In 2009 more than 92 million people living in U.S. gave themselves a grade of C, D, or F on their knowledge of personal finance, suggesting there is considerable room for improvement, according to the National Foundation for Credit Counseling, Inc. Just over 30% of adults reported that they have no savings.
Other studies have found that 57% of households in the U.S. don’t even have a budget. If these adults aren’t financially literate or have the time to learn the complexities of financial management.
How can we expect children to be prepared for a solid financial future?
As parents, we know it’s important to learn these fundamentals. One study by American Express found that 91% of parents surveyed say they are committed to instilling lessons of financial responsibility upon their children in 2010, with 62% giving their children a weekly allowance.
So, where is financial education failing today?
Some 64% of young adults believe financial fitness is more important than physical fitness, and the 51% believe that financial education in school, grades K-12, is more important than both physical education and sex education combined.
If it’s so important for students to learn these subjects in school along with science, math, history, and English, then why are they not getting the right education on everyday money matters to survive in the real-world?
Networks Financial Institute cited that the reason financial literacy is not being taught in the classroom is “the lack of time, lack of state curriculum requirements and lack of demand…according to teachers.” While these teachers may be smart in subjects they teach, finance may be an unfamiliar, daunting topic that many of them are uncomfortable teaching.
With schools unable to offer this critical education, it’s up to parents to give their teens the knowledge they need. But between working, managing their own financial plans and taking care of their children, not to mention all the other commitments they have, it can be challenging for parents to take the time to pass on good financial strategies and habits to their children.
With all these challenges, how can their children gain the assurance and confidence to be prepared for a successful financial future?
At Money MindEd, we believe it is important for everyone to know the fundamentals of good financial management. That’s why we are here to give you and your children the right tools and knowledge to be prepared.
Financial education doesn’t have to be complex. We have developed a young, fresh approach to financial literacy that is fun, interesting and most of all useful to students of any age. We take the pressure off parents and teachers by providing an easy-to-learn curriculum that can be taught in conjunction with other after-school programs.
We are giving schools, parents and students a financial advantage they can use in the real world, one that can be continued easily once the classroom lessons have finished. This advantage will help them face their college years and adulthood with confidence and assuredness.
Contact us today to learn more about how we can help with your teenager’s financial education.