Helping teach financial literacy to students

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Posted by Alan Chokov - Students are heading back to school after the holidays, eager to pursue good grades, activities that will boost their resumes and that elusive summer job. Now is the time for parents to reflect upon their own contributions to family and community. Even when it seems like we all have less time, this spring may be a good time to assess opportunities to volunteer.
According to the U.S. Department of Labor, 26.4 percent of Americans volunteered in 2008. While that shows a significant number of people making an effort to give back, it also reveals that three quarters of our citizens are not volunteering.
What better way to help shape our nation's future than by personally investing in our children's education?
As students focus on their studies, there are a few subjects that most of them won't be taught: How to manage money; how to create a budget and balance a checkbook; how to avoid credit debt; how to get ready for a job in the real world.
The basics of money management what we call financial literacy are essential life skills. Few would disagree that better financial decision-making could have lessened the negative consequences of the current recession for many families.
Managing money needs to be taught early, before students head off to college or enter the workforce. Ten percent of 2008 college graduates left school owing $40,000 in educational loans, according to U.S. News & World Report. Credit card debt also is increasing. A 2009 Sallie Mae study reports students graduated with 41 percent more credit card debt than four years ago, with one in five owing at least $7,000 and 82 percent unable to pay the monthly balance in full.
More bad news is that current graduates face the toughest job market in years. A recent National Association of Colleges and Employers survey found that only 20 percent of 2009 graduates who applied for jobs have been hired.
Parents should consider volunteering to teach a financial literacy program that can help students internalize essential money and job skills early on.
We all can share our personal experiences and expertise.