kyounge1956
Thinks s/he gets paid by the post
- Joined
- Sep 11, 2008
- Messages
- 2,171
My brother and SIL were in town the end of last month and I got in a discussion with SIL about this. I thought personal finance should be taught in high school, because everybody needs to know it, and (theoretically at least) everybody goes to high school. My SIL was opposed—she doubted high school is an optimal age for teaching the subject, and she might be right.In my state it is a required semester course. As an educator, I noticed that a lot of students recieved value from the course, but far too many dont internalize what they learn. In their mind they treat it like a theoretical class with no impact on their current daily life. That is unfortunate, because personal finance can be a very interesting course of study. Education can only take you so far, you have to be willing to put the knowledge into practice, too.
There was a series of articles in the NYT last fall on retirement-related subjects. One of them was about a behavioral finance experiment in which students were shown either current or age-progressed photos of themselves and then tested to see whether their financial decision making was affected. The students who saw the age-progressed images saved more—or at least that's what they said they would do, which is perhaps not quite the same thing. The same researchers are thinking about tools that would show you a sad face if you're drawing down your portfolio too fast after retirement.