Is It Worth Saving Up For Your Kid To Get A Finance Degree?
One thing’s for sure, technology makes our lives easier. Yet in today’s age of automation, one drawback stands out. Experts predict that the US economy alone will lose 1.42 million jobs to automation by 2025.
If you’re saving up for your kid’s college education and are worried about their future career, you may be scrambling to think of future-proof paths they can take. Though technology is definitely one of them, it’s not the only option available. One choice to consider is finance. Money will always be important, and finance is one field that offers your kid the possibility of a successful and fulfilling career.
But why choose finance out of all the other future-proof career paths available? We list a few compelling reasons why it’s worth saving up for your kid to take a finance degree.
Your kid can learn important life skills
Since a finance degree is math-based, it can certainly strengthen your kid’s knowledge and capabilities in these areas. Yet it can teach them so much more. Finance involves a business aspect that’s universally relevant. This means that it’s not just enough for your kid to learn how to do math — they’ll have to generate valuable insights from their findings as well, which requires strong problem-solving abilities. More importantly, a finance degree can help enhance your kid’s financial literacy. Amid the ongoing financial literacy crisis in the US, this is one crucial life skill that your kids will be able to bring along with them into adulthood.
Finance professionals are in demand.
Finance professionals are highly sought after by countless organizations. The career of financial manager alone is growing at a rate much faster than average as compared to other occupations. Universities are stepping up to the plate as modern bachelor’s degrees in finance are developed with the help of leaders from the world’s top financial services and institutions. Some of these leaders teach in university finance departments or offer partnerships to give students experience in the industry before they even graduate. Many finance graduates thus get to land great jobs once they earn their degree and your kid will too.
Your kid can build a career in any industry
The same business aspect in finance mentioned above means that your kid doesn’t necessarily have to work in the finance industry, either. Every public and private organization needs sound finances to run, so your kid can work in whatever field they want. They can advise hospitals, energy companies, schools, and even individuals on how to manage, invest, or budget their funds. A finance degree can help their résumés stand out if they want to apply for jobs in HR or education. They can even build a career writing articles on finance geared toward individuals and businesses alike. In short, the possibilities are endless.
Finance is future-proof
Since finance is so integral to our daily lives, a lot of technological innovations focus on it. From exchanging physical cash, we began sending money by wire and developed debit cards, credit cards, and the ATM. Today, we can make payments online and even wirelessly through phones and smartwatches. There’s even cryptocurrency, which in some cases eliminates the need for fiat currency altogether. The burgeoning and constantly-evolving field of financial technology or fintech ultimately means that there’s always something to look forward to in finance. In this industry, your child can be sure that modern innovations like automation will never put them out of a job.
It’s understandable that you want your kid’s college fund to be put to good use. By saving up for a degree in finance, you’ll do more than just guarantee them a fruitful, stable and enjoyable career — you’ll be giving them the skills they need to be the best adult they can be.
Kelly Hawkins is a freelance writer who specializes in finance. She covers issues she believes are important to everyday Americans, with the goal of helping them gain a better understanding of how to be financially-savvy today.