In today’s school system, more students can solve calculus problems, write essays and study the history of past events — yet many leave school without knowing how to budget, how credit cards work or what taxes mean. 

Financial literacy is one of the most important life skills, but it is rarely taught in high school or college. There needs to be a change.

As many of us know, money plays a major role in nearly every aspect of our lives, yet many young people sometimes expect to learn how to manage their own finances.

Too many college students face the everyday struggles of student loans, credit card management and the rising cost of living on or off campus.

Financial literacy classes can help students bridge the gap between managing their finances in college and the real-world responsibilities they will face after they graduate.

There is a national study by the TIAA Institute that shows how most young adults can correctly answer half of the questions about financial literacy. 

This means that millions of students enter adulthood with little knowledge of budgeting, credit and how taxes work.

If we do not encourage young people to develop financial literacy, it could lead to long-term consequences, such as debt, low credit scores and ongoing stress about their financial stability.

If schools made financial literacy a core part of education, there would be many more opportunities for students to enter the workforce with the skills to make smarter decisions rather than repeat mistakes that could have a long-term impact.

There have been many times when we have needed guidance on how to save money and have a set amount to spend as we grow up and enter college life.

Financial literacy courses don’t have to be very difficult. Having this type of education during a single semester covering topics such as saving, budgeting, loans and investments can make a big difference in a student’s financial life.

These are not just lessons that students need — they’re skills that we all can take advantage of and use for the rest of our lives.

NEFE.org reports that requiring a financial education course can help lead students to better outcomes and teach them the main principles of financial literacy, such as saving and borrowing.

Knowing how to read a paycheck and build your credit score is something we are all working to improve as we get further into adulthood.

Universities can benefit from making financial literacy courses mandatory, as many students have student loans and may not understand the repayment terms and conditions.

I’m sure some of us wish we’d had financial planning early on so we could help prevent student loan debt and improve our credit scores.

Universities often focus on preparing students for their future careers, but financial literacy prepares them for the rest of their lives and professional careers.