School curriculum includes History, Math, and English, yet it seems to me that the lesson that isn’t being taught is how to apply this education.
For instance — Money. How to use it. How to deposit it, save it, spend it, earn interest on it, pay bills with it. Kids graduate from high school without any simple knowledge on how to balance a checkbook, or even deposit checks.
I’ve trained 5 different people on how to do our nightly deposits. Only one of them knew how to fill out a deposit slip, and how to endorse the backs of the checks. When I asked these other employees if they have a checking account, they respond that they are just given cash from their parents for lunch or gas money. Their parents even help them cash their paychecks.
What happens when they leave for college? How are they going to pay their bills?
I wasn’t taught how to use a checking account in school, either, and so I paid cash for everything when I first moved away from home. Every month I would take a trolley from the city into the Garden District of New Orleans to pay my rent in cash, instead of just writing a check and mailing it.
It seems to me that there should be a class in high school devoted to Finances. Teaching the basic knowledge of checking accounts, savings accounts, and how to compound interest to make more money. Also, teach kids how to figure out interest rates so that they aren’t suckered into Rent-To-Own scams or high-rate credit cards.
I took snowboarding in school. Whitey took bowling. Neither of us were taught how to manage money. Seems a bit silly.