The Johnson family has struggled with finance and money for years, but this year is their best year ever. Mr. Johnson played and won the lottery. There were many winners and he thought he won only $1000, but he was pleasantly surprised to know his winning was $150,000 after fees and taxes. So many ideas were going through Mr. Johnson’s head. If only he had a better financial education. He would be able to confront the responsibilities and challenges of personal finance.
When the newspaper reporter asked Mr. Johnson how he would spend the money, he confessed that it was already spent on medical bills, credit cards and back rent. Mr. Johnson had the Covid-19 virus and racked up thousands of dollars in medical bills. Without work he had trouble keeping up with his rent and received an eviction notice.
His personal finance was shot. He did not have an emergency fund. The Johnson family is not unlike many American families today on skid row.
Schools must recognize their responsibility to students to deliver quality financial education. Today, the job is left to parents. Many parents working in the retail and restaurant industries work long irregular hours. Children are left to fend for themselves and the value of financial education is lost. Parents who do not have education themselves, fail to educate their children that money will determine the quality of life they live now and in the future. These challenges bare down on the family and society. It is the responsibility of schools to offer greater skills and education to our youth reducing the risks of poverty and deprivation in our communities and towns. Helping people set financial goals, offering greater opportunities, and explaining the risks of financial planning will lead to better neighbors, higher education, more skills to everyone.