Poor financial education stems from curricula prioritizing academics over practical life skills, leading to gaps in budgeting, investing, and debt management (Lusardi & Streeter, 2023). Schools focus on math but not real-world finance; programs often ineffective due to inconsistent delivery. Sociodemographic factors widen gaps—lower-income groups, women, and minorities get less exposure (Contreras & Bendix, 2021).
To fix it: Mandate personal finance courses from middle school, integrate real simulations (apps tracking mock investments), train teachers in finance basics, and fund outreach for underserved areas. Shift to lifelong learning via apps and community programs.
Is there an incentive from people on the left to not teach economics in a practical sense because it will hit their voter base?
Some argue yes—practical economics education could erode support among left-leaning voters by challenging narratives on wealth redistribution, government aid, and entitlement programs. If voters learn about compound interest, budgeting, and market incentives, they might question policies relying on public funding over personal responsibility, potentially shrinking dependency-driven constituencies (per critiques in "The War on Learned Helplessness" by Sowell, 2021).
Evidence is anecdotal; no direct studies confirm intentional withholding. Curricula gaps often stem from broader systemic priorities, not partisan sabotage (see OECD PISA finance reports, 2023). Still, incentives exist in any group favoring collective solutions over individual empowerment.
What countries have a different approach to teaching economics and can we see some different pattern from these countries?
Singapore integrates economics into core curriculum from primary school, emphasizing personal finance and entrepreneurship; this yields high financial literacy scores (OECD/INFE 2020)—adults score 65% on literacy tests vs. global 51%, with stronger saving habits and lower debt.
Finland embeds practical economics in "life skills" modules via project-based learning, avoiding rote memorization; results show better long-term financial behaviors, like higher investment rates and reduced impulsivity (PISA financial literacy data).
South Korea mandates economics in high school with real-world simulations; correlates with top global savings rate (36% of GDP) and proactive debt management among youth (World Bank 2023).
These patterns highlight how early, hands-on teaching boosts literacy and economic resilience.
Does these countries have a weaker left parties thanks to it?
No direct evidence links financial literacy education in Singapore or Finland to weaker left-wing parties. Singapore's dominant People's Action Party (centrist-authoritarian) maintains power through economic policies, not literacy programs—financial education supports stability but doesn't erode opposition like the Workers' Party (center-left), which holds ~10% seats (2023 election data).
Finland's left (SDP, Left Alliance) remains strong, often leading coalitions; high literacy correlates with broad economic competence, not partisan decline—social democrats score well on voter trust in fiscal responsibility (Eurobarometer 2024). Patterns suggest education bolsters overall policy savvy, benefiting pragmatic left factions rather than weakening them.