NAFCU has recently endorsed a program called CU 4 Reality. This program helps middle and high school aged students understand budgeting and helps them develop financial skills. This program is sponsored by America’s Credit Union Museum.
The program is designed to help students through a curriculum that has them make budgets and allocate their expenses, such as food and clothing and other unexpected possible expenses. It dosen't take long for the students to realize how quickly money can run out. It also helps to teach them how to save more and stretch their funds better.
This comprehensive program not only helps teachers, but it also gives the students a chance to put their skills to work in a CU 4 Reality Fair. The Fair is a fun simulation of spending and budgeting based on career choices and lifestyle decisions.
Get more information on this program by visiting the America’s Credit Union Museum web site at www.acumuseum.org.
Monday, August 18, 2008
Wednesday, August 6, 2008
Great Article in the Free Press!
There was a great article in the Free Press about financial education. Be sure to pass the word on!
Teach finance know-how in high school.
A load of shifty practices, poor policies and incorrect assumptions by financial businesses precipitated the current crises in real estate and the mortgage industry. But a lot of individuals made bad decisions, too, about how much house they could handle or their prospects for long-term employment and income growth.
Such mistakes are costly. The next generation of home owners should avoid repeating them.
It's to that end that Macomb County state Sen. Michael Switalski is pushing a bill to let Michigan high school students choose a course in "financial literacy" to meet some of their mathematics requirements under the state's new mandatory curriculum.
Switalski's bill moved unanimously through the Senate but sits in the House Education Committee. The Legislature should not let its current session end without sending the measure to Gov. Jennifer Granholm.
This is not about softening the algebra component of the curriculum, but broadening mathematics to offer education in credit, financing, interest, mortgages and debt, all the stuff too many families don't really grasp until they are overwhelmed by some aspect of it.
Young adults could be spared a lot of grief later if they learn responsible money management at an early age, especially how interest works on credit cards. Yes, this could also be learned at home, but a recent national survey found that family finances are rarely discussed among family members.
In another survey, less than half of high school students showed that they understood that a credit card user making only minimum payments each month will ultimately pay more in annual finance charges than the sum of all purchases.
The value of fixed rate mortgages was another weak spot, with only 36% of students understanding how such mortgages protect against inflation.
Government can't dictate how people choose to spend their money. But the state can give students a choice to learn about how to use it wisely.
Teach finance know-how in high school.
A load of shifty practices, poor policies and incorrect assumptions by financial businesses precipitated the current crises in real estate and the mortgage industry. But a lot of individuals made bad decisions, too, about how much house they could handle or their prospects for long-term employment and income growth.
Such mistakes are costly. The next generation of home owners should avoid repeating them.
It's to that end that Macomb County state Sen. Michael Switalski is pushing a bill to let Michigan high school students choose a course in "financial literacy" to meet some of their mathematics requirements under the state's new mandatory curriculum.
Switalski's bill moved unanimously through the Senate but sits in the House Education Committee. The Legislature should not let its current session end without sending the measure to Gov. Jennifer Granholm.
This is not about softening the algebra component of the curriculum, but broadening mathematics to offer education in credit, financing, interest, mortgages and debt, all the stuff too many families don't really grasp until they are overwhelmed by some aspect of it.
Young adults could be spared a lot of grief later if they learn responsible money management at an early age, especially how interest works on credit cards. Yes, this could also be learned at home, but a recent national survey found that family finances are rarely discussed among family members.
In another survey, less than half of high school students showed that they understood that a credit card user making only minimum payments each month will ultimately pay more in annual finance charges than the sum of all purchases.
The value of fixed rate mortgages was another weak spot, with only 36% of students understanding how such mortgages protect against inflation.
Government can't dictate how people choose to spend their money. But the state can give students a choice to learn about how to use it wisely.
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