Reading, Rithmetic and Retirement?
Bravo to Nathan Dungan and the person who hired him to teach seniors about the importance of saving. As shown in a recent Wall Street Journal video, this President of Share Save Spend asks students to think hard about "needs" versus "wants" as a way to better allocate scarce resources. According to "Teaching Money Values in School," only a handful of states mandate personal finance courses. For young people who live in the remaining 36 states, they are on their own, unless Mom and Dad practice thrifty habits at home.
As a former college professor, I was always aghast at the availability of credit to students who were barely of age. Easy sign-up tables with free gifts were a common sight on campus. Until about six months ago, money havens such as Greenwich, Connecticut were chock ablock with evidence of conspicuous consumption, even for toddlers.
Don't get me wrong. Parents with means have every right to spend their hard-earned money on whomever and however they choose. Yet one wonders. Will instant gratification as a youth challenge Generation X later on in life?
Someone told me recently that sales of board games are on the rise. Imagine. Spending time around the kitchen table playing Scrabble or Trivial Pursuit is seen by some as novel. As hard as things are for more than a few households, might some young adults benefit from having to learn the value of money and being encouraged to connect with others? (Don't get me started about the kids for whom the cell phone is an obsession. What ever happened to quietly reading on the train or plane?)
Editor's Note: Mark your calendars. April 21, 2009 is "Teach Children to Save Day." Until then, here are a few sites that provide information about teaching children how to save.
- Money Talks is a free newsletter provided by the ABA Education Foundation.
- It's a Habit, Sammy Rabbit and other books are designed for the 5 to 8 year old set.
- Contact the Consumer Federation of America for a copy of Teaching your children how to save & spend.
- Check out How Not to Be Your Child's ATM: Prodigal Sons & Material Girls by Nathan Dungan.
- The Jump$tart Coalition publishes regular news bulletins in the form of Financial Fridays.
