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