it time we demand a better education about money?

The Consequences of Financial Illiteracy

The impact of poor financial education is widespread and significant. Millions of people struggle with debt, live paycheck to paycheck, and miss opportunities to build wealth simply because they were never taught how. Studies show that financial illiteracy is linked to higher rates of poverty, mental health issues, and economic inequality.

Consider this: most schools teach algebra and history, but few teach how to budget, save, invest, or file taxes. How is it that we’re expected to memorise historical dates but not understand compound interest?

This lack of financial education leaves individuals vulnerable. Credit card debt spirals out of control, retirement funds go underfunded, and people are left at the mercy of predatory lenders. By neglecting to prepare citizens for financial realities, we’re setting people up to struggle unnecessarily.

Why Financial Education Matters

Education systems are tasked with preparing students for life. Yet, while they succeed in teaching many important subjects, financial literacy is often overlooked. Learning how to manage money effectively is not a luxury; it’s a life skill that everyone needs.

When people understand how to budget, save, and invest, they are better equipped to navigate life’s challenges. They can avoid debt traps, plan for their futures, and make choices that improve their quality of life. Financially literate citizens contribute to healthier economies, stronger communities, and reduced reliance on social support systems.

Making Financial Literacy a Priority

Some schools and organisations are already doing incredible work teaching financial skills, but these efforts are not consistent or widespread enough to create lasting change. Financial literacy needs to become a cornerstone of every education system. Here’s what that could look like:

1. Mandatory Financial Education: Schools should introduce financial literacy as a core subject, covering topics like money confidence, budgeting, saving, investing, taxes, and understanding credit.

2. Practical Learning: Education should go beyond theory. Students should practice creating budgets, analysing real-world scenarios, and understanding financial tools they will use as adults.

3. Collaborations and Resources: Governments could partner with financial institutions and non-profits to provide free, high-quality resources for schools and communities.

4. Accessible Online Tools: Interactive tools and courses should be made available for people of all ages to learn financial basics at their own pace.

   
   

Why Change Can’t Wait

The world is becoming more financially complex, not less. With the rise of digital currencies, evolving job markets, and increasing costs of living, the need for financial literacy is greater than ever. By failing to prioritise this education, we’re leaving generations unprepared to face these challenges.

It’s not enough to assume that people will learn these skills on their own. Many families lack the knowledge or resources to teach financial literacy at home. Without systemic change, the cycle of financial illiteracy will continue, leaving many people at a disadvantage.

A Call to Action

It’s time to treat financial literacy as essential, not optional. We need to demand better from our education systems and push for policies that ensure every student has the tools they need to succeed financially. This isn’t just about creating wealth—it’s about giving people the freedom and confidence to take control of their lives.

We owe it to future generations to prepare them for the realities of the world they’re stepping into. By making financial education a priority, we can empower individuals, strengthen economies, and create a more equitable society.

Your Turn

What do you think? Should financial literacy be a core part of every school curriculum? How can we push for this change? Share your thoughts and join the conversation.