The Missing Lesson: Why Money Isn't Taught in Schools

Introduction

In today's rapidly evolving world, it's surprising to see how little emphasis is placed on financial education in schools. Money management is a fundamental skill that plays a crucial role in our lives, yet it is often left untouched in the traditional curriculum. To understand this educational gap, we need to delve into the history of the modern schooling system and its roots in the Prussian model to understand why money isn't taught in schools.

The Prussian Model and the Birth of Modern Education

In the late 18th century, Prussia became a pioneer in the field of education, introducing a centralised and uniform system aimed at creating obedient and disciplined citizens. Known as the Prussian model, it emphasised conformity, discipline, and obedience to authority. This system became the foundation for modern education systems around the world.

The Prussian model greatly emphasised academic subjects like mathematics, science, and history, but it largely ignored practical skills and real-world applications. The primary goal was to produce a loyal workforce serving the state's interests. As a result, subjects such as financial literacy were excluded from the curriculum, as they were seen as unnecessary for the state's needs.

The Evolution of Modern Education

Over time, the Prussian model evolved into what we now recognise as the modern schooling system. Despite significant advancements in various fields, the core structure of education has remained largely intact. Traditional subjects continue to dominate the curriculum, while vital life skills, such as financial literacy, are left out.

One reason why money isn't taught in schools is the belief that parents should be solely responsible for teaching their children about money matters. However, this assumption overlooks the fact that not all parents possess the necessary knowledge or skills to educate their children in this area. Consequently, many young adults enter the world unprepared to navigate the complexities of personal finance.

The Importance of Financial Education

Financial literacy is essential for everyone, regardless of socioeconomic background. It equips individuals with the knowledge and skills needed to make informed money decisions, budget effectively, avoid debt traps, invest wisely, and plan for their financial future.

By incorporating financial education into the school curriculum, we can empower students to develop a healthy relationship with money from an early age. They will learn the value of saving, the pitfalls of excessive debt, the importance of budgeting, and the basics of investing. These skills will enable them to make sound financial decisions, fostering economic independence and resilience.

The Call for Change

In recent years, there has been a growing awareness of the need for financial education in schools. Many experts, educators, and parents have recognised the importance of equipping students with practical life skills, including money management.

Efforts are underway to bridge this gap. Some schools and organisations have introduced elective courses or workshops on personal finance. However, these initiatives are not widespread, and they often depend on the resources and priorities of individual institutions.

Conclusion

As we navigate an increasingly complex and interconnected world, the absence of financial education in schools becomes a glaring omission. The Prussian model, upon which modern education is built, neglected practical skills such as financial literacy in favour of academic subjects. However, it is imperative that we adapt our education systems to equip students with the skills they need to thrive in the real world.

By integrating financial education into the curriculum, we can empower future generations to make informed money decisions, cultivate financial well-being, and contribute to a more economically literate society. It is time to recognise the importance of financial education and give it the attention it deserves within our schools.

Until next time, stay happy and keep getting money wiser.