Patrick Dwyer Financial Advisor – Why Finance Should Be Taught in Schools

I was speaking with my friend last week, Patrick Dwyer financial advisor and a man who has made a formidable career in the world of finance. Patrick is one of my closest friends and he is one of the smartest people that I know, often helping a number of high profile clients in the Miami area. We got to talking about education both here in Miami and nationwide, and how there is a severe lack of education about finances in schools. Patrick makes a very compelling case as to why we need to help our young people more through education about finances and here are the key points which he made in relation to updating the way in which we educate our kids.

The Debt Crisis

There are a huge number of Americans who are in heavy debt which they are unable to manage and this can have terrible consequences on people with these issues. In most cases the reason as to why people get into such debt issues is because they are unable to manage their money and they are weak and susceptible when it comes to finance companies offering them credit on things like cards, cars and other purchases. When someone is in debt that they cannot pay off we have seen evidence that it increases their chances of depression and it can leave them feeling as though they have nowhere to turn. Educating kids on credit management could help to put an end to this.


There is a common statistic that is shared about more than half of businesses failing in the first 3 years and the majority of those that do fail, do so because of financial mismanagement. The problem here is that nobody is speaking to young mean and women about how to file their taxes or what they need to pay when they are in business. This lack of knowledge is something that they then take into the world of business and the consequence is very often poor management of funds or tax obligations, resulting in businesses being forced to close.

Best Deals

It is fair to say that there are many financial institutions that are highly unscrupulous and they prey on the weak or the uneducated in order to get them to sign up for loans and credit. If we as a society however are able to educate our young men and women on how to manage their money and how to spot a good or a bad deal, then we can help them to avoid these terrible arrangements that many enter in to. Most people don’t understand what interest rates or APR is and this means that they often sign up for terrible financial arrangements which will only hinder them in the long term.

We must push for a more financially aware society and that starts in the schools.

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