Does school prepare children for the real world?

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Is the current education system preparing the upcoming generation for the future or is it passing down the norm that our parents were passed on to? That is, go to school, study hard and get good grades and you will find a high paying job with great benefits. But is this the case today? Does education ensure success in future? With the high rate of unemployment today due to downsizing, college graduates today earn less than what graduates in the 90’s used to earn. You can no longer rely on social security or company pensions for retirement. With the upcoming generation where all children are aspiring to finish school and become rich, the big question is how do you become rich without ending up with overdue taxes and debts?

Children are now involving themselves in co-curriculum activities as a way to earn a skill to fill their curriculum vitae. Parents need to take up the responsibilities of teaching their children what is not taught in school. Many youth today leave high school with their savings in either credit cards or in cash. Yet they have never had a course in money or how to invest it, let alone understand how compound interest works on the credit cards. Without financial literacy and the knowledge of how money works, children are not prepared to face the world that awaits them, a world in which spending is emphasized over savings, a world where no one will lend you money once you are at the verge of bankruptcy.

Having money to burn as a young employee, you will go to places where young people hang out and spend as if there is no tomorrow. Sometime later, you will decide to start a family of your own. The demand of money starts to increase as the mouths to feed and the bills to pay increase. The young couple gets trapped in the need of money and end up working for more hours in order to provide for the needs of the family. Some go back to school to increase their knowledge as they seek promotions. They end up in a cultural behavior where they advise their children that education is the only key to success. But the real reason why they are in that position is that they did not receive financial education. This is why there are rules of money that the rich play by and the rules that the other 95% of the population play by.

“Today we are facing global and technological changes greater than those faced before. No one has crystal ball, but one thing is for certain: changes lies ahead that are beyond our reality. Who knows what the future brings? But whatever happens we have two fundamental choices: play it safe or play it smart by preparing, getting educated and awakening your own and your children’s financial genius.” Sharon Lechter.