I hear arguments for and against teaching money basics at school. Some parents believe that they should be teaching junior how to write a check. All fine and good… if that’s what was actually happening.
According to a survey by Charles Schwab, only 51% of teens know how to write a check. That means that 49% don’t (I understand, my hubby before marrying me had never written a check before). Only 34% know how to balance a check book (29% are in debt, coincidence? I don’t think so). 13% know what a 401k is.
Now, you’re thinking… I asked my daughter and she said that she knew all about this “stuff.” Yes, well, so did 63% of these same teens yet only 26% percent know how credit card interest and fees work. I’d assume that they don’t know. That’s the safer call.
How to teach a teen without them raising a fuss (putting on the iPod and stomping off)? My mentors (the neighbors with the Bernese Mountain Dog) would include me in their household finance discussions. I was intrigued because money was (and still is) one of those taboo topics (teens may be private about their own doings but can be quite nosy about others).
It must have taken a lot of guts on their part, to open up their financial life to a rocker kid in the madhouse next door. They took the chance that I'd tell most of our small town about their finances (I didn't because I figured it was a secret and I liked knowing something no one else did). But it made all the difference in my life. I went from knowing nothing (or worse, knowing incorrect things) to having a solid base in personal finance.
Comments (3)
This is so right on,Kimber. I actually just volunteered with Junior Achievement Biz town and had an amazing experience dealing with elementary students. We did work on balancing a checkbook and it was such a powerful experience conveying to those young ones that we can not spend what we don't have in our bank account. Something I think I still need to master.:)
Posted by octavia | December 6, 2007 12:56 PM
Posted on December 6, 2007 12:56
My high school offered a full-year class called "Independent Living" where students learned how to write checks, how to balance a check book, about credit cards and how to manage them, etc. That was along with stuff like how to plan and follow a grocery list, apply for a job, write a resume, and manage a household.
I wouldn't think a course like that would be out of line for most students, and I now know that it will prove more useful than many of the other classes they are forced to take.
Posted by NatalieMac | December 6, 2007 3:41 PM
Posted on December 6, 2007 15:41
We all fuss over our children not being conversant with basic pf issues.
My wife and I intend to spend time and effort on educating our 5 children on pf.
But reading your post, it suddenly struck me, exactly how would "we" have fared when we were their age. What if someone had judged us then?
I think, in fact, am sure, that I would have made a financial dunderhead.
This has made me feel a lot better now, and I think I will be a lot more patient and a lot less judgemental about my "maybe a little less financially dunderhead" children.
Posted by fathersez | December 7, 2007 9:54 PM
Posted on December 7, 2007 21:54