What Our Kids Need to Know Series - FINANCIAL LITERACY

In my previous post, I talked about my daughter who
attends a charter school. The school is in session year
round with August, December and April off for vacation.
One of the aspects of the school that I love the most is that
every trimester of every high school year, the students have
a course called financial literacy.

In this class they learn how to balance a checkbook, how
interest is calculated, how the stock market works, how to
create and stick to a budget, how to determine if a sale is a
good deal, how to use a spreadsheet to track spending, how
to search for and obtain grants for college, and my personal
favorite, how to buy a car.

When the students are in their junior year, right around
the time many are getting their driver’s license, they have a
field trip to a local car dealer. There they learn the dos and
don’ts of buying a car. How car salesmen position
themselves to get a sale, how cars are priced, how to know
if you are paying too much, sales tactics, buying tactics,
etc.

My question is: why don’t all schools have such courses?
Where we live, they don’t. I checked. I visited. I talked to
administrators and school board members. In this day and
age, where credit card debt is on the rise and delayed
gratification seems to be an idea whose time has passed,
why are schools not doing more to help the next generation
succeed financially? Financial literacy courses should be
started in grade school.

If your children’s school does not teach financial literacy,
you can teach it at home. Even if it is offered in your local
schools, you can also supplement what they are learning.

Here are a few resource that I found that will get you
started.

http://www.consumerfinance.gov/money-as-you-grow/ -
Activities and conversation starters to help children develop
money skills.
http://www.themint.org/ - Basic information about
starting a business, earning money, spending it wisely and
saving and investing.
https://www.practicalmoneyskills.com/personalfinance/
lifeevents/parenting/educate.php - Age appropriate
activities to help kids become skilled in money
management.