Abstract

The majority of high schools around the country excel at providing an advanced education to their
students. There are numerous demanding topics available to kids in high school, & having the
opportunity to study different subjects in depth prepares pupils for future academic pursuits.
Additionally, high schools provide an excellent education that broadens each student's horizons. There is
no doubt that a combination of general and specialized education prepares students for life after
completing high school. However, there is ample evidence that high schools are still failing to adequately
prepare kids for the future. In today's environment, the average teenager exemplifies how parents
seldom challenge their kids to go above and beyond. In contrast to the past, where high school students
were expected to be self-sufficient, children nowadays are more prone to be coddled by their guardians.
Fewer high school students are required to work as well as provide for their own necessities.
Additionally, parents in this generation reward children too quickly and do not provide them enough
opportunities to acquire a feeling of responsibility. While life in high school might be a little more
forgiving as a result, students nowadays are forced to confront the repercussions as soon as they enroll
in college.

Introduction

We live in an era where it is becoming increasingly necessary to teach high school students and young
adults about financial responsibility. Indeed, the Federal Reserve reports that 40% of households in
America are unable to weather a $400 financial catastrophe. While few would argue that financial
education is critical for children to develop into economically prosperous adults, there is occasionally
disagreement over who should educate them these skills. Historically, financial literacy skills have
indeed been taught by parents in accordance with the family's ideals and resources. However, what
happens when parents lack the financial literacy expertise to impart to their children? This leaves the
duty of teaching financial management to high school students to the schools and learning institutions.
These are basic skills require by every student after completion of their studies. It has been tough for
students to leave on their own and have independent lives after completion of studies since they lack
crucial skills require in governing their lives (Julia, 1). A course should be introduced in high school and
made compulsory to each and every student which should entail teaching of insurance basics, personal
banking and money management to all students in the twelfth grade. Districts should ensure they set
aside funds and push the agenda of introducing financial studies in schools so as produce and raise a
generation with high skills and financial literacy.

Insurance Basics

Numerous studies have indicated that young individuals receive the majority of their financial education
from their parents or caretakers. Income and money management abilities are passed down through
generations. For people who battle with negative spending habits, this can be a particularly difficult
habit to change. Thus, understanding the origins of those fundamental financial ideals can benefit
anyone seeking to improve their monetary sustainability from an early age.

Due to their inexperience, many young adults as well as high school graduates grapple with managing
their own funds. These folks learn insurance basics the "hard way" through trial and error, which may
result in a damaged credit score and, of course, financial loss (Mandell, 163-183). Although it is
improbable, young adults and recent high school grads can seek financial assistance from a professional
insurance advisor, the most effective way to teach insurance is to incorporate the subject into the high
school curriculum. To graduate from high school, students must enroll in and obtain credit for particular
classes, such as English or Government (Peng et a., 265-284). These seminars benefit as well as prepare
students for future efforts, just as insurance basics classes do; however, high schools require this class.
Students and young people would be better equipped financially if personal insurance lessons were
compulsory as part of the high school diploma requirement.

Insurance is a contract, embodied in a policy, under which an individual or company obtains financial
protection or payment from an insurance firm in the event of a loss. The company pools its clients' risks
in order to make payments to the insured cheaper. Insurance plans are used to protect against the risk
of economic losses, large and little, resulting from harm to the insured or his property, or even from
liability for injury or damage to a third party (Tracy, 1). Each and every student needs to get equipped
with various basics about insurance so that they can get to know on how to protect each and every asset
they may be acquiring during their time after studies. Since most students will be involved in business
either directly or indirectly they need to be adequately equipped with business skills in which insurance
form a key component. Businesses require specialized insurance policies that protect them against the
dangers unique to their industry. For instance, a fast-food restaurant requires coverage for damage or
injury sustained when cooking using a deep fryer. While an automobile dealer is not exposed to this sort
of danger, they are required to carry insurance to cover any injury or damage that may occur on test
drives.

The primary issue with insurance is not whether or not somebody is protected; rather, it is a matter of
people lacking adequate education about the many types of insurance available and how to obtain
additional information. While financial education is widely studied in secondary education, it should be a
focus for institutions of higher education. Unless someone majors in business, finance, and accounting,
they may not realize the consequences of not knowing what really happens when they reach the age of
legal and property owning capability.

Among the lessons taught should be on how to identify risk and manage it. This will help the students in
accessing risks in certain fields that they are going to endeavor. Different types of insurance should be
another field where this course must emphasis. This is because most people are not aware of the type of
insurance they should have and the extent to which it covers and applies. Emphasis should also be put
on the advantages of being covered either by a health or a life insurance (Walstad et al., 336-357). They
should also be taught about the reasons as to why they should always insure their properties. A lot of
energy should be put across on advising them on the principle of pooling risk and the principles of
insurance including the principle of indemnity. To help facilitate this the government and districts have
to dedicate a lot of funds towards this motive and it should ensure they inform all the shareholders so
that it can be supported rom all perspectives and aspects.

Conclusion

It is the duty of all the shareholders to ensure that financial literacy is taught in twelfth grade of high
school as a strategy towards creating and bringing up a generation with high level of financial
management skills. This will help ensuring that after completion of studies, these students will be in a
position to handle and manage their finances, insure their assets and make use of the personal banking
services. The incorporation of this in the curriculum will ensure that those who fail to get financial advice
from their peers or learn inappropriate finance management from their peers will get a platform where
each and every one will get to learn since it will e mandatory.

References

Julia Kelbaugh, Are Schools Preparing Students for Life After High School? Sesquahok Courieer 2018
https://shscourier.com/29382/commentary/are-schools-preparing-students-for-life-after-high-school

Tracy East, Should Financial Education Be Taught In Schools? Cesi 2019

https://www.cesisolutions.org/2019/03/should-financial-education-be-taught-in-schools
Mandell, Lewis. "Financial literacy of high school students." Handbook of consumer finance research.
Springer, New York, NY, 2008. 163-183.

Peng, Tzu-Chin Martina, et al. "The impact of personal finance education delivered in high school and
college courses." Journal of family and economic issues 28.2 (2007): 265-284.

Walstad, William B., Ken Rebeck, and Richard A. MacDonald. "The effects of financial education on the
financial knowledge of high school students." Journal of consumer Affairs 44.2 (2010): 336-357.