Many of us who sincerely like
kids and are concerned about their welfare, will admit or confess that their financial literacy matters. As such, in
this “back to school” atmosphere in August, there are some interesting points to know for some of us and to remember for
others more savvy in finance. But besides that, what we know will benefit teens
(because we must share it with them) especially those in high schools, and who
sometimes have their own money ( or that of their parents/guardians) to spend
and hence manage. So financial literacy
matters to both children and parents/guardians alike and is in really
important. Presented below is an extract for your attention. The link for
further reading is also available.
Quote - “Why Financial Literacy Matters”
Teens today handle money—lots of it. Today’s
high school graduate will earn over $1 million in adulthood, without adjusting
for inflation. However, like many adults, teens may not have a good concept of
the amount of money they actually control (allowances, gifts and earnings) or
where the money is going. The money is spent, often with an uneasy feeling that
there isn’t enough to buy the things I need or to do what I want to do.
As teens move to adulthood, careers, and
higher earnings, they may acquire a more expensive set of wants and needs.
People who successfully manage their financial resources must learn to set
priorities on their spending; control immediate gratification in favor of
important goals; and balance income, spending and saving.
Knowing how to manage one’s money effectively
is an acquired skill. Not all youth grow up in families in which positive money
management is being modeled. Texas
schools do not require mastery of basic personal financial management and
consumer skills prior to graduation from high school, yet financial
literacy is an important life skill!
END
of quoted information.
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Read more details on this topic at: http://fcs.tamu.edu/money/your_money/financial_planning_program_hs/fact_sheet.php
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