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Letters | Why basic economics should be a core subject in school

  • Readers discuss a failing of the modern school curriculum, and the implications of Unesco’s new report on education

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At a time when many young adults take on debt at alarming rates without understanding what it means, a basic economics education is necessary. Photo: Shutterstock
Letters

The modern education system used in many countries focuses on five core subjects: maths, native language, science, history and a foreign language. Of these core subjects, the most importance is placed on maths and language classes, with the other classes supplementing the student’s maths or language abilities.

Particularly in anglophone countries, the dichotomy is represented in a question akin to the age-old “vanilla or chocolate?”, that is, whether one has a talent for maths or for English. This funnels all thinking through the lens of one’s own maths ability or English skills without regard for the life lessons and critical thinking needed for adult life.

If the purpose of the education system is to prepare the youth for their futures, then why aren’t young people taught basic civic responsibilities and the realities of adult life?

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Many children will exit the education system with advanced knowledge of calculus and Shakespeare, yet are unable to balance a bank account or understand taxes. Exactly why isn’t basic economics a core subject when adults use those same principles in everyday life? At a time when many young adults take on debt at alarming rates without understanding what that means, a basic economics education is necessary.

The benefits of a separate civics and economics class to round out the core subjects would be well represented in the financial health of the youngest generation. Among the youth there is a serious disconnect between the concept of money and how that affects them.

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No one explains why a percentage of their pay cheque is gone every week. No one explains why their banks give them interest payments every quarter. Children are prepared for a career in the sciences without being prepared for home ownership. Everyone deserves a background in financial literacy to begin adulthood and that responsibility lies with the school.
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