Suffolk County Accounting Firm Diapoules & Feinstein, CPAs P.C., Responds to the UK’s New Rule that All Students Must Study Personal Finance

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Bold new legislation is making personal finance a required subject in all UK schools, prompting some to campaign for similar mandates in the States. Suffolk county accounting firm Diapoules & Feinstein, CPAs P.C., issues a comment in response to the question of introducing students to the realm of personal finance.

On March 13, Long Island CPA firm Diapoules & Feinstein, CPAs P.C., issues a response to an article from Time Magazine on a new rule in the UK that is requiring all students to study personal finance.

The federal mandate will be initiated in the UK, reports the article. Some groups are fighting for a similar mandate to be implemented in the U.S.; however, “there is a lot of conflicting data as to what kind of lessons actually work.”

There have already been some attempts to establish obligatory personal finance courses in some states, according to the article – in fact, a few states in the U.S. have already moved ahead and implemented the requirement. “Virginia, Missouri, Utah and Tennessee require a stand-alone personal finance course in high school. Others require economics or personal finance as a part of other subjects,” reports Time.

The article quotes Annamaria Lusardi, professor of economics and accountancy at the George Washington School of Business. Lusardi said that there are a few reasons that a personal finance course should be mandated. First of all, learning about finance the hard way is too costly. “It is important to become financially literate before engaging in financial contracts, as opposed to learning from mistakes,” she said. Secondly, learning the science of personal finance is not that hard, and is best presented in a classroom setting. Lastly, Lusardi said that some people don’t get a chance to learn about finances from their families, which as of now is the norm in the U.S. Everyone deserves a chance to become financially literate, she believes.

Jim Diapoules of Diapoules & Feinstein, CPAs P.C., responds to the article. “Whether requiring students to study personal finance can help the lift the general public’s financial ID we really can’t say but it can’t hurt. We know that a good number of people did some very dumb things and if you think that none of them were educated you would be mistaken. People have to become more financial savvy and if that is from taking a few courses then so be it.”

Diapoules & Feinstein have been providing accounting, auditing and tax services to the Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.

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