Comments on: Ben Bernanke calls for financial literacy in young people http://queercents.com/2008/04/09/ben-bernanke-calls-for-financial-literacy-in-young-people/ We're here, We're queer, and We're not going Shopping without Coupons Thu, 18 Mar 2010 03:42:20 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Bridget http://queercents.com/2008/04/09/ben-bernanke-calls-for-financial-literacy-in-young-people/comment-page-1/#comment-120868 Bridget Wed, 16 Apr 2008 19:28:02 +0000 http://www.queercents.com/2008/04/09/ben-bernanke-calls-for-financial-literacy-in-young-people/#comment-120868 Thanks for the great links. As a 23-yr-old out of college, it's very true that my generation generally has poor financial knowledge. I have tons of friends in high credit card debt, and I don't know anyone who signed up for a 401K. I have a basic savings account, but I want to do better than that. Hopefully those links will tech me a thing or two about smart saving. I'm living with a roommate now that is a spender. They always say you should hang around with thrifty friends if you want to stay thrifty. I'm blogging about how it's like living with her (and she living with cheapy me), and it hasn't always been easy. http://miamiherald.typepad.com/no_spend_zone/<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-120868">0</span> <small>(to vote for this comment, please visit the site)</small></p> Thanks for the great links. As a 23-yr-old out of college, it’s very true that my generation generally has poor financial knowledge. I have tons of friends in high credit card debt, and I don’t know anyone who signed up for a 401K.

I have a basic savings account, but I want to do better than that. Hopefully those links will tech me a thing or two about smart saving.

I’m living with a roommate now that is a spender. They always say you should hang around with thrifty friends if you want to stay thrifty. I’m blogging about how it’s like living with her (and she living with cheapy me), and it hasn’t always been easy.

http://miamiherald.typepad.com/no_spend_zone/

Current score: 0 (to vote for this comment, please visit the site)

]]> By: Daniel http://queercents.com/2008/04/09/ben-bernanke-calls-for-financial-literacy-in-young-people/comment-page-1/#comment-119632 Daniel Fri, 11 Apr 2008 13:22:16 +0000 http://www.queercents.com/2008/04/09/ben-bernanke-calls-for-financial-literacy-in-young-people/#comment-119632 The lack of financial literacy among young people is a very serious problem as you have pointed out. As the editor of Young Money, a national money and lifestyle magazine for young adults ages 18 to 24, I meet hundreds of college students who lack basic personal finance and money management skills. I wish parents would start teaching their children simple financial principles, such as the value of money and how you earn it, from as early as age five. However, most parents choose to let the kids figure things out on their own, which is why young adults tend to make so many costly financial mistakes. The schools have also failed to teach their students about finance due to a number of reasons such as a lack of resources and qualified staff. This situation will not be resolved overnight. It will take a combined effort from educators, government officials and parents. I think one of the keys for helping young adults is to find out what their dreams are then show how learning personal finance skills will help them achieve those goals. Do they want to own a car or a house? Do they want to start a business? Do they need money for college? You'll have their attention once you convince them that financial literacy will help improve their lives. I also think parents and teachers must make sure that the kids are having fun while they learn. For example, the Young Money website has a fantasy stock market game that helps players learn about the stock market without having to risk any real money. The JumpStart Coalition offers many good financial literacy resources for young adults.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-119632">0</span> <small>(to vote for this comment, please visit the site)</small></p> The lack of financial literacy among young people is a very serious problem as you have pointed out. As the editor of Young Money, a national money and lifestyle magazine for young adults ages 18 to 24, I meet hundreds of college students who lack basic personal finance and money management skills.

I wish parents would start teaching their children simple financial principles, such as the value of money and how you earn it, from as early as age five. However, most parents choose to let the kids figure things out on their own, which is why young adults tend to make so many costly financial mistakes.

The schools have also failed to teach their students about finance due to a number of reasons such as a lack of resources and qualified staff. This situation will not be resolved overnight. It will take a combined effort from educators, government officials and parents.

I think one of the keys for helping young adults is to find out what their dreams are then show how learning personal finance skills will help them achieve those goals. Do they want to own a car or a house? Do they want to start a business? Do they need money for college? You’ll have their attention once you convince them that financial literacy will help improve their lives.

I also think parents and teachers must make sure that the kids are having fun while they learn. For example, the Young Money website has a fantasy stock market game that helps players learn about the stock market without having to risk any real money. The JumpStart Coalition offers many good financial literacy resources for young adults.

Current score: 0 (to vote for this comment, please visit the site)

]]> By: Braun Mincher http://queercents.com/2008/04/09/ben-bernanke-calls-for-financial-literacy-in-young-people/comment-page-1/#comment-119188 Braun Mincher Wed, 09 Apr 2008 23:45:10 +0000 http://www.queercents.com/2008/04/09/ben-bernanke-calls-for-financial-literacy-in-young-people/#comment-119188 Anybody who wants to test their own knowledge of Financial Literacy is welcome to take my online 50-question multiple choice Financial Literacy Quiz: http://www.FinancialLiteracyQuiz.com We also just released a press release with the 1st quarter quiz statistics in case you are interested in seeing how you compare against your peers (go to the "Press & Media" page): http://www.BraunMincher.com Enjoy! Braun Mincher, Author The Secrets of Money: A Guide for Everyone on Practical Financial Literacy<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-119188">0</span> <small>(to vote for this comment, please visit the site)</small></p> Anybody who wants to test their own knowledge of Financial Literacy is welcome to take my online 50-question multiple choice Financial Literacy Quiz:

http://www.FinancialLiteracyQuiz.com

We also just released a press release with the 1st quarter quiz statistics in case you are interested in seeing how you compare against your peers (go to the “Press & Media” page):

http://www.BraunMincher.com

Enjoy!

Braun Mincher, Author
The Secrets of Money: A Guide for Everyone on Practical Financial Literacy

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