Tuesday, June 5, 2007

Financial Education in our Schools! We need it!

My Credit Group recently posted in support of adding a financial education requirement to our high school curriculum. It's a great read and here are my comments on the topic:

I’m right there with you. In fact, one of my long term goals is to start a non-profit with a mission of getting financial education into the curriculum. In the mean time, I’m in the progress of signing up to volunteer with a local non-profit which offers free financial literacy classes to children and teens. These people are our future. They need to learn how to balance a budget better than the current people running our country! :-)

Regarding Flexo’s point about what should be removed, I don’t think anything should be removed, this should just be added. In my school I had to take about 12 elective classes to get enough credits to graduate. So…make it 11 electives and make financial management a requirement. Nothing gets dropped and a great skill gets added. I’d also argue that the kids going to college need it just as much, if not more than ones not going to college because on campus they’re stopped every 10 feet and given a credit card and free t-shirt.

I meet with clients all the time who are 10 years out of school and *still* paying off that 2 am pizza craving.

Thanks for a great post!

3 comments:

Brett McKay said...

My state (Oklahoma) just passed a bill requiring students in grades 7-12 to receive personal finance curriculum. All graduating seniors after 2009 will have to have had classes in personal finances. For a state that lags the nation in education, I was happy to see my state take a lead teaching our young people about money.

lastAutumn said...

It's very important that the students know how to use credit cards and in what cases. A survey showed that 40% of teenagers believe you should return the money you get with a credit card. It's terrible!!! I've read a good article on credit education and believe it is of utter importance.

Lee B said...

High School financial education is a reality in Missouri as well. Its really interesting to watch students as the begin to realize just how much that new cell phone or car stereo will really cost them if they only pay the minimum required amount each month when the credit card bill arrives. Even harder to get across is the impact of late payments on their credit rating.