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Teaching our children personal finance in school

 
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HarMoney



Joined: 08 Jun 2012
Posts: 7
State or Province: Georgia

PostPosted: Fri Jun 08, 2012 7:51 am    Post subject: Teaching our children personal finance in school Reply with quote

Our lives as adults revolve around boring things like going to work, paying bills, taking care of the family, and chores. Remember when, we were debt-free, care free children? When we knew we wanted McDonald's and didn't think twice about what it cost our parents? Or wanted that new jacket and couldn't understand why they didn't want to buy it. As kids, most of us had no concept of personal finance and as we grow to be adults that can be a downfall.

Most of us don't have to deal with bills and credit until we hit college and by then if you don't know the basics you can end up in big trouble. With April being Financial Literacy month, HarMoney is an advocate of financial education in the schools. We may not be able to depend on our parents for this education because they may not know themselves.

Why not offer courses in debt management, credit counseling or even simple bill payments? This is valuable information that you will need for the rest of your life unlike algebra or geometry. In a survey conducted by the National Foundation for Credit Counseling and the Network Branded Prepaid Card Association, it was revealed there is a disturbing lack of basic financial skills, such as budgeting, saving, and money management. These skills are not taught so therefore never learned. Children graduate and turn into adults and have to figure things out for themselves.

According to the study, one-third of US adults (more than 77 million people) do not pay their bills on time.

Now in certain cases, we know better, but knowing better and doing better are two different things. HarMoney recommends parents get involved and find out what their children are learning in school about finances and try to fill that gap. Hopefully, generations to follow will pick up on the lack of knowledge and do something to make a change. How do you feel about this?

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Still in Love



Joined: 05 Sep 2006
Posts: 216
State or Province: California

PostPosted: Fri Jun 08, 2012 8:40 pm    Post subject: Reply with quote

schools already give this course. all of my children had it in high school economics... and one of my daughters was JROTC airforce, and they also gave the same classes on paying bills, credit cards and interest, and balancing bank books as well as making a budget...

Don't know what schools you have, but schools here in PA already give this.
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HarMoney



Joined: 08 Jun 2012
Posts: 7
State or Province: Georgia

PostPosted: Mon Jun 18, 2012 8:27 am    Post subject: Reply with quote

Still in Love wrote:
schools already give this course. all of my children had it in high school economics... and one of my daughters was JROTC airforce, and they also gave the same classes on paying bills, credit cards and interest, and balancing bank books as well as making a budget...

Don't know what schools you have, but schools here in PA already give this.


Great information, and you are absolutely correct! Some shools are teaching personal finance, whether it be in Economic classes, or an actual course strictly dedicated to these topics. However, the issue is that Fewer than half of states make high school students take an economics class, and just 13 require a personal finance class, according to a 2011 survey by the Council for Economic Education. In those 13 states, though, the payoff is clear: Students who had taken such courses were more likely to go on to save money and pay off a credit card bill in full each month, and less likely to be compulsive buyers, max out credit cards and make late payments.

It sounds like your children attend great schools with fantastic curriculums. Thank you for your post!
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