LA CROSSE,WI(WXOW)--Buying a home is one of the biggest investments most people will ever make and it shouldn't be done lightly. But how well are schools educating and preparing young people about that and other kinds of personal finance matters?
USA Today reports that only 13 states require personal finance classes in high school. Wisconsin is not one of them.
Some high schools in the area offer those classes on their own.
Rick Klein, a Business Education Teacher at Logan High School said the 'Personal Finance' class he teaches has only been offered for a few years now. Klein said he thinks not only parents--but students are already seeing the benefits this class will have on their financial futures.
That's thanks in part to their year long project. Seniors and juniors in Mr. Klein's class are working on a project that will teach them the basics of how to budget for a two person family for an entire year.
It involves everything from planning a wedding, to figuring out where they can afford to live. But, there's a twist--students must randomly draw their income and occupation. Some are teachers, while others may find they are unemployed.
"It's frustrating you know they might be sitting next to partners who are the doctor and the lawyer of the class who are making a little bit more money so there's frustration when they see the amount of money they have to spend on food," said Klein.
Klein said high school is a key time to teach children the basics about financial responsibility and maybe even prevent situations where families find themselves in debt, simply from a lack of knowledge on the topic.
USA Today also reports that 60% of 18-34 year-olds do not keep a budget.
