I’ve been sitting on this post for a while. I’ve gone back and forth about whether to publish it, but after a vacation and some time to reflect, I decided it’s worth sharing.
Hot take: No, I don’t think we need more financial education—at least not in the way most people imagine. Throwing energy at becoming financially literate may not produce the outcomes many people hope for.
Let’s Back Up
Where does this idea come from? Like you, I’ve heard many smart people say, “We need more financial literacy in high school.” And while it’s unlikely to do harm, I also don’t think it will move the needle nearly as much as they think.
What we really need is more education about how our economies function. People genuinely struggle with the concept of "where the money comes from" for things like social support. I also think pretty much everything has been politicized which isn’t helping.
But more than that, what would truly change people’s lives is more education in personal psychology.
The Finance Lens Isn’t Universal
Those of us in finance see money—and its potential—differently. We also get frustrated when others don’t share that lens. But that’s a topic for another post.
You want to put some more financial education in high school, eh? Have you spent time around high schoolers lately? I have a son entering high school and spend a lot of time with him and his friends. Let’s just say, information tends to go in one ear and out the other.
We’ve all taken classes we don’t use today: music, art history, phys ed, trigonometry, ancient history, and more. These might have led some to a specific career path, but for many, they were just boxes to check.
And yet, as adults, we actively seek out knowledge in areas that matter to us now—fitness, history, parenting, business. If someone had tried to show me those topics in high school, my eyes would’ve glazed over. Timing matters.
Simple, But Not Easy
There are some pretty basic principles to personal finance:
Spend less than you earn.
Save consistently over time.
Don’t do anything catastrophic.
That’s it. That’s the formula for being financially okay—not rich by 30, but stable enough to enjoy life.
Most people aren’t naturally interested in money, and that’s fine. They don’t need deep technical knowledge—they just need a few principles.
You can explain amortization, yield to maturity, or depreciation until you're blue in the face. But if someone doesn’t regularly apply these concepts, they’re not going to retain them.
Yes, people interact with money daily. But that doesn’t mean they interact with financial concepts daily.
A Case Study: Food
We teach food and nutrition throughout school. Kids learn about food groups and balanced diets. And yet… how’s that going for us?
Cue the arguments: BMI is flawed, the food pyramid was wrong, dairy is good/bad, keto is king. I get it. But the point remains: we’ve been educating kids about food for decades, and obesity is still a problem.
When I was in Japan recently, I noticed how the vast majority of people seemed to maintain a healthy weight. Is that because they’re better educated about food? I doubt it. Are the Japanese better at making on the spot decisions around their diet? Probably not.
It’s culture, norms, environment—not just knowledge.
The same is true for money.
And if you think finance experts could agree on what to teach in schools, I envy your optimism. Any curriculum would likely lean politically one way or another. Right or wrong, that’s how things work. This doesn’t even talk about our culture and norms around money here in North America. My opinion is that these would need to change in order to see a significant change in our knowledge around personal finances.
This Is a Skill Issue
I listen to personal finance podcasts. I’ve read the books. And I grew up in a home where we didn’t talk about money, so I bring a different perspective.
I’ve asked friends outside of finance some basic personal finance questions:
New car or 2–3-year-old car?
Big down payment—yes or no?
Should you run the numbers on rent vs buy?
Check earning potential before choosing a degree?
When is student loan debt too much?
Carry a credit card balance?
How much should you save?
Eat out vs cook at home?
How much do you need to retire?
Most people know the right answers. Maybe not perfect ones, but good enough to avoid disaster. And yet…
In the real world, we all rationalize:
"I work hard, I deserve this."
"I ran the numbers." (No, you didn’t.)
"Unexpected expenses came up."
"I was too tired to cook."
"Rich people are the reason I’m poor."
"It’s harder now than before."
We do what humans do: make decisions that feel good, then justify them afterward.
What We Really Need: Psychology
All is not lost. I think we can better equip our kids to make better decisions as adults. We don’t need more financial education. We need more psychology.
Most people lack a common language for understanding their own behavior. Why aren’t we teaching executive functions in school?
Most people can’t name more than a few, but they can recognize them:
The friend who’s deeply organized.
The colleague who can delay gratification.
The manager with poor self-awareness.
These functions are foundational across every area of life.
What Are Executive Functions?
Here’s a simple breakdown of core and higher-level executive functions:
Core Executive Functions
Inhibitory Control (Self-Control): Resisting temptations and distractions; thinking before acting.
Working Memory: Holding and manipulating information in mind (e.g., mental math or following instructions).
Cognitive Flexibility: Adapting to new rules, switching between tasks, or seeing things from new angles.
Higher-Order Executive Functions
Planning & Organization: Setting goals and managing time/resources.
Problem Solving: Analyzing situations and generating solutions.
Decision Making: Weighing pros and cons and choosing with intention.
Task Initiation & Follow-Through: Starting and completing tasks, even when they’re boring or hard.
Self-Monitoring: Evaluating your own performance and correcting mistakes.
Emotional Control: Managing emotions in goal-oriented settings.
Final Thoughts
Finance is just one slice of the pie.
Understanding our own psychology helps us far beyond money—it improves our health, our relationships, our work, and our ability to live a life we actually want.
Yes, these are productivity tools. But more importantly, they help us take ownership. We become active participants in our own lives instead of bystanders waiting for life to happen to us.
What do you think? I’d love to hear your perspective.
Thanks for reading,
Dean
I learned most of the basic lessons from playing Age of Empires! Having a job at an early age also kick started my interest in financial literacy. Adversity is a great teacher!