When I was in high school, the honors students were offered the option of testing out of the required year-long personal finance class. The assumption was that we should not waste our valuable college prep time learning such banal tasks as managing household finances.
But, how many college graduates bounce checks, get into overwhelming credit card debt, or purchase homes and cars they really can’t afford?
According to mortgageloan.com, the average college graduate has $2,000 in credit card debt and $20,000 in student debt. When you add in all of the other societal pressures for nice cars and big houses, that can add up to poor choices be even the most well educated person.
How can we ensure that all of our students, rich or poor and at all levels of academic achievement, enter the working world with the skills to manage their earnings?
We can start by not thinking of personal finance as a throw-away subject that students can just test out of unless they want the easy A. And we need to provide consistent, developmentally appropriate finance education thought both public and private education.
The standards released by the Jump $tart Coalition provide a good roadmap to ensure that students learn good financial skills.
How do we ensure that financial literacy is included in education? And what technology tools are best suited to providing this education?