Dear Parent,
Look at the financial problems our teenagers are facing today:
- A third of high school seniors who have checking accounts have bounced a check.
- Freshman entering college with credit cards are already an average $1,585 in debt.
- More than half of college students graduate $5,000 in credit card debt.
- Bankruptcies among 18- to-24-year-olds increased 96% from 1997 to 2007.
Why are so many young people already facing financial problems just as they start their adult lives? Consider a couple more statistics, which we find the most concerning of all:
- As of 2009, only three states (Utah, Missouri and Tennessee) had made personal-finance courses mandatory for public school students.
- Fewer than 30% of American high school students receive even one week of personal finance education or financial training of any kind.
How can our schools neglect teaching our kids money skills -- such as how to use a credit card -- that they will need to use every day of their lives?
As new parents ourselves, we are extremely frustrated that our public education system doesn’t treat personal finance as the critical life tool that it is. That’s why we started Money Savvy Teen.
We promise you this personal finance course will give your teens the tools they need to avoid common financial problems, enjoy their money without overspending, and build smart money habits that will last a lifetime.