Beyondpiggybanks_000.doc - Beyond piggy banks teaching...

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Beyond piggy banks: teaching young people to manage money When high schoolers are asked where they learn about managing money, almost 90% say, “at home.” Yet Northwestern Mutual’s 2003 Kids & Money study, a part of the company’s Perfectcents financial literacy program, found 44% of parents admitted they are not good financial role models for their children. True, almost every family starts a child out with a piggy bank. However, the Perfectcents Kids & Money research shows that the majority of parents avoid the more complex conversations about budgets, debt, credit, investing, loans, and how the family handles money. While half of parents surveyed talked about budgeting for future purchases, the other topics fell in the 20% and 30% ranges. The numbers aren’t high. Why? Parents are hoping that the schools will teach children to manage money. It’s not going to happen. Schools caught in their own budget crunches are stripping away all but the most basic courses.
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