Shannon Csapilla, a Wealth Management Client Associate at Merrill Lynch, is calling for increased emphasis on teaching children about taxes and personal finances at a younger age. With her extensive background in wealth management, Shannon believes that early financial education is essential for building long-term financial literacy and ensuring that the next generation is better prepared to navigate the complexities of personal finance.
"Currently, only 21 states in the U.S. require high school students to take a personal finance course, and that needs to change," says Csapilla, citing data from the Council for Economic Education. "We’re doing our kids a disservice by not preparing them with the financial skills they need for the real world, like understanding taxes, budgeting, and saving."
Shannon emphasizes the importance of teaching children about financial basics early on, including how to manage money, budget effectively, and understand how taxes work. She notes that young adults often face financial hurdles when they enter the workforce, primarily due to a lack of understanding of tax systems, savings plans, and credit management. According to a survey by the National Financial Educators Council, the lack of financial literacy cost Americans over $352 billion in 2022.
"Most people don’t learn how to manage their finances until they’ve already made mistakes or missed opportunities," Csapilla explains. "By starting financial education early, we can give kids the tools they need to make informed decisions throughout their lives, avoid debt traps, and feel more confident about managing their money."
Shannon is particularly passionate about the need for teaching children how taxes work. A recent study by Junior Achievement found that only 48% of teenagers know how income taxes work, and many are unprepared for the financial realities they will face as adults. Shannon believes that by integrating tax education into middle and high school curriculums, students will be better prepared to manage their earnings, understand deductions, and plan for their financial futures.
"Understanding taxes isn’t just for adults. We need to start teaching kids how the system works, so when they get their first paycheck, they’re not blindsided by deductions or confused about why their take-home pay is less than expected," Csapilla said. "Early financial education can make taxes seem less intimidating and help young people make smarter financial decisions from the start."
In addition to advocating for changes in the education system, Shannon plans to launch a series of workshops in Stamford aimed at teaching children and teens about personal finance and taxes. These workshops will cover topics such as budgeting, saving for the future, understanding taxes, and the basics of investing. The goal is to provide young people with a solid foundation in financial literacy before they enter adulthood.
"As a parent or educator, it’s never too early to start talking to kids about money," Csapilla says. "By teaching them these essential life skills, we can set them up for success and help them avoid common financial pitfalls."
Through her work at Merrill Lynch, Shannon continues to guide clients of all ages on their financial journeys, but her focus on early financial education reflects her commitment to building a more financially literate generation.
About Shannon Csapilla
Shannon Csapilla is a Wealth Management Client Associate at Merrill Lynch, where she specializes in financial planning, investment strategies, and wealth management. She is passionate about promoting financial literacy and advocates for early education on personal finance and taxes to help the next generation make informed financial decisions.
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Contact Person: Shannon Csapilla
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City: Stamford
State: Connecticut
Country: United States
Website: https://www.shannoncsapilla.com/
