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this post was submitted on 19 Jul 2023
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Ask Lemmy
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Balancing a checkbook/bank account and understanding basic financial principles like compound interest.
Balance a checkbook?! Who even uses checks anymore... I bought a box once and have used maybe 3 over the last 10 years or so and definitely haven't used any in the last few years.
I balance my checking account by logging into the mobile app and looking at the balance lol
I think some gen x and boomers still do their checkbooks to see if it agrees with their online statement.
C'mon boomers and gen xers, it's the 90s! Get with the times and use quicken!
~~I think 'balancing your checkbook' nowadays means making financially sound decisions, not literally sitting there with an actual checkbook. I might be wrong though, I'm not a native English speaker.~~
Nevermind, I was wrong.
Accountant here.
Nobody needs to balance a checkbook. We have live access to our banking 24/7 with apps. And who even uses personal checks anymore? Maybe just for rent - if you have an old landlord. Even then, it’s one check a month.
But yes - having basic financial literacy is really important and should be part of any High School curriculum. It’s a little discouraging when we hire folks, tell them a 401k is part of their benefits and hear “what’s that mean?”