It is striking to think that many of today's tweens cannot conceive of what many things cost in relation to how much money the family makes. I have started to hear about more youth programs popping up that have to do with budgeting and money management. This type of programming is potentially invaluable to many kids whose parents have neglected to educate them about smart money management. A program that even just covers the basics of a bank account could be a great library program for young adults, potentially helping them set up a budget for the things they buy for themselves. Having and managing a bank account is a great exercise in math skills, but more importantly in life skills. Giving youth certain things to be financially responsible for forces them to prioritize what they want. If a kid gets an allowance they have to find a way to save it up for something big or make it last to cover all the expenses they need it for. The program could cover how to keep a record of deposits and withdrawals along with lessons about interest so they might learn a little about saving and its benefits. If teenagers could leave high school with just that basic knowledge, it might go a long way towards improving upon the "need it now" culture that America has developed since the 1980s.
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Ricca,
ReplyDeleteNice summary of our class discussion and good library program suggestions. There are several books about finance for teens and tweens, which would make a good display in the spring around tax time:)
I'll never forget how my 7th grade math teacher Mr. Ray gave us all checkbooks at the beginning of the year and made us write checks once a month to pay for the utilities in the classroom, like lights and heat. He "deposited" money into our account for grades, and whatever we had left over we could use to buy candy bars he kept in his desk. We learned how to balance our checkbooks, but it probably would not be considered politically correct today as it drew too much attention to how much "money" each kid was making because of their grades! Sadly, that basic financial knowledge seems to be missing when students grow up and go on to college,if the high rate of college student credit card debt is any evidence.
Thanks for your thoughtful post, and see you in class on Monday.