I’ll soon be returning to our neighborhood classrooms to teach “Real Money. True World.” At Ohio State University Extension, we’ve been offering this financial education program for a century now, reaching nearly 2,500 individuals here in Coshocton County.
In fact, this is the one that gets the most head nods when I talk to people about the types of programs I teach. I’ll usually hear, “That’s one of the most essential things we can be teaching young people.” Any of the over 60 community individuals who attend Spending Simulation Day will tell you that they do it because they want to show our young people that they care about how they manage their finances.
National Financial Literacy Month is April. This is a good time to reflect on how we are helping our children and grandchildren with money. Financial education involves learning the jargon but primarily self-awareness and knowledge. Some of the stories about a recent survey of Generation Z (now between the ages of 12 and 27) are probably familiar to you. Some respondents mentioned that therapy may be necessary because filing taxes was so difficult. Because Cash App Taxes conducted the survey, I take this with a grain of salt. I’m concerned about the survey’s accuracy.
However, in an article about the survey, a financial director is quoted as saying, “They don’t learn this in school.” The thing is, they do. We learn a lot in school, but it really doesn’t matter until we need to use it. At the time, it seemed unimportant to learn about filing fees as a 15-year-old. However, teaching them is also important because it makes them more capable of financial well-being by becoming familiar with the concepts and terminology.
Producing certified financial managers is not the goal. It is to make them feel comfortable discussing funds. This may involve showing them how much the monthly household bills are, depending on their age. Would your kids know your family budget for your mortgage or rent, utilities, car payments, insurance, cellphone plan, and medical bills? Do you mention saving money for certain objectives? What about how you decide what to buy and where to spend your money?
The best way for our kids to be comfortable and at ease with financial topics is to talk to them about these topics as we go through daily life. There are many excellent tools available to help us have conversations with our children.
At econedlink, the Council for Economic Education has some fantastic activities under Family Resources. There are books with activities and exercises for kids of all ages, from kindergarten to high school. Additionally, they include references to video games that incorporate issues about personal or business finance into sports-style games.
Another fantastic resource is Future Gen Personal Finance. Although this is intended for instructors in the classroom, there are plenty of home-use options. At ngpf, there are activities and quick videos, and one of my favorite parts has always been the arcade. These video activities cover a range of subjects, from cryptocurrency to accounting to retirement planning. Cat Insanity will always be my favorite game.
One of my favorite little books is “The Index Card: Why Personal Finance Doesn’t Have to Be Complicated” by Olen and Pollack. They provide some excellent advice on how to keep financial goals simple. The key to success is making the most of smart and traditional investing strategies and living within your means. It is a great resource to engage with your older teenager or young child.
Now, I’ll leave you with this quote from Abraham Lincoln: “You may avoid the responsibility of tomorrow by evading it today.”
Emily Marrison is a Family & Consumer Sciences Educator for the OSU Extension. She can be reached at 740-622-2265.