As kids begin the school year, there’s one subject that’s missing from many of their class schedules, even at the high school level -- personal finance and economics.
According to the Council for Economic Education’s 2016 Survey of the States, only 17 states require high school students take a class in personal finance. Just 20 states require a high school economics class.
That kind of financial literacy education, however, can set teens on the right path toward becoming fiscally responsible adults. High school students who took a personal finance class, according to the council, are more likely to save, pay off their credit cards each month, take reasonable financial risks and not become compulsive buyers once they become adults.
For better or worse, the onus is on parents and caregivers to ensure that their kids become financially literate.
Parents want to do right. According to a T. Rowe Price survey, nearly 70 percent of parents surveyed say they are very or extremely concerned about setting a good financial example for their kids.
But those talks about money can be tricky. Most parents -- 72 percent, according to the T. Rowe Price survey -- also express at least a little reluctance about teaching their kids about financial issues.
How can parents help set their kids up for a healthy financial future? We have expert advice for each age group.
Early and often. That’s when and how parents should broach the topic of money and financial literacy with their kids to help ensure they become the happy, independent adults we all want them to become.
Consumer Education Services, Inc. (CESI) is a non-profit committed to empowering and inspiring consumers nationwide to make wise financial decisions and live debt free. Speak with a certified counselor for a free debt analysis today
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