| Yeah, we are a nation of financial dummies. | | | | The deputy assistant secretary for financial |
| | | | education at the Treasury department |
| 1. Look at all the worthless get-rich schemes | | | | testified before the House, "The downstream, |
| on the Net and TV. These ads exist BECAUSE | | | | adult problems of rising bankruptcy rates, |
| people are buying. | | | | low savings rates and misuse of credit can |
| | | | all be traced upstream to how our schools |
| 2. Watch the confused look on the cashier's | | | | FAIL TO adequately prepare children for their |
| face when you hand over extra coins AFTER the | | | | financial futures." |
| register displays your change. | | | | |
| | | | So far, the reasons why we we're financially |
| 3. Witness the people standing in line | | | | dumb are because of rising costs and |
| overnight for the privilege of "25% savings." | | | | inadequate schooling. But clearly, these are |
| Aren't they waiting to SPEND money? | | | | not all the contributing factors... |
| | | | |
| If you're a non-believer, read these | | | | There are other reasons, including... |
| statistics: | | | | |
| | | | 1. Math skills are declining. This is the |
| 1. According to fool.com, "68% PER CENT of | | | | author's observation. It's based on teaching |
| graduating high school seniors surveyed by | | | | high school math 30 years ago compared to |
| the Jump$tart Coalition for Personal | | | | teaching college-level math in 2003. Kids in |
| Financial Literacy failed a personal finance | | | | the same area are less skilled than 30 years |
| test in 2002, compared with 44% who failed in | | | | ago. |
| 1997." | | | | |
| | | | 2. Parents forget they are financial role |
| 2. The U.S. Public Interest Research Group | | | | models. They miss opportunities to develop |
| states that "40 percent of college students | | | | their kids money smarts. |
| are graduating with unmanageable levels of | | | | |
| student loan debt, and half of those have an | | | | CONSIDER THIS SOLUTION |
| average credit card debt of $3000." | | | | |
| | | | Hate to ride the "family values train" |
| 3. Near retirement age baby boomers have | | | | because there are conflicts with the |
| saved only 12% of what they think they will | | | | conductor. And the author's opinion is an |
| need for retirement. | | | | educated guess. |
| | | | |
| THE REASONS WHY? | | | | But, parents, consider this...your kids |
| | | | reflect your money habits, attitudes, and |
| The U.S. Public Interest Research Group | | | | behavior. What are YOU teaching your kids |
| attributes the debt issue to rising costs. | | | | about money? |
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