Financial literacy and business skills should be taught in K-12 public schools.

Advancing Financial Literacy Among K-12 Public School Students: An Urgent Need Your Name Subject and Section Professor’s Name Date Introduction In today's intricate financial climate, a disheartening percentage of high school graduates must prepare to handle their finances. Therefore, the level of financial literacy among high school graduates still needs to be higher and entirely lacking, with gaps that such one needs to fill. Camberato (2022) mentions that about 60% of the population, including well-paid employees in the United States, go from paycheck to paycheck, emphasizing more of the problem of financial insecurity that does not differentiate the two classes of society. This statistic highlights the importance of adequate financial literacy when a person is still in school and has yet to develop various tendencies and habits fully. Nevertheless, there are still many gaps in the provision of financial literacy education in the US to this date, and recently, the 2023 National Report Card showed that only a few students are provided with effective integrated financial education by the time they finish high school (Pelletier, 2023). At the same time, incorporating financial literacy and business skills into the scope of K-12 is an improvement in education and a necessity to prepare people to be competent and skilled in managing their personal financial decisions during their lifetime. The Need to Enhance Financial Literacy Among K-12 Public School Students Knowledge of personal finance management is a practical skill required during everyday adult life, making it mandatory for structured financial literacy to be introduced in public schools. A successful personal finance curriculum assists students in addressing typical financial choices learners encounter as soon as they complete their high school education, for example, handling student loans and credit. As noted in the case of the Champlain College report, basic knowledge of finances is critical to avoiding financial delinquencies, including taking unmanageable loans or mishandling credit. Furthermore, teacher training and resource implementation also suggest that financial literacy can be a mandated part of the student curriculum that offers skills and tools for avoiding adequate financial mistakes, which allows the school to promote a higher level of fiscal responsibility among students in the future (Pelletier, 2023). Amagir et al. (2018) also pointed out that lack of financial literacy is directly associated with the emergence of debts in y, affecting not only the individual ideal but also societal cost. They call for incorporating financial education into the school curriculum to enhance economic citizenship among children and youths by enabling them to make informed financial choices and mitigate financial risks. This approach effectively transforms young individuals into more responsible citizens and, in the long run, vigorously stimulates any unstable economic state due to the reduction of financially irresponsible actions from the young citizens (p. 57). Advantages of Early Business Education Early business education, particularly financial literacy imparted at the K-12 education level, has far-reaching positive implications for students in the future. Jayaraman & Jambunathan (2018) pointed out that after being taught about financial literacy, students in India significantly improved their knowledge of critical financial concepts about financial literacy. These students were in a better position to make decisions about saving, investing, and using credit than the other students without such education. Such aspects not only equip the students to manage their monetary affairs well, but also this foundation inculcates responsible practices concerning finances in the students from the initial years into the institution (pp. 174-176). Extending the general effects of early business education, Lusardi & Messy (2023) state that financial literacy plays a crucial role in improving people's overall financial status and readiness for unpredictable financial challenges. As they mention, consumers who meet their financial literacy needs are much better placed in the new and complicated environment of advanced money products, including mobile money services, and complicated monetary products, including mortgages and investments. Suppose schools incorporate financial literacy at an early stage of education. In that case, it will result in shaping a generation of prudent customers and shareholders who can effectively manage and assist in attaining macroeconomic stability. This education enab...