Why Should Schools Teach Personal Finance and Generational Wealth?
The belief that the school system is intentionally withholding crucial information, such as personal finance and generational wealth, stems from a misunderstanding of the broader educational goals set by educational authorities. Critics argue that schools promote mindless obedience or victimhood, which impedes the development of independent, self-sufficient, and critical thinking individuals. However, an in-depth look reveals that the school system is not so much a place to hide knowledge but to instill a foundational educational framework for academic success and career readiness.
The Historical Context of School Systems
School systems, particularly in former colonies, often mimic the educational structures set during the colonial era. The British during the colonial period designed schools not for broad, holistic education but to train locals in administrative roles that supported colonial administration. This history has influenced the current school systems, which continue to prioritize job readiness over critical thinking and self-sufficiency.
Current School Education System
The primary function of schools from elementary levels (through about age 14) is to provide a general education foundation, focusing on literacy, numeracy, and basic scientific and historical knowledge relevant to one's nation or region. The curriculum is structured to equip students with the necessary skills to pursue further education, whether through universities, technical training, or apprenticeships. Beyond this, the responsibility for teaching about personal finance and generational wealth falls to the household and individual family units.
Why Schools Are Not the Best Place for Financial Education
The argument that schools should take on the responsibility of teaching about financial literacy and generational wealth overlooks a fundamental issue: such knowledge is primarily within the purview of the family unit. Personal finance is deeply embedded in individual behavioral patterns and family dynamics, making it difficult for schools to address comprehensively. Moreover, attempting to spread victim culture or oversee everything from a child's perspective would be impractical and unforeseeable for a child's lifelong journey.
Way Forward: A Reimagined School Curriculum
To improve the effectiveness of the education system, schools should adapt to the changing needs of students by offering more flexible, interest-driven curricula. Instead of a one-size-fits-all approach, education should recognize and nurture individual strengths and interests. For instance, a student excelling in sports but finding math challenging should be encouraged in sports while gradually integrating math education on their own pace.
The ultimate goal of education should be to develop self-reliant, confident individuals equipped to navigate the complexities of adult life. This involves balancing foundational knowledge with the ability to think critically and independently. By acknowledging the shortcomings of the current system and fostering a more flexible, personalized approach, schools can better prepare students for the challenges they will face.