| By Julielyn - Jul 15th, 2009 at 9:30 am EDT |
The fact that the entire country is having serious money troubles isn't news to anyone, particularly here in Michigan, where it could be argued we live at Ground Zero.
As to how we got in this mess, or who's to blame is a source for constant debate, but there's one thing we can all agree on, Michigan's children can always use more education on financial literacy, or the proper way to think about and use money.
According to a recent survey conducted by Capital One Financial Group, one-third of graduating high school seniors feel unprepared to manage their personal finances and only 27% say their parents are a primary resource for financial guidance.
In another survey released in May by the University of Arizona, nearly 73 percent of students surveyed have resorted to at least one "risky" financial behavior, such as maxing out credit card limits or not paying bills on time. Nearly one in five of those surveyed has used some extreme strategy for meeting day-to-day financial needs, such as taking out payday loans or using one credit card to pay another.
Regardless of how you cut it, our kids need better education on handling their money, something that in hindsight, we probably could all use.
Currently in the State House, Representative Joel Sheltrown has introduced a bill that require stricter mathematics curriculum that is chock full of financial literacy. According to MIRS News, a subscription-only news service, the bill focuses on sub-prime mortgages, credit card rates, and saving for retirement. For the Michigan JumpStart Coalition, it's music to their ears.
The Coalition is an organization comprised of educators, members of various financial institutions and non-profits, all dedicated to improving financial literacy for Michigan's students. Their site provides a bevy of tools for parents, educators, and elected officials alike, everything from a budget calculator to tips on teaching your kids how to save.
As someone who has never been very strong in math, I know that I could have absolutely used classes like these in my K-12 education, and that I probably would have been a better money manager for it. I would go as far to say that most of my peers would agree for themselves and now, as we get to that point in our life, our children as well.
Besides, when you look at the mess that our state and country is in, it seems that all of us, no matter where we work or what type of job we do, could use a better education in financial literacy. It may be too late for some of us, but there's no time like the present to make sure our children and future generations don't end up in a similar mess.
For Additional Financial Literacy Tools:
MyMoney.gov - the US Financial Literacy and Education Commission
Institute for Finacial Literacy
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