The short answer is: Yes!
But, I think you already knew that.
But, why do they need to learn it and why in high school?
Here’s part 3 (of 5) of the long answer:
(Need to catch up? Here’s Part 1)
3. Less Likely to Use Government Help
Beginning to learn wise money management as a teenager will help our children be self-reliant in the long run and not be likely to use government assistance during their lifetime.
It is unconstitutional for the government to provide welfare assistance.
In April of 1977, President Ezra Taft Benson said, “Individuals, to the extent possible, should provide for their own needs. Where the individual is unable to care for himself, his family should assist. Where the family is not able to provide, the Church should render assistance, not the government. We accept the basic principle that ‘though the people support the government, the government should not support the people.’ Latter-day Saints should not receive unearned welfare assistance from local or national agencies. This includes food stamps.”
While help from family often leads to financial self-reliance, government assistance often leads to dependence and laziness.
In 1960, 18.3% of 25-34 year-old individuals in the United States lived with their parents. That number increased to 32% in 2023.
This increase in the number of adults living with their parents coincides with the increase in government assistance spending, which was approximately $58 billion in 1960 and increased to approximately $3.8 trillion in 2023.
I know there are many reasons for the increase in the number of adults living with their parents and I’m not saying adults living with their parents is a bad thing. What I am saying is that government assistance is not helping us or our economy to thrive.
According to the scriptures, it is important for young adults to leave their parents and live on their own. “Therefore shall a man leave his father and his mother” (Abraham 5:18).
Giving teenagers the opportunity to learn about and develop wise financial skills will help them be more prepared to move out on their own in a timely manner.
Being free to help ourselves and those around us can prevent some who might otherwise turn to government assistance, and support them in becoming self-reliant as well.
When individuals and families rely on themselves and their families, and not government assistance, the economy can grow, because there is less debt and more money being exchanged.
According to a research article entitled The Impact of the Welfare State on the American Economy, “The rapid growth in the American welfare state has been depressing the level of national output for some time.”
In other words, increased government spending damages the economy.
If more people, teenagers especially, learn how to be financially self-reliant, the economy can grow, because they will rely less on the government, which can lead to less government spending.
Teenagers need to learn how to become financially self-reliant, so they can help themselves and their families and communities throughout their lives.
Don’t know where to start to help your teen learn to manage money wisely? First they need to earn money. Sign up for The Teen Job Guide: 70+ Interest-Driven Jobs for Teens below.