I recently spoke with a grandmother who gets it when it comes to financial literacy for kids and in her case, grandkids. I had written an article that she read and liked so much she had to call me. The article talked about a few simple steps parents can take to make their child or grandchild much more financially literate.
As a result of the conversation, we are looking at setting up a money club in the schools her grandchildren attend. We will also be working with the PTAs where she operates to try and teach financial literacy to the parents who may need it.
Education is a challenge for all involved. I know. My mom has been a teacher for almost 30 years, so I’ve seen and heard about the many challenges she has in her classroom. I also have a banking/financial services background and understand that one of the major challenges I have encountered is the financial literacy gap for children. And many parents don’t know where to start when it comes to teaching them.
So the question is, how do we in the financial community work with parents, teachers and administrators to teach children financial literacy?
I could be selfish and argue that more students will pay bills as they get older than having to name the planets every month.
But I realize that the education system is institutional and curricula change slowly and teachers need time to adapt to new introductions.
However, as I want to do with the grandmother, there are clubs that can be formed around this important topic. Money clubs, financial clubs, savings clubs or a variation on that concept. Everything can be done outside of the learning environment and provides valuable lifelong information for the children. Parents and/or teachers can work with the PTA to get things rolling.
I have been working in banking/financial services for over 10 years and I love it. However, I wish there was more around financial literacy for kids. Curriculum additions and parent/teacher initiated clubs are a great way to do that.