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Education Dive
Financial literacy should be taught to kids — not adults
Lessons on money management should begin in the early years, writes high school counselor
Danielle Orange-Scott
Jan. 2, 2020
In 2016, a report by Bank of America demonstrated an alarming
statistic: Only 16% of millennials age 18-26 were optimistic about
their financial futures. In the same year, Fortune published an article
stating two in three Americans can't pass a basic financial literacy
test.
A year later, Vince Shorb, one of the country’s leading advocates for
promoting financial literacy and a thought leader in teaching and
scaling financial education programming, asked 1,100 young adults age
18-24 what high-school-level course would benefit their life the most.
Over 50% responded “money management.”
As of 2018, only 17 states require high school students to take a
course in personal finance. Out of the 17 states providing personal
finance courses, only five of them received an A when graded on the
state's effectiveness at producing financially literate high school
graduates. What’s worse, studies have repeatedly shown students without
a financial education are more likely to have low credit scores and
other financial problems.
The surveyed millennials in 2016 had a reason to be worried.
It seems we are missing extremely valuable opportunities to teach the
skills that will help create financially responsible citizens. Not only
are we missing the mark in our current curriculums, but we are also
waiting too late.
Numerous studies on child cognitive development have highlighted the
benefits of early exposure to language, role-playing, and even
mathematics. Over the first few years of life, the brain grows rapidly,
allowing children to learn quickly — even more so than adults.
Unfortunately, as we age, underutilized synaptic connections are
deleted in a process called synaptic pruning, and we’ve missed our
chance to lay a firm foundation to complex concepts.
What are we waiting for? Every day, we are surprised by how wonderfully
smart and apt our children are. We teach them how to spell abnormally
long words, watch as they re-enact even the most detailed situations
with their toys, are constantly astounded by their ability to memorize
complex combinations for their favorite video games, and have likely
bartered with a toddler at least once.
Why are we waiting to teach them the foundations of financial literacy
and other subjects that can improve their quality of life?
Learning about business allows children to develop responsibility,
exercise creativity and develop social skills, and teaching financial
literacy reinforces the STEM skills they are already learning in
elementary school and sometimes even earlier.
Babies learn sounds and expressions solicit emotional rewards like
hugs. Toddlers demonstrate innovation and entrepreneurship when they
push boundaries and imitate their surroundings. The question of whether
we can teach children financial literacy is answered. Yes, we can, and
we should.
Wouldn’t it be great if you didn’t have to wait for high school or even
college to learn how to manage your money? Let’s not make them wait.
Let’s teach them now.
Danielle Orange-Scott is a former 2nd grade teacher and currently a
high school counselor and educator at her alma mater, Junipero Serra
High School in Gardena, California.
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