5 Reasons Financial Literacy for Children is Crucial
- MARKETING CAMPAIGNS! According to The Atlanta Journal-Constitution, in 2006, surveyed food and beverages companies spent about $860 million on marketing aimed at children under the age of 12 and about $1 billion at adolescents, with an overlap of $300 million in marketing aimed at both age groups.
- SCHOOL CURRICULUM! A study performed to test financial literacy among high school students, by the Jump$tartCoalition, reported 2007 test results to be a mean score of 52.4 percent.
- CONSUMER DEBT! According to the Federal Reserve Statistical Release as of July 2007 consumer debt totals over $2,456,600,000.
- FORECLOSURES! According to CNN Money, foreclosure filings nationwide soared 57% in January 2008. Of that total, 45,327 homes were lost to bank repossessions.
- BANKRUPTCIES! According to the Center for American Progress, the national annualized bankruptcy rate reached 2.7 filings per 1,000 people in the fourth quarter of 2007.
I agree, financial literacy is crucial, but my child is too young to learn? According to Jean Piaget, a Swiss psychologist (1896–1980), children begin to understand and use mental symbols, words, or pictures, to represent something that is not physically present between the ages of 2-7. As soon as a child begins to ask questions about money he/she should begin to receive lessons on financial literacy.
What actions can I begin to take today to improve my child’s financial literacy? Together, let’s make a difference in our children’s financial future. Become active in their learning, visit CROWN MONEY for further details and purchase.
