High school students should graduate with an understanding of:
• How career choices impact income;
• How educational attainment impacts income and the likelihood of employment; and
• How what you study in post-secondary education (like a college major) will impact income and the likelihood of employment.
Activities that increase job and income opportunities have costs and benefits that should be identified and understood. High school students should explore many career options and have an understanding of the sources of personal income (wages, salaries, interest, rents, capital gains, dividends and profits) and the factors that will affect their take-home pay (like social security and city, state and federal income taxes).
There will come a time where everyone will need to be independent and do things on their own, so learning financial literacy now is beyond helpful. I learned so much helpful information about taxes, credit cards, bank statements and insurance… but I think the most helpful thing I learned was about saving and budgeting. I think a lot of people make at least some effort to save money, but they do not always make monthly budgets for themselves. I think it is so important to know how much money you have to spend so you don’t overspend on things you don’t need.