We talk a lot about teaching kids to manage their money on this site. In fact, most of the people we come in contact with know it’s important, but recently two pieces of media came to our attention.
The first is a study that was done by Champlain College’s Center for Financial Literacy. In it, eleven states scored an “F” on their efforts to produce financially literate high school graduates. Sixty percent of states scored a “C” or lower and only three require some type of financial literacy course in high school. You can find the entire report here.
We’ve been saying this for a long time, schools are not teaching kids the skills they need to know to manage money when they are out on their own. If the kids in our homes don’t learn it now, can a repeat of the 2007 financial crisis be far behind? The study proves that as parents if we don’t teach our own kids, they won’t learn elsewhere.
So, how much do you think teens actually know about managing money? That takes me to the second piece of media garnering attention. It is an infographic that was done by Online Accounting Degrees.
We understand that it can be difficult to know where to start and overwhelming to think of the process of teaching kids to manage money, so we’ve got a few resources of our own to help you out.
The first is our YouTube video series: Top 12 Money Mistakes. It is completely free and walks you through avoiding the most common mistakes we see parents making.
The second is our book: “Investing in Your 401k Kid: From Zero to Little Financial Genius in Five Easy Steps.” It is available here on our website or as an e-book on Amazon.
To make sure you get a copy, please sign up here.
Oh, and because I love a good infographic, I included it here!