Monday, November 24, 2008

Genius idea of the century: teach kids about money!!!!!

Yes ! Yes ! Yes ! Somebody listen to this guy please!

A College Sophomore Solves the Financial Crisis - The Daily Beast: "The Jump$tart Coalition found the following in its annual survey of high school seniors:

* Only 48% understand that a credit card holder who only pays the minimum amount on monthly card balances will pay more in annual finance charges than a card holder who pays off the balance in full each month. That level of ignorance can easily lead to thousands in interest charges each year, and can easily be the difference between financial security and destitution.
* Only 40% realized that they could lose their health insurance if a parent suddenly lost his/her job....

In the current economic environment, increased financial literacy is absolutely essential for people to understand the issues as consumers and as voters. No one should leave high school without a solid foundation of practical financial skills. Students should be able to understand credit card offers, evaluate investments, compare insurance products, and understand their rights and responsibilities as consumers. Trust me, it's a lot more useful than Latin."