Comments on: Financial Illiteracy: An Epidemic With A Simple Cure http://millionairemommynextdoor.com/2009/06/financial-illiteracy-an-epidemic-with-a-simple-cure/ A self-made millionaire shares her recipe for success, happiness and financial freedom Tue, 01 Nov 2011 04:19:01 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Marie http://millionairemommynextdoor.com/2009/06/financial-illiteracy-an-epidemic-with-a-simple-cure/comment-page-1/#comment-3882 Marie Sat, 23 Oct 2010 21:10:44 +0000 http://millionairemommynextdoor.com/?p=648#comment-3882 I just found your blog and noticed this article. Even though it is from last year, it is definitely still a great topic. Just yesterday, I completed some research on the topic of financial literacy. What I found on the schools teaching it was from an article in USA today from January 22, 2010. They stated that "The number of states requiring public high schools to offer a personal finance course rose from nine to 15 between 2007 and 2009, according to the Council for Economic Education. Thirteen states require a personal finance course for graduation, up from seven in 2007". I also found that the JumpStart Coalition for Personal Financial Literacy 2008 press release stated “n the Jump$tart Coalition’s biennial survey, funded by the Merrill Lynch Foundation, high school seniors correctly answered only 48.3 percent of the questions. This mean score is a decrease from those posted by the senior class of 2006, which correctly answered 52.4 percent of the questions”. You can see this at: http://www.jumpstart.org/04-09-2008-financial-literacy-declining-among-high-school-seniors.html?searched=2008+literacy+scores&advsearch=oneword&highlight=ajaxSearch_highlight+ajaxSearch_highlight1+ajaxSearch_highlight2+ajaxSearch_highlight3 Also, the website at http://www.telegraph.co.uk/finance/personalfinance/5939534/Kids-learn-spending-habits-from-parents.html reported on a University of Arizona study that “found that parents, work, and school financial education during adolescence predicted young adults' current financial learning, attitudes, and behaviours, with the role played by parents substantially greater than the role played by work experience and school financial education combined.” I do think schools should require some basic coursework in personal finance to graduate high-school, but what subject will we need to give up to get it? And how will we train the teachers to teach it? Parents and grandparents, along with the rest of the extended family must take a key role. I am planning to experiment with a 'Grandma Money Camp” this year when I go to babysit my 2 grandchildren for a week. I will research and plot learning activities appropriate to their ages, run my plans by the parents, and then intersperse the learning activities with good old-fashioned grandma time! I just found your blog and noticed this article. Even though it is from last year, it is definitely still a great topic.

Just yesterday, I completed some research on the topic of financial literacy. What I found on the schools teaching it was from an article in USA today from January 22, 2010. They stated that “The number of states requiring public high schools to offer a personal finance course rose from nine to 15 between 2007 and 2009, according to the Council for Economic Education. Thirteen states require a personal finance course for graduation, up from seven in 2007″.

I also found that the JumpStart Coalition for Personal Financial Literacy 2008 press release stated “n the Jump$tart Coalition’s biennial survey, funded by the Merrill Lynch Foundation, high school seniors correctly answered only 48.3 percent of the questions. This mean score is a decrease from those posted by the senior class of 2006, which correctly answered 52.4 percent of the questions”. You can see this at: http://www.jumpstart.org/04-09-2008-financial-literacy-declining-among-high-school-seniors.html?searched=2008+literacy+scores&advsearch=oneword&highlight=ajaxSearch_highlight+ajaxSearch_highlight1+ajaxSearch_highlight2+ajaxSearch_highlight3

Also, the website at http://www.telegraph.co.uk/finance/personalfinance/5939534/Kids-learn-spending-habits-from-parents.html reported on a University of Arizona study that “found that parents, work, and school financial education during adolescence predicted young adults’ current financial learning, attitudes, and behaviours, with the role played by parents substantially greater than the role played by work experience and school financial education combined.”

I do think schools should require some basic coursework in personal finance to graduate high-school, but what subject will we need to give up to get it? And how will we train the teachers to teach it?

Parents and grandparents, along with the rest of the extended family must take a key role. I am planning to experiment with a ‘Grandma Money Camp” this year when I go to babysit my 2 grandchildren for a week. I will research and plot learning activities appropriate to their ages, run my plans by the parents, and then intersperse the learning activities with good old-fashioned grandma time!

]]> By: Jan http://millionairemommynextdoor.com/2009/06/financial-illiteracy-an-epidemic-with-a-simple-cure/comment-page-1/#comment-2155 Jan Fri, 07 Aug 2009 16:16:39 +0000 http://millionairemommynextdoor.com/?p=648#comment-2155 Warren Buffett to the rescue: http://www.huffingtonpost.com/2009/07/24/warren-buffetts-cartoon-t_n_244281.html Warren Buffett to the rescue:
http://www.huffingtonpost.com/2009/07/24/warren-buffetts-cartoon-t_n_244281.html

]]> By: littlebigperson http://millionairemommynextdoor.com/2009/06/financial-illiteracy-an-epidemic-with-a-simple-cure/comment-page-1/#comment-2121 littlebigperson Thu, 30 Jul 2009 19:28:45 +0000 http://millionairemommynextdoor.com/?p=648#comment-2121 I never had a formal class on finance in school but I do recall some projects that were created to teach us about money and how to use it and how far it goes. We had to create a week of meals, using the products found in the weekly grocery circulars with a set amount of money. That project taught me many things; a. you can get by on much less if you eat ramen noodles three times a day, b. you really don't want to eat ramen noodles three times a day and c. that if you plan and keep your eyes open, you can make your money go farther. Very good lesson. I wish we had done some projects on getting married, trusting the opposite sex, not trusting salespeople and many other pitfalls I've fallen into since then. I never had a formal class on finance in school but I do recall some projects that were created to teach us about money and how to use it and how far it goes. We had to create a week of meals, using the products found in the weekly grocery circulars with a set amount of money. That project taught me many things; a. you can get by on much less if you eat ramen noodles three times a day, b. you really don’t want to eat ramen noodles three times a day and c. that if you plan and keep your eyes open, you can make your money go farther.

Very good lesson. I wish we had done some projects on getting married, trusting the opposite sex, not trusting salespeople and many other pitfalls I’ve fallen into since then.

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