Financial Literacy Shouldn't Be Optional by Azaleae

Financial Literacy Shouldn't Be Optional by Azaleae - June 2025 Scholarship Essay

In a world where young adults are expected to take on student loans, manage credit cards, pay rent, budget for groceries, and eventually plan for retirement, it’s shocking that most students graduate high school—and even college—without ever taking a financial literacy course. That’s why I believe personal finance should be a required class for all students, not just an elective or afterthought.
During my college journey, I’ve watched classmates excel in biology and calculus but struggle with simple financial tasks like budgeting, understanding loan interest, or filing taxes. Some open credit cards without understanding how interest accrues or how minimum payments work. Others take out student loans without really knowing what repayment will look like after graduation. I’ve personally had to learn about budgeting, saving, and credit scores the hard way—through financial stress and trial and error.
Requiring a financial literacy course would empower students with practical knowledge that’s applicable to every career path and stage of life. Unlike subjects that may only apply in specific professions, money management is something everyone encounters, regardless of major or job. It can be the difference between a student sinking in debt or building a stable foundation for the future.
A solid course could include topics such as budgeting, saving, understanding credit, student loans, filing taxes, retirement plans, insurance, and even basic investing. Imagine students learning how to set up an emergency fund or how compound interest can either work for them or against them depending on their habits. This kind of early financial education would have long-term benefits—not just for individuals, but for families and entire communities.
Furthermore, financial literacy classes can reduce stress and improve mental health. When people don’t understand where their money is going or how to control it, they often feel overwhelmed or ashamed. If students learn money management early on, they’re more likely to feel confident and less anxious about the future. This emotional benefit is often overlooked but just as important as the technical knowledge.
Another powerful reason to require this class is to close the financial knowledge gap between students from different socioeconomic backgrounds. Many students, especially first-generation college students or those from underserved communities, may not have family members who can teach them about managing finances. Requiring the course ensures that all students—regardless of background—receive the same opportunity to become financially informed and empowered.
It’s important to note that this course shouldn’t just be a boring lecture about numbers. It should be interactive, using real-life scenarios and simulations—like planning a monthly budget or navigating a pretend tax season. Guest speakers from banks, credit unions, or small business owners could make it more relatable and real.
To sum it up, personal finance is one of the most essential life skills a person can have, yet it’s often ignored in traditional education systems. Making financial literacy a required class would equip students with the tools they need to survive and thrive in the real world. It’s not just about numbers—it’s about freedom, responsibility, and security. Students shouldn’t have to learn about money management through mistakes and financial hardship when they could learn it in a classroom with support and guidance.