Should Schools Teach Financial Literacy for Kids? When 49% of Students Struggle with Reading & Math

The financial literacy for kids argument has been circulating around for many years now.  Apparently, there is so much talk about it, but very little implementation has been done.  At least from where I’m standing.  This narrative is common in the circles of people who are already financially literate.  They desire a money mindset foundation for their kids while they’re still young.

As the population of financially literate parents desire good money stills for their kids, they also want an education system that can empower other people’s kids also.  Here, I delve into the possibilities of having schools teach financial literacy – even though according to current statistics this year in the US, about 49% of students do have trouble with both math and reading.

Periodic Financial Literacy for Kids Workshops

A pilot project can get underway to see how the implementation of a financial literacy for kids curriculum would help.  We can continue to create temporal workshops to inspire these kids to build money saving and investing habits.  These events or school trip could be either sponsored or a non-profit initiative.

A workshop could be implemented both on-site and off-site.  A school trip could be a useful off-site project whereby students are taken away from the conventional learning environment.  They can cultivate the money habits and learn the principles of wealth creation.

They are then placed in a workshop, assigned team members, and given all kinds of responsibilities that would trigger the life-long financial literacy habits that are essential to achieving financial independence.  Students and parents can also receive participation and performance based rewards and incentives.

Homegrown Methods of Teaching Kids Saving & Investing

There are a few financially literate parents out there; some of whom may already have attained financial freedom.  These are eager to see this implemented in schools.  Secondly, they have already begun the process of enlightening their own children about money.  They’re at the forefront in instilling money management habits in their own kids.  This is pivotal if you want to invest in your kid’s future.

This process could be a simple as giving the child a book or two to read each night or on weekends.  The Richest Man In Babylon is a wonderful example of a beginner level personal finance book.  Apps and games about money would make a world of difference if parents were to insist that they be installed on the kids’ tablets and phones.

Sage Tips:

• 4 Ways to Invest in Your Child’s Future
• Why am I Always Struggling Financially? 6 Steps to Fix It

The Cost of Education and Need for Specialist Teachers

As much as the implementation in this monumental project is laudable, we should start looking at some of the cons.  This could limit the expected grand effects.  Teachers on one hand would require specialist training in modern financial literacy.   This certainly comes at a cost.

The skill set could either be acquired by themselves or received through training workshops.  Not only would it cost schools to teach kids about money, it would cost them even more to train their own teachers.  You’ll want to get this part right if you want to maximize the potential for success.

The final brunt of the expenses would unfortunately land on the parents. If this funding is passed unto global governments, they’ll also certainly find a way to bill the current tax payer a bit more to get the job done.

Existing Financial Literacy Projects Available

There are a number of resources on the internet created by people who desire to push the financial literacy for kids agenda.  Some of these are solo projects with minimal content fit for just scratching the surface.

Today, you can find financial literacy content purposely tailored to parents or even directly at kids of all ages.  One of the more effective ways are YouTube money literacy channels.  The creators have included music, and fun & games to spice up the absorption process.  They share personal finance tips, basic investing ideas, and money management skills.  Also, financial freedom tips that lead to early retirement for their parents.

These channels are equally well monetized so that their founders can receive good financial rewards for their hard work.  This sort of compensation will attract for creators to address the issue on a commercial scale.  The end result would be parents making the choice based on their own circumstance.

Sage Topic Family:

• How Can I Invest in My Child’s Future?
• The Best Long-Term Investment for a Child
• What Does it Mean to Invest in Your Children?
• How Can I Invest In My Child?
• 4 Ways to Invest in Your Child’s Future
• Should Schools Teach Financial Literacy for Kids?

Final Parting Words

Financial literacy for kinds and the cultivation of a money mindset is so vital.  This is true for adults of all ages, and children especially.  But because many adults and parents lack this budgeting and money management skill, it has become most crucial to build this into their children.  Kids need to be given a fighting chance to learn the basics before they eventually enter into the real world.

Do drop your comments below and let me know your take on the impact of teaching kids  about money in our school system.

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