July 31, 2019

Teaching Our Children Financial Literacy

July 2019 - Teaching Our Children Financial Literacy - Carroll Financial

Date: July 31, 2019

Author: Kristopher W. Carroll, CFA®, CFP®

Read Time: 2 minutes

 

One of my passions is promoting financial literacy in our youth. I have served on the Board of Directors for the North Carolina Council of Economic Education for the past seven years and my work with the NCCEE has been extremely rewarding. I have had the opportunity to work with students and teachers in workshops and explore fun ways to teach financial concepts. Recently, the NCCEE collaborated with the lieutenant governor’s office to help pass NC H924, which is a bill that will require every high school student in North Carolina to pass a class in economics and personal finance in order to graduate from high school. North Carolina is the 17th state to require this type of education and it will become effective for any student entering the ninth grade during the 2020-2021 school year.

 

It’s been an educational experience for me to observe the arduous process of getting a piece of legislation through the state government.  It is also something we are all very proud to have been a part of because students will now study compound interest rates, how to manage credit cards and debt, how to foster their credit scores and how to plan for the costs associated with higher education.

 

There were certainly those who opposed this bill primarily because they did not want to reduce the focus on U.S. history in the classroom. It is always a challenge to balance what life skills and knowledge we want to encourage and impart to students. Economics is considered part of the social studies and civics curriculum. I’m not sure if that is the best fit for economics, but I do know that “home economics” is a thing of the past and far too many people are launched into the real world without ever understanding the dangers of credit cards or the real costs involved when they are misused.

 

The next challenge facing the NCCEE is training teachers throughout the state to teach these concepts to our students. You may or may not be surprised to learn that many social studies teachers are not experts on economics or debt. Thankfully, we have a commitment from the state to help fund this project. I am excited that Carroll Financial will be part of this mission as well and plan to send an announcement out soon detailing our involvement.

 

If you would like to learn more about the NCCEE, visit their website at https://www.nccee.org/ .

 

And if you ever just want to discuss financial literacy or how to help your children or grandchildren begin their personal finance studies, please don’t hesitate to ask!

Financial Literacy

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