Hi Everyone!
This is the start of a new endeavor to promote financial literacy among kids (and parents).
Calling on all Finance Professionals (CPA's, CFA's, CFP's, Investment Advisors etc.) as well as educators and parents to share insights, give tips and recommendations on how to give our kids a better understanding of all things related to money and personal finance.
Currently, there are only three States (Utah, Missouri, Tennessee) that require at least a one-semester course devoted to personal finance in order to graduate High School. California and 28 other states have no state requirements whatsoever. A very sad state of affairs...
Then again, with a debt load of over $12 trillion and ongoing fiscal budget deficits with no end in sight, we are best served not to look to the US government in terms establishing sensible educational standards. It is also not in the best interest of the major financial institutions, credit card companies topping that list, to have customers who really understand personal finance and are financially responsible. Instead, they prefer the easy prey of naive and financially unaware teenagers for some of their best profit margins.
The trend of an over-indebted society can obviously not continue. First signs of that have begun to emerge with the onset of the Great Recession in 2008.
I see the only realistic chance in getting things back in order and enjoying sustainable long-term growth and sustainable finance via an educated and financially savvy youth. After all, it is our children we will depend upon to fund our retirement one day.
This site is devoted to promoting financial literacy among kids and also serves as a sounding board for programs, projects, tools, resources. We welcome an open discussion and are looking for contributors to share insights and information. The site works in conjunction with a LinkedIn Group - Money 101 which is actively looking for group members who can help spread the word and promote financial literacy.
For questions, comments and suggestions, please feel free to use the commentary section or email: clemens.kownatzki@fxistrategies.com
2 comments:
what a great idea. I have an 8yr old and as a single parent, I'm zealous about making sure that she is equipped to put herself in a better financial position by the time she's ready to manage her businesses/ career. One thing we practice is we try not to use the word "expensive." Instead, we'll say something like, "Maybe we can get a better price" or "It's not the right time for us to get that." Language, which is easy, free yet so influential, is a great way to start teaching concepts to kids. It helps her (and me!) to be mindful of how we interpret the financial landscape. Thanks for taking this on, Clemens.
Thanks Mahal
Looking forward to hearing more about the money conversations you have with your child.
Post a Comment