Education about financial literacy is an important subject that helps students to handle money at school and in the professional world. Students who acquire this knowledge are different from those without because they can make sound financial decisions while avoiding common financial mistakes. The mistakes most people make while attempting to meet their financial needs are associated with a lack of financial literacy (Amagir et al., 2018). Therefore, this current work (study) will focus on the gaps that manifest in the schools regarding financial education, their impacts and how they can be solved.
Both the youth and the community as a whole enjoy the benefits of understanding and applying the principles of financial literacy. This principle gives the capability of making sound financial decisions. Teachings about this vital tool will help students become skillful and discrete when handling finances both in school and at home. A great future is created when students are equipped with the knowledge of financial literacy (Amagir et al., 2018). With a financial education in place, the first thing students shall do before gambling with their money is to recall the essential concepts of financial management they will have learned from school. The main ticket towards living a debt-free life is being knowledgeable about financial management and that can only be achieved through lessons taught in classes. Youths have always manifested confidence in the way they use money and in fact, most of them believe they are knowledgeable concerning the use of money. However, in real life, the youth struggle with planning their finances and that predisposes them to a life full of debts while they are still young (Amagir et al., 2018). This excessive confidence and state of awareness held by individuals are barriers that need to be cleared out through the use of financial education. There are different programs that a typical school should implement to help train and educate students on matters related to finance. However, most schools focus on programs that emphasize didactics that are practical and theory-based (Blue & Grootenboer, 2019). Most of these didactics are based on benefit plans, which do not fully cover the main concepts of financial literacy. Both students and members (principals, administrators, teachers, housekeepers, secretaries, police officers, guidance counselors, cafeteria workers) of the school, hold some level of misconception