PSECU Asks You: What Should High School Students Know About Money?

From
studying for classes and playing sports to working part-time jobs, high school
students have a lot on their plates. On top of these and other commitments,
many students are preparing to head to college after they graduate from high
school.

If
you have a high school-aged child who wants to go to college, you may want to
know how you can help them prepare financially or what money management lessons
you should teach them before they go.

We
held a Financial Reality Fair at Harrisburg Academy and asked school staff
members a few questions about what high school students should know when it
comes to managing money.

Important Things for Students to Know

We
received great responses from our participants regarding what high school
students should know about money management.

  • They have agency,
    or control

    While money management concepts
    may be new to high school students, it’s important for them to know that they
    have control over how they manage their finances. They have the power to learn
    about money, develop healthy habits, and prepare themselves for financial
    success.

  • Money is finite

    When you begin managing your money, it can be easy to forget that it’s not
    infinite. Making sure you have enough to cover expenses and understanding how
    to prioritize purchases are important skills for high school students to learn.

What You Wish You Knew

There
were some similar trends involving what individuals wished they had known when
they were in high school and preparing for college.

The
most common theme was understanding how much things cost. Too often, high
school students head to college and beyond without ever being exposed to how
much things actually cost. From big bills like rent and car payments to smaller
expenses like meals out and haircuts, many students are surprised when they face
these expenses for the first time.

Making Learning Fun

It’s
clear that it’s important for high school students to learn about money, but
how do you make it fun? Our participants encouraged us to make interactive
events, like Financial Reality Fairs, and activities that give students
hands-on experience, available to high school students so they have an
opportunity to learn in a way that’s fun for them.

This
is true at home, too. If you have a high school-aged student, focus on making
learning engaging and entertaining so that the lessons stick with them and they
walk away with an experience they’ll remember. While you may not be able to
teach them all about money management in a short period of time, you may spark
an interest that’ll lead them to research and learn more on their own. 

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.