Aug 2nd, 2008
Ask the Readers: Where to Start with Financial Literacy?
I’m a social worker. I’ve been employed by either a social service agency or a hospital since 1989, so we’re looking at about 20 years in the profession shortly. My colleagues and I regularly serve clients who have significant illnesses, strained relationships, mental illness, and financial problems. Often my tasks include helping people enroll into various financial assistance programs.
Concentrating on the latter population for the purposes of this post and looking at similar situations… why are those on public assistance not required to learn about personal finance?
This is not a huge stretch. At least here, those on the WIC program are required to see a nutritionist; those on financial assistance are required to work or volunteer after a certain amount of time receiving assistance (although there are waivers available depending on the situation). Considering that those on public assistance tend to have less to spend than others, would education on frugality and personal finance be most effective here?
Or perhaps requiring financial literacy as a class in high schools? While this has some appeal (and doesn’t appear to be punitive, where some might see requiring those on assistance to attend such classes might be), there’s a long way to go to get it implemented–and it totally misses those who are not in school. However, this might prepare the soon-to-be independent with some knowledge and skills that could make a difference.
We have such a financial mess in this country from the individual level to the governmental level and it appears that people only start learning about it when they’re in crisis. What do we do to make things better?
Is there a solution for our financial literacy problem in the U.S.? What do you think?
That’s one of three key items that schools never teach:
1. Personal Finance
2. How to get along with a spouse
3. How to develop a work ethic
Those three things, more than just about anything else, will determine your overall success in life.
[...] Uncommon Cents looks for a solution to the financial literacy problem in the U.S. in Ask the Readers: Where to Start with Financial Literacy?. [...]
I think you have hit the nail on the head when it comes to financial illiteracy. We don’t do enough as parents, and as a society to teach our children about personal finance.
I think it needs to start the first year of high school or sooner. Kids needs to learn that debt can and will hinder thier abilities to make decisions, not just financial decisions but personal and career decisions as well.
Regards
[...] Cents asks the readers: Where to start when it comes to financial [...]
[...] Uncommon Cents looks for a resolution to a financial education problem in a U.S. in Ask a Readers: Where to Start with Financial Literacy?. [...]
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