Teenagers apparently know very little about their personal finances, according to the 2008 Jump$tart Coalition for Personal Financial Literacy survey. The survey was presented to the kids in the form of a 31 question quiz, with the average score for Minnesota teens being a 48%. Over the last ten years, this is a drop of about ten percent for similar material evaluated. If this is indicative of nationwide results, the kids are behind the eight-ball before they even begin their adult lives.
Our children are not ready to enter their working years if they are not fiscally savvy handlers of the money that they earn. Behind every corner, they will find opportunities to fritter away their sweat on any number of shiny objects. They must learn now what to do with their money or someone else will help themselves to their pocketbooks.
Parents have the responsibility of doing alot for their children - teaching them how to tie their shoes, wait patiently in line, and that it is not good to throw rocks at your friends. How to handle your finances is on par with any of these since they are all life-long skills needed for success. You don't wear dress shoes with velcro closures to work, cut in line at the water cooler or throw rocks at HR because they don't get your exemptions right, do you?
Teaching kids about money is essential. My advice is to start early and review often. Growing up is one big class. The test comes at adulthood with usually no review beforehand. "Tuition" for mistakes can be expensive.
For the full story on the quiz results and more advice, click here.
For the quiz itself, click here.
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