Parents: do kids learn about $$$ in school?

[seattle-relo]

Back in ’89, my senior year of HS, we had an Econ class. Honestly I don’t remember much of the content. I do remember really enjoying it and getting an “A”, but I just don’t recall the focus – personal money management and debt vs global/national issues.

On the home front money was a topic that wasn’t always appropriate to talk about. I came from “both sides of the tracks”…my father came from a well educated, financially astute family (especialy my grandmother) and my mom came from very working class non-savers family. After my dad died my paternal grandparents helped us out when needed and bought us a house to live in. I remember my paternal grandmother listening to the radio to get the market numbers. She would always write them down and had a ledger that she followed. She was an amazing saver, but talking about money wasn’t appropriate so learning her lessons was hard. Also she was a German-American, which in itself has certain cultural isssues that don’t lend themselves to talking about personal things such as finance. On the other hand, my mothers family always talked about money – the fact that they didn’t have it and the envy of others that did. They worked hard, but weren’t much into saving. There was a lot of competition regarding material things “The more I have, the better I am”. Yet when people in that family did attain material things, there usually was some sort of jealousy that would surface.

Suffice it to say I didn’t learn money management and debt management from my family…I learned it the hard way, by making a lot of mistakes. I like to consider myself a “recovering hyperconsumer”, sometimes I have moments of relapse, but I can usually talk myself out of going down the wrong path.

My kids are in grade school, and I wouldn’t say there is much in terms of talking about money in the classroom. However, my first grader did have some class discussion on “wants vs needs” and has talked a little about different countries and what products they produce. My husband and I have been working very hard at teaching our children about responsible savings and being more mindful about spending. We recently had a playdate and the little girl was telling me all about the “stuff” she has (I am good friends with her mom and am well aware of her serious debt addiction), then we talked about earning and saving money – my son is saving for a DS. The little girl just looked at me and laughed she said ” That’s so funny, you don’t have to earn money and save for toys, if you want it you just get it, and if you don’t have money you just use your credit card…that’s so silly” – wow, out of the mouth of babes!

Well hopefully todays youth will learn some lessons as they observe their parents coping with the current economy.

[jennyo]

Dharmagirl – your story sounds exactly like mine! Other than a class in high school where we were taught how to write checks from a checkbook, absolutely no education on finances was provided in the public school system in the 1980s. As soon as I got to college, Citibank and many others signed me up and I couldn’t really understand why they would give me a card without having a job. Four years later at college graduation, my credit card accounts had all been turned over to collections and I was even on that “nazi list” chexsystems thing that the banks use so I couldn’t have a checking account. I was totally clueless! My parents had always made me get jobs but had never given me any advice about what to do with the money I earned. So I would promptly spend it all at the mall on clothes and CDs.

Finally when the chexsystems issue started to affect my parents’ bank accounts (because they were on a joint one that I had ruined), they bailed me out but my credit was ruined at age 22. I took a couple of years off to work before grad school, but the debt kept me from entering the Peace Corps, which is what I really wanted to do. I managed to clean up my credit, account by account, by using my credit report and challenging the accuracy of the listings (many of which were wrong). And then I waited for the 7 years to pass. It didn’t take long, within a year of reconciling my credit report with reality, Citibank was back at my door offering me a card. I learned my lesson bigtime, the hard way, and now only use credit cards when I can afford to pay the bill at the end of the month.

I don’t know that much has changed in the public school system. My younger sister graduated from high school in 2002, and she is just as clueless as I was, having had the same parents and presumably, the same public education.

[jennyo]

Dharmagirl – your story sounds exactly like mine! Other than a class in high school where we were taught how to write checks from a checkbook, absolutely no education on finances was provided in the public school system in the 1980s. As soon as I got to college, Citibank and many others signed me up and I couldn’t really understand why they would give me a card without having a job. Four years later at college graduation, my credit card accounts had all been turned over to collections and I was even on that “nazi list” chexsystems thing that the banks use so I couldn’t have a checking account. I was totally clueless! My parents had always made me get jobs but had never given me any advice about what to do with the money I earned. So I would promptly spend it all at the mall on clothes and CDs.

Finally when the chexsystems issue started to affect my parents’ bank accounts (because they were on a joint one that I had ruined), they bailed me out but my credit was ruined at age 22. I took a couple of years off to work before grad school, but the debt kept me from entering the Peace Corps, which is what I really wanted to do. I managed to clean up my credit, account by account, by using my credit report and challenging the accuracy of the listings (many of which were wrong). And then I waited for the 7 years to pass. It didn’t take long, within a year of reconciling my credit report with reality, Citibank was back at my door offering me a card. I learned my lesson bigtime, the hard way, and now only use credit cards when I can afford to pay the bill at the end of the month.

I don’t know that much has changed in the public school system. My younger sister graduated from high school in 2002, and she is just as clueless as I was, having had the same parents and presumably, the same public education.

[jennyo]

Dharmagirl – your story sounds exactly like mine! Other than a class in high school where we were taught how to write checks from a checkbook, absolutely no education on finances was provided in the public school system in the 1980s. As soon as I got to college, Citibank and many others signed me up and I couldn’t really understand why they would give me a card without having a job. Four years later at college graduation, my credit card accounts had all been turned over to collections and I was even on that “nazi list” chexsystems thing that the banks use so I couldn’t have a checking account. I was totally clueless! My parents had always made me get jobs but had never given me any advice about what to do with the money I earned. So I would promptly spend it all at the mall on clothes and CDs.

Finally when the chexsystems issue started to affect my parents’ bank accounts (because they were on a joint one that I had ruined), they bailed me out but my credit was ruined at age 22. I took a couple of years off to work before grad school, but the debt kept me from entering the Peace Corps, which is what I really wanted to do. I managed to clean up my credit, account by account, by using my credit report and challenging the accuracy of the listings (many of which were wrong). And then I waited for the 7 years to pass. It didn’t take long, within a year of reconciling my credit report with reality, Citibank was back at my door offering me a card. I learned my lesson bigtime, the hard way, and now only use credit cards when I can afford to pay the bill at the end of the month.

I don’t know that much has changed in the public school system. My younger sister graduated from high school in 2002, and she is just as clueless as I was, having had the same parents and presumably, the same public education.

[jennyo]

Dharmagirl – your story sounds exactly like mine! Other than a class in high school where we were taught how to write checks from a checkbook, absolutely no education on finances was provided in the public school system in the 1980s. As soon as I got to college, Citibank and many others signed me up and I couldn’t really understand why they would give me a card without having a job. Four years later at college graduation, my credit card accounts had all been turned over to collections and I was even on that “nazi list” chexsystems thing that the banks use so I couldn’t have a checking account. I was totally clueless! My parents had always made me get jobs but had never given me any advice about what to do with the money I earned. So I would promptly spend it all at the mall on clothes and CDs.

Finally when the chexsystems issue started to affect my parents’ bank accounts (because they were on a joint one that I had ruined), they bailed me out but my credit was ruined at age 22. I took a couple of years off to work before grad school, but the debt kept me from entering the Peace Corps, which is what I really wanted to do. I managed to clean up my credit, account by account, by using my credit report and challenging the accuracy of the listings (many of which were wrong). And then I waited for the 7 years to pass. It didn’t take long, within a year of reconciling my credit report with reality, Citibank was back at my door offering me a card. I learned my lesson bigtime, the hard way, and now only use credit cards when I can afford to pay the bill at the end of the month.

I don’t know that much has changed in the public school system. My younger sister graduated from high school in 2002, and she is just as clueless as I was, having had the same parents and presumably, the same public education.

[jennyo]

Dharmagirl – your story sounds exactly like mine! Other than a class in high school where we were taught how to write checks from a checkbook, absolutely no education on finances was provided in the public school system in the 1980s. As soon as I got to college, Citibank and many others signed me up and I couldn’t really understand why they would give me a card without having a job. Four years later at college graduation, my credit card accounts had all been turned over to collections and I was even on that “nazi list” chexsystems thing that the banks use so I couldn’t have a checking account. I was totally clueless! My parents had always made me get jobs but had never given me any advice about what to do with the money I earned. So I would promptly spend it all at the mall on clothes and CDs.

Finally when the chexsystems issue started to affect my parents’ bank accounts (because they were on a joint one that I had ruined), they bailed me out but my credit was ruined at age 22. I took a couple of years off to work before grad school, but the debt kept me from entering the Peace Corps, which is what I really wanted to do. I managed to clean up my credit, account by account, by using my credit report and challenging the accuracy of the listings (many of which were wrong). And then I waited for the 7 years to pass. It didn’t take long, within a year of reconciling my credit report with reality, Citibank was back at my door offering me a card. I learned my lesson bigtime, the hard way, and now only use credit cards when I can afford to pay the bill at the end of the month.

I don’t know that much has changed in the public school system. My younger sister graduated from high school in 2002, and she is just as clueless as I was, having had the same parents and presumably, the same public education.

[dharmagirl]

Yes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.

I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?

When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.

Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.

That IS scary….

[dharmagirl]

Yes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.

I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?

When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.

Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.

That IS scary….

[dharmagirl]

Yes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.

I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?

When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.

Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.

That IS scary….

[dharmagirl]

Yes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.

I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?

When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.

Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.

That IS scary….

[dharmagirl]

Yes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.

I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?

When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.

Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.

That IS scary….

[sd_bear]

Everyone at my high school was required to take a money management class their junior or senior year. This was in ’99. They taught us how to use credit cards, how to balance a checkbook, and why you should start saving for retirement immediately. It actually went into great detail about compounding interest and so forth.

In high school I didn’t even understand how credit cards really worked. I thought it was a card you use to make purchasing easier, and then you just pay the bill at the end of the month. I had no idea about debt and that you could choose not to pay the full amount. I think its because my parents brainwashed me from youth to never have debt.

[sd_bear]

Everyone at my high school was required to take a money management class their junior or senior year. This was in ’99. They taught us how to use credit cards, how to balance a checkbook, and why you should start saving for retirement immediately. It actually went into great detail about compounding interest and so forth.

In high school I didn’t even understand how credit cards really worked. I thought it was a card you use to make purchasing easier, and then you just pay the bill at the end of the month. I had no idea about debt and that you could choose not to pay the full amount. I think its because my parents brainwashed me from youth to never have debt.

[sd_bear]

Everyone at my high school was required to take a money management class their junior or senior year. This was in ’99. They taught us how to use credit cards, how to balance a checkbook, and why you should start saving for retirement immediately. It actually went into great detail about compounding interest and so forth.

In high school I didn’t even understand how credit cards really worked. I thought it was a card you use to make purchasing easier, and then you just pay the bill at the end of the month. I had no idea about debt and that you could choose not to pay the full amount. I think its because my parents brainwashed me from youth to never have debt.

[sd_bear]

Everyone at my high school was required to take a money management class their junior or senior year. This was in ’99. They taught us how to use credit cards, how to balance a checkbook, and why you should start saving for retirement immediately. It actually went into great detail about compounding interest and so forth.

In high school I didn’t even understand how credit cards really worked. I thought it was a card you use to make purchasing easier, and then you just pay the bill at the end of the month. I had no idea about debt and that you could choose not to pay the full amount. I think its because my parents brainwashed me from youth to never have debt.

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