Friday, September 10, 2021

Why including Financial Literacy is vital for students

By Dean Graziano

As a result of an ever-changing global economy, schools and businesses have a stake in preparing students for a post-secondary career path. Simply put, businesses need a workforce that is knowledgeable and prepared!  No longer can schools or businesses remain in separate silos. It is time to think outside the box and break traditional notions that a school is four walls-it is not that way anymore! A great emphasis on employability skills built on a strong foundation of financial literacy (a major focus of our program) are the key components towards success.

Many people ask, “How can we cure poverty?”  What if we start with a different statement and ask a different question?  Poverty is truly the natural state of humankind.  No one can reasonably rise above subsistence level without an ability to trade for goods and services.  Instead, we ask, “How do we create wealth?” and respond by educating teens and their families on the universal principles of financial literacy (please review our video, Financial Literacy. No one escapes poverty without income and savings, so we teach how jobs are created (the entrepreneurial mindset) and basic money skills through deferred gratification. 

Utilizing our Financial Literacy video empowers students to demonstrate mastery of the competencies and employability skills necessary for career readiness, with a further understanding that financial literacy leads to greater personal and economic freedom.

Engage-to bring to light an awareness of employability skills, including but not limited to a strong financial literacy foundation (budgeting, importance of saving, deferred gratification, etc.), cover letter and resume preparation, mock interviews with critique from work-based learning partners, and basic introduction to a particular job or career, thereby piquing interest while providing coursework and/or skills necessary.

Educate-allowing students to build a deeper knowledge to the importance of financial literacy, some “hands-on” learning, advancing skills/competencies in the area for which the student has identified interest; and

Empower-students receive the competencies and employability skills necessary for a post-secondary path-wherever they choose.

A summary of key strategic advantages of a foundation in financial literacy include, but are not limited to, the following:

  • More experienced incoming employees (post-secondary students)
  • Community-wide involvement which underscores an investment back to the community
  • Provides greater flexibility to customize and contribute to student learning
  • Makes a difference in the lives of many
  • Enables improved business practices & creates positive employee advantages
  • Life-long employability skills applicable anywhere