Teachers

How to Get Financially Fit

With many money management resources at your fingertips, it can be easier than you think to teach your high school students how keep their personal finances in order. To become financially fit means for students to use their money wisely and to make conscious and informed decisions with their savings and spending.

First, many accessible online resources cHow to Get Financially Fit 208x300 How to Get Financially Fitan help them create a budget that’s best for them and can help make it easier to stay on track with printables, apps, and email reminders. With the advent of banking and saving apps for smartphones, it’s now easier than ever for students with bank accounts to put away a small chunk into savings each time they get paid, which is important because you never know when an emergency will occur. Remind students to never forgo reading the fine print on any banking card options to avoid extra debit and credit card expenses like ATM fees, overdraft fees, or annual fees on top of the charges they already pay. Additionally, take advantage of the free online credit reports per bureau each year as your older student’s annual financial checkup to see if their credit is up to par so they can work on repairing it, if necessary.

The bottom line is that healthy finances can be easily achieved but not by accident. Online or offline, financial planning can work for your high school students now and in the future if you remind them to take mindful precautions and make thoughtful decisions with their money. Students will thank themselves for the time they spend planning because it is definitely worth the benefits of being financially fit for life.

Written by GeorgiAnna Carbone-Wynne, a rising junior at Wake Forest University in Winston-Salem, North Carolina studying English and Communications. She is currently a marketing intern at the Council for Economic Education.

POSTED: June 24, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , , , , , , ,

Delaware fosters discussion on Economic and Personal Finance Education

In an effort to bring attention to the continued need for personal finance education in K-12 programming, over 80 industry, government and education leaders gathered on May 5 to discuss the state of economic and personal finance education in Delaware and how they are working together to improve the economic and financial literacy of young people.

ceee1 300x200 Delaware fosters discussion on Economic and Personal Finance Education

Delaware Govenor Jack Markell.

The program, held earlier this month at the Hotel du Pont, was the first of four regional events hosted by the national Council for Economic Education (CEE) and its local affiliate, the Delaware Council on Economic Education (DCEE), and sponsored by Capital One.

Highlighted during the event was the progress already being made through the strong partnership forged with the University of Delaware’s Center for Economic Education and Entrepreneurship (CEEE).

“An overwhelming majority of Americans, when hit with an emergency, would have less than two weeks of reserve on which to live and a huge number of people would be out on the streets,” said Gov. Jack Markell, a longtime advocate committed to financial education, in his keynote address. “So, unfortunately, most kids don’t know about money because they’re not learning about it at home.” Read more…

POSTED: May 29, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , , , , ,

CEE launches Senate Financial and Economic Literacy Caucus

Last week on May 21, the Council for Economic Education hosted Senator Jack Reed (RI) and Senator Mike Enzi (WY) in Washington, DC for a very exciting announcement: the official launch of the Senate Financial and Economic Literacy Caucus, a bipartisan effort to ensure that all Americans are equipped with the essential skills and education they need.

senateFEL1 300x198 CEE launches Senate Financial and Economic Literacy Caucus

Senator Jack Reed (RI) talking with CEE CEO & President Nan Morrison (right) and RI CEE President Margaret Brooks (left).

Senator Reed stressed the importance of bringing people from all sides together to address the issue of financial literacy, “a critical problem for future generations.” Financial education is a lifelong endeavor, he continued, and “has to start in elementary and secondary schools, and lead into the college arena.”  The Caucus, he hopes, will be a “catalyst for positive change.”

Senator Enzi addressed the need for access to information and tools to help Americans make the right choices, like saving for retirement, buying insurance, or investing.

Following their remarks, the room turned its attention to an important and timely question: what role should the federal government play in supporting financial literacy? Read more…

POSTED: May 28, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , ,

Once is Not Enough—Together, Yes We Can

April 23 Once is Not Enough—Together, Yes We CanBy Helen Roberts, Clinical Professor in Economics at UIC and Director, UIC Center for Economic Education.

Practice Makes Perfect

How can our children learn the necessary skills and knowledge to be financially literate? Like reading and driving and other important life skills, one try, one course, one time is not enough to be proficient.

To learn to drive a car, students must learn the rules of the road. To drive their financial lives, students need to learn the rules of good financial life, such the importance of saving, budgeting, and protecting their money. Just as reading about driving is not enough, students need to practice as they go. Read more…

POSTED: April 23, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , , , , , , ,

Financial Literacy: Its Importance in the (Woman’s) Future

April 22 150x150 Financial Literacy: Its Importance in the (Woman’s) Future

By Kathleen Brennan, 2013 Alfred P. Sloan Foundation Teaching Champion Award recipient.

It goes without saying that today’s females have career opportunities that weren’t available to them a century ago.  The statistics are impressive– according to the U.S. Bureau of Census, females make up 60% of college graduates and the Bureau of Labor Statistics reports that labor participation rates of females have increased from 32% in 1950 to about 57% in 2012. Women have come a long way. The good news is that women have made great strides in breaking the glass ceiling and closing the pay gap; the bad news is that they still lag well behind men in terms of financial literacy. Ignorance in financial matters is particularly concerning since women have unique financial challenges—while many women rely on their husbands “to handle the money”,  the reality is that 90% of women will be solely responsible for their finances at some point in their lives due to the death of a spouse or divorce (Gender Gap in Financial Literacy 2012). Clearly, a man cannot be a “financial plan”. Read more…

POSTED: April 22, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , ,

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