Failing Financial LiteracyJune 16, 2008 at 8:58 am | Posted in uncategorized | 3 Comments
Authored by George Flevares
(Each student in GMST 525 has written their own post for our class blog.)
How many times have you heard from a student, “When am I going to use this?” We might be tempted to respond with the statement “I’m not a fortune teller, I can’t read your future.” While it may be true that some of our students will never again have to consider the Kreb’s cycle, electron orbitals, or polar coordinates, all of them should become financially literate. Unfortunately, recent results from the 2008 Jump$tart Coalition for Personal Financial Literacy are not reassuring.
If students are not making the grade when it comes to financial literacy, it is due in large part to an unawareness or unfamiliarity with the vocabulary of personal finance. Some terms, such as compound interest and depreciation, could easily be incorporated into math classes. But this only scratches the surface. Many students come to school with little or no knowledge of personal finance, and many schools do not have courses to cover this vital topic. If students lack financial literacy, they are likely to make unsound decisions and are also good candidates for people to dupe them or pressure them into making poor financial choices. So, what can we, as educators, do to improve students’ abilities to understand the financial tools that they will need for the rest of their lives?Advertisements