KIDS MUST LEARN MORE THAN THE INTERNET
Delaware State News
By Jack Markell
October 26, 2001
Children today learn so many things - new technologies like the internet and cell phones as well as world affairs to name just a few.
Money management and financial literacy should be among the things our kids learn, but often they are not.
Last year, high school seniors scored an average of 52% - a failing grade - on a test of personal finance basics. About a third of seniors did not understand compound interest, and only 23% correctly said that stocks provide the best returns on an 18-year investment. These students, with big dreams, are not prepared for the future that awaits them.
The majority (62%) of these high school seniors said they want to be nurses, computer programmers, lawyers, doctors, teachers, or engineers. They want to be professionals, and hope to earn good money. Our children have ambition, but how can we prepare them for the financial skills they'll need to attain these goals?
Many factors can hamper a child's ability to realize their goals. Without knowing it, many parents are depriving their kids of knowledge as essential as the three R's.
Unfortunately, parents often pass on their bad financial habits to kids. Impulse shopping, too little savings and an inattention to retirement are examples.
These money management mistakes have long-lasting effects. College students who get in financial trouble may have to drop out of school, or they have trouble getting jobs with bad credit history. The anxiety can escalate to unfortunate levels. This lesson is clear: our young people need strong money skills.
Every parent wants financial success for their son or daughter. Parents can make a difference. They should devise budgets, take their children shopping and ask for their help in comparing prices, clipping coupons and evaluating the positives and negatives of purchases. Simple tools - like an old-fashioned piggy bank - do wonders for teaching your child about saving.
But there's more you can do. Register today for the first-ever "Money $marts: A Conference for Kids and Their Parents," that I will be hosting at the University of Delaware's Clayton Hall on November 10, 2001. Motivating bankers and teachers will lead interactive sessions with kids in grades 4, 5, 6, and 7 and their parents. This conference aims to help parents raise financially-aware children, and also engages kids in understanding savings, spending wisely, and goal-setting. This is a free conference for the whole family, but space is limited. To register, call 800-839-4975 or call (302) 323-3141 to request a conference flyer and registration form. Don't miss this exciting event to give your kids the skills to dream and succeed.
