Teaching Children Personal Finance
Personal Finance Education
Over the years our children have been taught the same tired subjects. From grade 1 to 12 English , Math, History and Science. Yes, they are important but in this high paced technological world so are other topics. In the past few years computers and computer courses were added to keep in step with our demanding world and remain competitive.
Personal Finance and Financial Responsability should be added as a required course. They do have a High Shool Economics course available as an elective but that doesn't solve the problem for children that choose not to take it. Understanding economics is essential to becoming an informed and productive citizen that makes wise financial choices. Getting informed about budgeting, insurance, interest, savings and loans as well as about supply, demand and real cost makes us all better consumers.
If you've had the privilege of being around our youth lately and paid attention you've probably heard about the terrible financial state they find themselves in. As soon as they graduate they are bombarded with applications for credit cards without having a clue as to how to budget their finances. Lacking personal finance skills and not aware of financial responsibility they apply for everything that hits their mailbox in the form of credit. I don't think we should let our highschoolers and college students remain clueless about financial matters any longer. The hole they dig for themselves can be prevented through early education about money matters.
Teens today are all about making money. They want to know how to make it, and where to get it so they can spend it. Wouldn't it be great if we could empower them and teach them about sound financial decisions that will help them be smart with the money they make over a lifetime.
Personal Finance Covered Topics
1.Opening Bank Account , Banking Procedures , Balancing a Checkbook, Budgeting
2. ABC's of auto purchase and financing
3.Applying for credit cards and credit (secured and unsecured loans)
4.Benefits of Saving
6. Mortgage loans and rates
7. Student loans
Challenging our youth a bit more when it comes to financial matters and educating them benefits our childre , us as parents, and society as a whole. These are life skills. Personal Finance courses should be mandatory as part of the curriculum.
Some will say it should be a parents responsibility to teach their kids and to a certain degree I agree, except for the fact that not being taught themselves leaves alot of parents in the dark. The program to be successful needs to grow roots and the schools are the ideal place.