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Is Personal Finance More Important Than Learning Algebra?


When It’s Time to Give Up the Car Keys

April 09, 2023

Many people may date themselves when they make a reference to home economics or shop classes they took during high school, but chances are if you asked these people if the skills they learned were relevant, they'd say "absolutely!" The same can be said for personal finance education. In recent years, we've seen momentum among states that have passed laws requiring high schools to offer personal finance education. A number of studies and polls have been conducted around the importance of personal finance in our education system and those in favor of implementing these courses is immense. Here is a few pieces of data on where we currently stand with finances:

  • Most experts agree, 80% of personal finance decisions are behavioral driven. This isn't just about excel spreadsheets and calculating taxes. How, if at all, money is discussed when growing up can impact a person's relationship with finances for the rest of their life.
  • 88% of adults in America support requiring personal finance in high school. This makes sense considering the average American household is carrying over $9,000 of credit card debt.
  • In 2023, roughly 25% of U.S. high schoolers will attend a school where personal finance course is required and about 47% percent will attend a school where personal finance is an elective. In the next five years, this number is expected to increase.

For those with children, it's imperative to begin teaching your kids simple financial habits sooner than later. Saving early and often, the power of compounding money and returns over time - over time, these conversations will become engrained in the behaviors they will exhibit throughout their lives. The education system can be a phenomenal tool to teach your child simple financial tools, but there's nothing like hearing it from a trusted source and witnessing the success of someone with smart financial habits. Even for adults, it's never too late to get educated on financial concepts and amend your relationship with money. Isn't it time we make some progress, so our future generations are better equipped than those before us?

If you would like to receive more information on making smart money moves for your future, be sure to contact us today!


From Cutting the Cord to Cutting Off Friends and Family

About the author

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Brandon Hayes

Managing Director, Private CFO®

In 2011 Brandon opted to forego a long-term career in corporate America to join oXYGen Financial because he was impressed by the vision of creating a premier independent financial services firm, which strives to provide unbiased advice to the X & Y Generations.

A native of Westlake, Ohio, Brandon currently lives in Atlanta with his wife Aly, daughter Maryn, son Turner, and their black lab Pepper. He's the youngest of three children and played soccer through college at Elon University. He's an avid runner and enjoys cheering for Cleveland sports teams despite some pretty rough years.

CERTIFIED FINANCIAL PLANNER™ and MBA from Georgia State University in Entrepreneurship. Brandon holds his Series 7 (General Securities Representative), 63, Series 65 (Investment Advisors Law) and Georgia Life, Health and Variable Insurance licenses.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Background and qualification information is available at FINRA's BrokerCheck website.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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