Start Financial Literacy Education Early to Avoid Problems Later in Life
It’s the best time for parents to have a positive impact, since children learn from watching and listening to their role models.
Column distributed by Hearst Connecticut Media Group.
Links to resources referenced:
- 2024 Survey of the States
- https://www.councilforeconed.org/policy-advocacy/survey-of-the-states/
- Related column excerpts:
- “Efforts are improving on the national front for youth financial literacy, which I applaud. The Council for Economic Education’s 2024 Survey of the States reported that 35 states now require students to take a course in personal finance to graduate (an increase of 12 states from 2022), with 28 states requiring a course in economics.”
- T. Rowe Price 14th Annual Parents, Kids & Money Survey
- https://www.moneyconfidentkids.com/content/dam/mck/news-and-research/14th-Annual-Parents-Kids-Money-Report-Full-Results.pdf
- Related column excerpt:
- “Outside education efforts are helpful but not as meaningful as the home. Survey data tells us that the vast majority of children from ages 8 to 14 rely on their parents as the top source for advice about money (T. Rowe Price 14th Annual Parents, Kids and Money Survey). T. Rowe Price is a global investment management firm.”
- Money as You Grow: Help for Parents and Caregivers
- https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/
- Related column excerpt:
- “The Consumer Financial Protection Bureau website offers Money as You Grow, which is broken down into sections for young children, school-age children to preteens, and teens to young adults. It also has the Money as You Go Bookshelf, which lists books for ages 4-10 and offers parent reading guides to help get the most interaction out of each book.”
- Related column excerpt:
- Money Confident Kids
- https://www.moneyconfidentkids.com/us/en.html
- Related column excerpt:
- “T. Rowe Price’s Money Confident Kids website provides five simple financial lessons aimed at middle school and high school kids. Lessons cover goal-setting, decision-making, money and inflation, asset allocation and diversification. Guides, lesson plans and activities are available for free on the website.”
- Related column excerpt:
- Money Smart for Young People
- https://www.fdic.gov/consumer-resource-center/money-smart-young-people#prek-2
- Related column excerpt:
- “The Federal Deposit Insurance Corp.’s Money Smart for Young People features free resources for educators and guides for parents and caregivers. The resources are separated into four age-appropriate sections that span from pre-kindergarteners to high school seniors.”
- Related column excerpt:
- CSDE Financial Literacy Course Kit
- https://portal.ct.gov/-/media/sde/cte/coursekit_financialliteracy.pdf?rev=7b338ea5bc574f3bbc4a9d1e1fe03061&hash=130E8838334DCDCBB5B129E5EF6CC8A6
- Related column excerpt:
- “The Connecticut State Department of Education’s Financial Literacy Course Kit helps teachers prepare to teach financial literacy curriculum covering topics from behavioral economics and managing credit to paying for college and dealing with taxes. The kit also includes references to additional resources that schools and parents can access.”
- Related column excerpt:
- National Standards for Personal Financial Education
- https://www.councilforeconed.org/wp-content/uploads/2021/10/2021-National-Standards-for-Personal-Financial-Education.pdf
- Related column excerpt: