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Financial Literacy and Youth

IMG-20120424-00022“Academic qualifications are important and so is financial education. They’re both important and schools are forgetting one of them.” ~ Robert Kiyosaki


I’m pleased to see so many articles today in the mainstream press about the need for the millennial generation (18-29) to learn financial literacy.

While we’ve previously blogged about this subject on Osiris Organization’s site, it cannot be repeated enough. We’ve always put a lot of energy into the notion of youth education—academic and financial. It’s simply and crucially important in the 21st century world we live in.

In this morning’s USA Today, in an article entitled, “The Cost of Financial Literacy,” one paragraph stood out for me:

Susan Beacham, CEO of financial literacy firm Money Savvy Generation says, “The parental instinct to provide for you children can actually be detrimental to preparing them to be financially independent. It’s an ‘unintended consequence’that leaves adult children unprepared to handle their own finances. You feel like a good parent if you’re taking care of your child,” she says. “(But) the reason kids on college campuses don’t know anything about money is because they have no skin in the game because their parents are still paying. Their child is going to pay a much higher price for the lack of experience and knowledge they have on graduation day.”

I agree with her. But I don’t see our public schools rising to address this challenge anytime soon. I’m pleased to see more and more organizations like Money Savvy Generation springing up to address this important issue.