The dangers of not teaching personal finance to kids

In my class we have been talking about the history and different perspectives of education in the US. Obviously the debate today, with NCLB and RttT, focuses a lot on the general emphasis on standardized testing as a means keeping schools (and teachers) accountable. Many critics of this approach have said that reducing the funding for “non-academic” subjects (i.e. not math, science or reading) to focus more on standardized testing is ultimately robbing our children of valuable skills and experiences. I saw this article today on financial literacy, which is a perfect example for this argument!

One in four Americans has no savings at all. Only 11 percent of individuals with a 401(k) are putting enough money away to meet their retirement needs. Student loan debt has surged above one trillion dollars, surpassing credit card and auto loan debt. These frightening statistics illustrate the consequences of not equipping our students with basic personal finance tools and concepts — and Americans know it. Eighty-two percent of American parents agree that personal finance should be a graduation requirement, and 89% of teachers feel the same way.

via The dangers of not teaching personal finance to kids – The Answer Sheet – The Washington Post.