The world is moving fast, even faster than it was before the pandemic of 2020. But not everything remains the same. Or it may be the same, but today, we need a change in this particular aspect in NYC. The changing overlooked situation is the high school education.
The high school education ends up being updated much more than it is and on a much larger vicinity. The study regarding finances (financial literacy) is something that is missing in many of the high schools. This hinders the way of these young minds in becoming a better, financially stronger version of themselves.
If they are educated properly, they will undoubtedly see financial success in the near future. This education can also help in making New York a better place, financially speaking. You can visit New York credit repair services and check how many people are financially educated and what could have happened if they were.
Let us talk about the importance of financial education in high schools below:
1. Financial Literacy
When talking about financial literacy, one thing that you will see is the way it will change your decisions. When you know your credit score needs to be higher and what problems you can face if you do not make it a priority, you will ensure your creditworthiness.
Many schools today are teaching their students the art of finances. Understanding what a credit score is, knowledge about how it works, and how a good credit score will help in the future.
These skills are essential when you live in big cities like NYC. Because here, all dreams cost money. And you may need to rent a place to survive, which again takes your creditworthiness into consideration.
2. Building Good Habits as Early as Possible
Many experts today believe that early education, be it financial or life, has become essential. When the child starts understanding what credit is and how its evaluation will impact the future, the child will start learning the best skills and become financially responsible, which not many children are nowadays.
With strong financial literacy, the child learns how to make a budget, manage resources, talk credit cards, pay on time for all bills like rent, and so on.
This can only mean one thing for the child → a path has been created leading to financial stability.
3. The Cost of Higher Education
It is true that without getting debt for education, not many students will get their degrees. So, if your child is also planning to get a degree in higher education, financial literacy is the key.
Starting with student loans and working part-time to pay the interest and principal amount of the loan is normal. Suppose these students understand what credit score is, or how credit reports are made, and what is included in a credit report so they can check for inaccuracies. In that case, the student will be ready, so there is a reduction in their financial burden.
4. Renting in NYC
Some students share a rented space to make their student lives affordable and worthy. If they know that their rents are going to become part of their credit history, then they may not only pay back on time but also pay related bills on time too. All of this is possible only if they know how important a credit history can be.
5. Preparing for the Job Market
When you consider the transition that high schoolers go through from being students to becoming part of the workforce, credit is something everyone will consider important.
There is a high chance that any potential employers may check credit reports as part of the hiring process for certain positions. Under such situations, a strong credit history can be an asset when applying for loans or credit cards. They may also be useful to get cards for transportation.
6. Preventing Financial Pitfalls
One of the problems associated with credit scores is coming face to face with financial pitfalls that these high schoolers are not ready for yet. It is only avoidable when they know what to look for and where to look at.
If they know about credit loans, they will also know about high-interest rates and credit card debt that makes these students go through hell when they try to pay back the loans.
7. Building a Financially Inclusive Society
When students start learning the important things, they start promoting those ideas. For example, after learning financial stability, they may also help other students understand and get access to financial products, financial opportunities, and pitfalls to look out for. This means a better economy very soon, very clear.
Conclusion
We live in a place where financial opportunities and challenges come knocking at our doors in the middle of the night simultaneously.
This is where the credit education for high schoolers becomes valuable, and some may call it essential. When you lighten up these young minds, there is no going back. The urge to know more will lead these high schoolers to better financial management skills. Now, they will learn about credit responsibility and the empowering impact it brings with it. Whether it is about securing housing or accessing higher education, it is only possible when you integrate credit education into high school curricula in NYC.
We can help create a more financially savvy and resilient generation of young minds who are well-prepared to sail across the financial complications of life in NYC.