If your teenaged daughter or granddaughter is average, she expects to earn $145,000 a year, according to the Denver Post. Do you think that’s likely? Unless she’s on a fast track for science, technology, math or engineering, it’s not likely to happen.Financial guru Sharon Lechter has some solutions for teens and parents alike.
Who Needs Financial Literacy?
It starts with financial literacy education. “Poor credit decisions and mismanagement of money created the current economic crisis,” she says. ” Without a foundation of sound financial literacy, the next generation will be even worse off.”
Does that scare you as much as it does me? When they have completely unrealistic expectations about their lifestyle, coupled with a lack of earning ability and absence of money management skills, they are headed for trouble.
Sharon Says:
- Only 34% can balance a checkbook
- The average teen thinks that he/she will earn an annual salary of $145,000**
- Bankruptcies for 18-24 year old people increased 96% in 10 years
The President’s Advisory Council on Financial Literacy strongly advocates more early childhood through post-secondary education on the basics of financial literacy. Sharon Lechter’s website Pay Your Family First delivers essential money management skills and financial literacy programs.
How Can I Improve My Financial Literacy?
You can improve financial literacy in the lives you touch in several ways:
- Talk to your kids about money
- Play Sharon’s ThriveTime for Teens game with the youth in your life
- Sponsor a Pay Your Family First program
- Teach a Pay Your Family First program
** The Denver Post, Richmond CARE Program |
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