Dante Vitoria & Your Financial Future:
The Importance of Early Financial Education
With a significant number of adults lacking the necessary financial literacy to manage current expenses, early access to financial education may be the answer to avoiding future economic despair. By employing standardized financial testing and providing youth the opportunity to develop effective spending habits, individuals would be better prepared to manage future costs. Dante Michael Anthony Vitoria, Founder, and CEO of the Vitoria Group claims that establishing a comprehensive financial education plan would provide young adults the competency to effectively manage their expenses and avoid debt. Dante Vitoria recommends the following to consider when implementing financial education for younger students.
Standardized Early Financial Education
With young adults acquiring a significant amount of debt, they often lack the fundamental knowledge of how to effectively manage their expenses. According to Dante Michael Anthony Vitoria, implementing financial education as early as grade school may have a multitude of benefits. Elementary school students are receptive and lack-preconceived ideas on the subject, so exposing them to basic principles of finance would stimulate an open discussion and encourage them to ask further questions down the road. Likewise, incorporating financial education into elementary curriculums would not only benefit younger generations but teachers as well, as they would need to brush up on their financial literacy.
A Requirement to Graduate High School
While education can begin as early as elementary school, a proactive means to encourage financial literacy is to employ a mandatory finance course to graduate high school. According to recent statistics, only 17 states require high school students to complete a class in personal finance. Likewise, recent studies show that students who do not receive financial education are more likely to suffer from low credit scores and other long-term financial complications.
With many individuals transitioning to postsecondary education, it is imperative they understand the repercussions of the failure to make loan payments. As of 2018, the reported student loan debt has exceeded $1.4 trillion in the United States, with over 11% in delinquency. Taking the time to equip younger students with the necessary tools may save them years of financial struggle.
Take an Active Role in Your Child’s Education
Money can be a sensitive topic, but it is essential that parents begin open discussions early on. Parents often have the power to bring about change in their child’s curriculum but often fail to take on an active role in their financial education. Taking the time to talk about finances will encourage youth to ask questions and reflect on their spending habits early on.
With over 30 years of financial experience, Dante Michael Anthony Vitoria recognizes that early financial education should be an integral part of elementary and high school curriculums in the United States. Preparing young adults to manage their expenses and develop smart spending habits, will enable them to face future financial battles.
