More state schools are demanding financial literacy courses
20 August, 2011 - 01:02
Soon, Virginia high school studentscould have to pass muster when it comes to financial literacy. USA Today reports that new freshmen at Virginia high educational institutions will be required to take classes that give a firm grounding in key concepts of financial literacy and money management. This makes Virginia one of the few states - along with Missouri, Utah and TN - that currently require targeted financial literacy coursework. Source for this article:
More state educational institutions are demanding financial literacy courses
Next era needs a fiscalwake-up call
As money management gurus have been saying for the past few years, Americans need a solid understanding of core financial literacy concepts to keep away from a life of bad money decisions and runaway charge card debt. Large community groups like the Boys & Girls Clubs of America and corporate outreach organizations like the Charles Schwab Foundation have created programs for instance “Money Matters: Make it Count” for younger kids. That program has brought financial literacy lessons to more than 245,000 kids since its 2004 debut, according to foundation President Carrie Schwab-Pomerantz.
"We feel that if you can get kids on the right track at an early age, they're more likely going to be financially successful adults," said Schwab-Pomerantz.
A financial institution account is something we all should have, yet more 16-18 year olds have computers, cellphones, and iPods than bank accounts. Purchasing tech gadgets on credit is a road to lifelong debt if young consumers fail to understand how such things as compound interest can work against them.
University studies on finances
There's a huge issue when financial literacy supports say that it’s too late to teach a student the financial basics once they're in college. Chaplain College in Burlington, Vt., now needs a financial literacy class to be taken as part of the general education requirements. John Pelletier, the head of the college's Center for Financial Literacy, claims that if students cut this class they can’t register for another.
Learned recession behavior
Studies show that since the recession, individuals have been less likely to be educated on money management and additional risky with their money. A lot of students dropped classes, postponed health care and used one credit card to pay off another, a chain of behavior that has continued.
Ted Beck of the National Endowment for Financial Education said that the “rules of the game” when it comes to personal finance and careers have changed. Discover a job with a good benefits plan and pension is hard right now. Actually, finding a job period is difficult right now. Financial education is highly significant as the average student undergrad debt is around $23,000. Managing debt is highly significant.
Robert Kiyosaki's Cashflow game: Escaping the rat race
http://www.youtube.com/watch?v=SoqM9IM7JzE
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