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Many young people lack understanding of personal finance management after high school due to lack of experience and limited education in schools. Parents and schools need to take responsibility to teach financial skills like earning, budgeting, saving and expenses to prepare youth for independent life.

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Bình Minh Nguyễn Ngọc
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21 views

Essay 2

Many young people lack understanding of personal finance management after high school due to lack of experience and limited education in schools. Parents and schools need to take responsibility to teach financial skills like earning, budgeting, saving and expenses to prepare youth for independent life.

Uploaded by

Bình Minh Nguyễn Ngọc
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Nowadays young people lack an understanding of how to manage

their finances after they finish high school. Explain why they do not
know how to manage money and how this can be changed.
Many young people are leaving school without a basic and vital
understanding of how personal finances ought to be managed in the adult
world. This lack of knowledge is due to a lack of life experience and
limited education which can be solved in two simple ways.
One main reason why so many young people are unable to manage their
own finances upon finishing high school is that they have been living with
their parents for free. As a result, they have never needed to earn a salary
or save their money in order to pay bills. Another cause is that schools do
not factor personal financial management into their curriculum.
Schools focus instead on classic subjects, such as maths, geography, history
and languages, which means important life skills are not being taught. Both
teachers and parents are failing to prepare young people for the real
world.
There are two options for solving young people's inability to manage
personal finances. Firstly, parents should spend time with their children
teaching them how money is earned, budgeted and used for either
savings or expenses. One simple step could be for parents to start by
teaching young children how to manage their pocket money and, as their
child grows up, expand into more serious household expenses. Secondly,
schools should incorporate life skills into their curriculum for final year
students. In this way, children will be able to learn in a supportive
environment how their finances need to be budgeted and managed to
avoid debt problems later in life.
In conclusion, young people lack financial management skills due to the
negligence of parents and schools, which can only be solved if both take
more responsibility for equipping school leavers with the right skills.

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