Why people are scared of finances

[maat55]

Unfortunately for many of us, we learn personal finance skills not from a class or from our parents, but as a result of making horrible financial mistakes in early adulthood. It would be wonderful if schools AND parents worked together to make teaching personal finance a reality for young teens and adults.

~ Jenney

I agree 100%. IMO, personal finance should be more important than history and english in grades 11 & 12. I don't know what needs to be cut, but PF should be added and highly stressed.

Unfortunatly, many adults will want no more to do with it than they do when discussing it with their spouse. Why it is not a major class is bizarre.

[neatdesign]

I agree 100%. IMO, personal finance should be more important than history and english in grades 11 & 12. I don't know what needs to be cut, but PF should be added and highly stressed.

Unfortunatly, many adults will want no more to do with it than they do when discussing it with their spouse. Why it is not a major class is bizarre.

I have long stated the the only really practical thing I learned in high school wasn't calculus or advanced placement history or Spanish -- it was typing. If I had had the opportunity to learn about personal finance in school, typing would've been bumped down to second place.

~ Jenney

[Bluestreak]

People fear what they do not understand, plain and simple. It's due to lack of independence/experience. That is your answer in a nutshell. The priority of finances has gradually been lost over the last few decades but is and will be coming back with a vengeance as times continue to get tougher. This country needs some real tough times right now, for the better, for the long term. Spending is/was out of control and that will only be corrected effectively with tough times.

We have gone through multiple generations with many being handed everything on a silver platter, the government always being there for them when they stubbed their toe, etc. It is time for change yet it is not Obama that is going to accelerate the needed change though.

[woodie96]

I think also that it tends to be a procrastination thing, kinda take care of it later, not high on the priority list. When time is their best friend by far when discussing money matters.
Also I think it makes people take a look at their own mortality and see that some day in the future, they will have to address those issues also.
But burying their heads in the sand only prolongs the inevitable.

[manageME7]

Dealing with finances is really a huge task. Big companies have become insolvent in the absence of money management techniques. One should adhere to money management techniques from the early days only.
Parents should make their kids realize that money management is a vital part of life.
They should actively involve their kids in financial decision making. Children now-a-days I tell you are really smart. Therefore they are allowed to manage their own finances. this will help them to make money management a habit which will really help them in the long run.
Moreover the family member should actively involve them in financial meetings on regular intervals. They should discuss about their financial conditions and try to find out a rational solution.
One should always know that money comes to those who really respect it.

Life is so simple, do not make it difficult. Just try to manage yourself

[tripods68]

The root problem lies in our educational system. I don't remember taking any courses in high school that deals in personal finances. It starts there, if not earlier to have future generational effect throughout the economy. We know kids can learn algebra and complex calculus, yet the majority of education system don't even teach personal finances as part of the curriculum. It's frankly sad. The irony of these whole economic mess were in were caused by "high debt". And so, when kids go straight to college their already in the "hole" from many enticing credit card companies that visits college campuses regularly on top of already skyrocketing college expenses. And we wonder why economy is in the tank.

[isthisused]

I think it's partly a failure of the learning structure of our education system. Personal finance simply isn't taught as part of the core class structure in our schools. Kids can graduate highschool with the knowledge of how to solve an advanced calculus problem, but they can't balance a checkbook.

Part of me wants to agree with you but the other part says the type of personal discipline that is needed isnt learned in school. I think it is learned from parents or in most cases NOT learned from parents. I read some where the #1 regret parents of adult children have is that they failed to teach their kids to handle $.

[Pitman]

I actually agree with tripods68, it wouldn't hurt having a few courses in HS dealing with personal finance. I never understood why I suffered through 45min of volleyball a day instead of learning something constructive for my future. One of the best courses to have in HS is sex education, I think the Public Ed should most definitely looking into having some sort personal finance course in HS, especially the way things are going in this current economy.