An article, "Money Matters: The Case for Teaching Financial Literacy" by Anthony S. Colucci in Education Week Teacher notes information from a Consumer Reports survey of 12-year-olds: 28% didn't understand that credit cards are a form of borrowing, 40% didn't know that banks charge interest on loans, and 34 % didn't realize that you can't tell how good a produc it by how much it is advertised. These figures are disturbing when we consider how important it is for our citizenry to have this knowledge if it is to effectively address our country's current economic woes.
Colucci went on to recommend some things we can do to improve financial literacy such as:
- Taking advantage of the financial knowledge one of our stakeholders may have to help scholars (and their parents!) with financial planning.
- Partner with Junior Achievement.
- Draw on the resources of the National Council on Economic Education.
- Make financial connections to the curriculum.
Needless to say, there are many things our Esperanza scholars need to learn in a short amount of time but this is definitely one area we will want to address.
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