Teaching young people how to manage their finances enables them to make informed decisions about saving, investing, using credit, and planning for the future, writes José Cruz Torres.
Recently, the state of California passed a law requiring a financial literacy course in public schools as a graduation requirement. This measure, praised by many, aims to equip students with essential personal finance skills, which are crucial in today's world.
In Puerto Rico, we should seriously consider implementing a similar initiative, which would not only benefit our youth but also contribute to the island’s economic development.
Financial literacy is a fundamental pillar for both individual and collective economic well-being. Teaching young people how to manage their finances enables them to make informed decisions about saving, investing, using credit, and planning for the future. This, in turn, fosters a stronger and more resilient economy, as a financially educated population is less likely to fall into debt cycles and more capable of contributing to sustainable economic growth.
Puerto Rico's economic reality presents unique challenges. With significant public debt, a prevalent poverty rate, and an economy struggling to recover from multiple crises, it is crucial that our citizens are well-equipped to manage their financial resources.
Early financial education can be a powerful tool to empower our youth and, consequently, strengthen our economy in the long term.
Understandably, we do not want to overload our public education system, which already faces numerous challenges. However, we must find ways to integrate practical skills training into the school curriculum or as a supplement through extracurricular programs. This includes financial literacy and other essential skills such as technology and workforce preparation.
In the Bright Stars program at the high school level, Fundación Kinesis incorporates such training into the development of young people as future university students and successful professionals. We invite legislators, educators, and community leaders to consider creating spaces where students can acquire these practical skills.
Providing opportunities for our youth to learn about personal finance, entrepreneurship, and other real-world skills can have a significant impact on their lives and the future of our island.
Reflecting on the success of these initiatives elsewhere, we can take inspiration and adapt solutions that meet our needs and capacities. A joint effort in this direction can result in a better-prepared youth and a more dynamic and healthy economy.
Let us seize this opportunity to engage in dialogue and find ways to integrate financial education and other practical skills into our educational ecosystem. Investing in the education of our youth is investing in Puerto Rico’s future, ensuring a path toward sustainable and prosperous development for all.
