Should Schools Teach Life Skills Like Personal Finance? A Closer Look at What Belongs in Early Education

“Why don’t schools teach real-life skills like balancing a checkbook or doing your taxes?”
It’s a common complaint echoed by many who feel the education system overlooks practical knowledge in favor of abstract concepts. But this argument oversimplifies a deeper issue: the true purpose and limits of formal education.

In this article, we explore the question: Should we be teaching life skills in school instead of subjects like geometry or algebra? The answer isn’t as straightforward as you might think.

The Real Question: What Is the Role of Early Education?

Education is a system built around limited resources—chief among them, time. With only 6 to 8 hours of instruction per day in most U.S. schools, educators face a difficult task: using that time to help children become well-rounded, capable thinkers.

Why Schools Teach Abstract Subjects

Subjects like math, science, and language arts are often criticized for being “useless in real life.” But these subjects:

• Encourage critical thinking

• Lay the groundwork for specialized careers

• Provide structured exposure to concepts students don’t learn at home

Not every student will become a mathematician, but understanding math concepts contributes to logical thinking, which is applicable in nearly every profession and life situation.

Why Schools Don’t Focus on Life Skills

It’s not that life skills aren’t important—they absolutely are. But schools can’t be expected to teach every important life lesson, especially when many of them:

• Can be taught at home or through the community

• Require personal motivation to absorb and apply

• Don’t demand institutional instruction in the same way science labs or advanced math do

Personal Finance, Cooking, and Taxes: Whose Responsibility?

While useful, these topics often fall under the category of individual or community responsibility. They can be learned:

• From parents or mentors

• Through library books or online resources

• In after-school programs or workshops

Public libraries, online platforms, and community organizations offer countless free resources for financial literacy and personal development.

The Bigger Picture: Education Is a Shared Responsibility

Rather than asking schools to teach everything, we should ask:
How can we all contribute to education?

• Parents and guardians play a vital role in passing on life skills.

• Community leaders and organizations can offer targeted programs.

• Schools should continue focusing on foundational skills that are harder to access elsewhere.

In truth, everyone should be a teacher—sharing essential knowledge when the opportunity arises.

Final Thoughts: It’s Not Either/Or—It’s Both/And

The debate about what should be taught in schools is often framed as a zero-sum game: teach this, not that. But education isn’t about replacing one subject with another. It’s about finding balance and understanding that some skills belong in the classroom, while others belong in the home or community.

Join the Discussion

Do you think schools should prioritize life skills over academic subjects?
Share your thoughts in the comments or join the conversation at TheBusinessProfessor.com.