Teaching Your Kids about Money, Part 1

If you caught last week’s blogs you know the dilemma facing our youth, with financial literacy scores of high-school students averaging just 48.3%.Tackling this issue is on the forefront of agendas for many non-profit and financial institutions alike but as we noted last week, parents are the key to helping put our kids on track for a brighter financial future.

 

Possibly the most important thing we as parents can do to help is model sound financial behaviors ourselves but along with this we can teach them through discussion and practical experience.

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Parents, Teach Your Kids to be Financially Literate

Financial Literacy among young Americans has been a focus of the Jump$tart Coalition since its inception in 1995. The coalition consists of 49 affiliate state organizations. Jump$tart’s mission is improving the financial smarts of students. Each state can choose their own method of accomplishing the mission; some require high-school students to take a personal finance class before graduation, some incorporate fundamentals into existing course work and others make personal finance education available as an elective. With all the great work you’d think that students would fare better than the most recent Coalition’s 2008 survey. The results show that financial literacy of high school students has fallen to its lowest levels ever with a score of just 48.3 percent (http://bit.ly/cB8qGb). On the brighter side, college graduate scores are improving, averaging 64.8 but a majority of students do not graduate and are therefore not counted in this average. You may be asking yourself, so what’s the problem?

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