Parents have enough to worry about these days. Finding balance between work and family life obligations is a major challenge. Managing personal finances with a growing family also presents additional obstacles during the financial life planning process. Sometimes it is hard to fit basic financial education into the family agenda.
One thing is becoming more and more clear regarding the topic of financial literacy. If you want your children to learn about managing money you cannot rely on the public school system in America to get the job done. Home schooling your kids on money matters is the best way to make sure they learn important life lessons about money. This does not mean that you keep them out of the school system. Just do not rely on the public school system and increasing financial literacy awareness to get the job done.
A recent back-to-school cardholder survey from Visa revealed that:
• Only 5% of adults learned about the vital life skill of money management in elementary or high school.
• Less than half of people (48%) learned about money management from their parents, while 41% were self-taught or learned the hard way.
• 91% of respondents said they supported requiring financial education be taught in every high school in the country. Currently just fifteen states have some sort of financial education requirement for high school students.
While it is important for more schools to embrace financial literacy programs, the best source of education is in the home. It is a telling sign that only 5% of adults surveyed learned basic money management in school. Do you think that has any relationship to our country's existing love affair with debt?
All parents and adults need to take the time to educate future generations about how to manage their money. For many already experiencing financial struggles, now may be the time to take control of their own financial future. During good and bad financial times children are watching and observing how parents and adults behave when it comes to money related matters.
Scott M. Spann, CFP(R), EA
scott@lifespanplanning.com
Source: Visa, Visa Back-To-School Survey Finds That Only 5% of Kids Learn Vital Life Skill of Money Management in Class, August 2007, http://www.practicalmoneyskills.com/english/presscenter/releases/081307.php
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment