Methods to Guide a Personal Finance Class for High School Students

When they take a personal finance class, high school students want to learn how to make the decisions that have most bearing on their actual lives. In other words, they need information they can apply in a practical context. We’ve discovered that three primary topics are germane to the financial literacy classes in high school age group:

• Buying a Vehicle. When they become eligible to get licensed to drive, teens are keen to learn about the car-purchasing process. We’ve created a workshop that teaches them how to set money goals, budget before buying (BBB), clarify the expenses of owning a vehicle, obtain automobile insurance, and apply for credit.
• Moving Out. Moving away from their parents’ home will be a huge milestone for teens. This seminar theme incorporates action planning, budgeting, expense identification, renter’s insurance, responsible use of credit, and more.
• Obtaining Funds for College. Some youth are headed down the road toward higher education. Getting a post-secondary degree will require them to have skills in college budgets/planning, career choices based on ROI, and exploring various options to fund college (i.e. scholarships, grants, loans, employment, etc.).

The best personal finance class for young adults will be one that takes into account the precise types of trials this audience is confronting. Start by considering the myriad influences on teens to develop certain financial behaviors. It all begins with the family situation – their parents’ socioeconomics, demographics, and money management skills. Then as kids mature, they encounter all kinds of pressures from their peers and the millions of advertising messages to which they’re exposed across their lifetimes. Especially given today’s social media landscape, young people are likely to develop behavioral patterns that lean much more toward “buying” than to “saving.”

This personal finance course begins by covering how to deal with your financial situation, which refers to all the financial influences you have encountered since you were born. Your parents may have taught you money management lessons. Even if they didn’t, you were exposed to their financial struggles and/or successes, and that made an impact on how you use money today. Other things that molded your financial behaviors may have included marketing, ads, and social media; your friends; and the environment where you live. This course will define ways in which you can counteract any negative influences on your money behaviors.

At the same time, most teenagers lack skills and knowledge about how to handle finances. Very few youth will be required to take a personal finance class for high school students. Financial education at the high school level is rarely offered and, when it is, often fails to meet standards. And parental guidance is sorely lacking too. A personal finance class for young adults, then, should comprise a piece that covers how to establish the right accounting systems to guide them into the future. At the least, they will need a checking account to manage their bills, a savings scheme, and basic knowledge about retirement planning. In one study conducted in New York City, researchers discovered that combining youth financial education with mathematics instruction showed promise.