I just read about a roadshow that teaches kids the basics about money. I suppose it’s a start. My preference would be to have a full curriculum in our schools to teach younger kids about personal finance. Since we don’t have that, I guess we have to be glad that at least someone is making an attempt to teach our children about money.
This program is sponsored by the Department of Financial Institutions and is paid for with fines and penalties from various financial crimes etc.
The actors visit schools and have four skits that they go through over about 40 minutes. The first skit is about budgeting and acts out a scenario where a father is trying to fit a lear jet in to their family budget. Kind of extreme but I think it drives home the point. The skit addresses the concept of needs over wants.
The second skit covers interest and shows the value of compound interest. It’s done in a game show format.
The third skit covers loans and shows the kids what things really cost when you factor in interest. The example they use is buying a car.
The final skit covers saving and points out that the average person will spend over $1 million dollars over a lifetime. They give examples of making $10 and saving $2. That would be great if kids could learn to save 20% of their income. That would sure be a lot better than the current national savings average of -1%.
Anyway, the article is worth reading if only to give you a warm and happy feeling that maybe we can correct the financial disasters out there one kid at a time.