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WASHINGTON, DC . . . Seeking to increase parent awareness about the need for basic personal finance smarts for young people, the Jump$tart Coalition for Personal Financial Literacy and the California State Parent Teachers Association (PTA) today distributed copies of a new guide, How to Raise a Money-Smart Child: A Parents Guide, to 5,000 member organizations of the California PTA.
The four-color guide provides steps that parents can take to establish themselves as good financial role models for their children, as well as worksheets and other interactive teaching tools on the use of money and finance. Articles within the guide address age-appropriate topics for elementary and secondary school students, covering such areas as providing an allowance, how to create a budget, obtaining credit, and saving money toward long-term goals. Also provided are family activity ideas where parents and children partake in fun, educational projects designed to teach various personal finance concepts (for example: setting up a family change jar to save for a desired household item, such as a VCR).
The guides distribution is the first joint initiative between a PTA affiliate and the Jump$tart Coalition, which was formed last year to work toward improving personal finance knowledge among the nations youth. Given the size of Californias PTA (the largest in the nation) and the states role as a bellwether state, both groups hope that other state-level parent-teacher organizations (and perhaps the national PTA) will follow suit in outreaching their members on young peoples need for personal finance education.
We believe this guide will be a useful tool for teaching students personal finance and fiscal responsibility, said Dinah Showman, vice president of parenting education for the California State PTA. PTAs will be encouraged to use this information as part of their Parenting Education programs.
A 1997 study sponsored by the Jump$tart Coalition found that high school students lack an understanding of basic personal finance concepts. On average, survey participants answered 57% of the questions correctly. Only ten percent of respondents said they learned about personal finance at school, while sixty percent learned at home.
In many cases, young people learn by watching how their parents handle household finances, rather than actually asking questions, said Dara Duguay, executive director of the Jump$tart Coalition. Were hopeful that the publications interactive format will encourage dialogue between parents and their children on issues that otherwise might not be discussed. At the same time, the guide could increase adults awareness of the importance of setting a good example, as well as taking it upon themselves to become more knowledgeable about personal finance.
Copies of How to Raise a Money-Smart Child: A Parents Guide are available for $1.00 each. To obtain a copy, individuals may send payment to The Jump$tart Coalition, 919 18th Street, Third Floor, NW, Washington, DC, 20006 (or call Jump$tarts Renee Szabo at (202) 466-8604 for more information).
The Jump$tart Coalition consists of nearly 70 organizations, including federal agencies, universities, national non-profit associations and sponsors of education programs, which have come together to form a national effort geared toward improving personal finance literacy among young adults. The coalition, a non-profit organization, is based in Washington, D.C.
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Note: Reporters interested in obtaining a complimentary copy of How to Raise a Money-Smart Child: A Parents Guide should contact Renee Szabo at the Jump$tart Coalition by telephone: (202) 466-8604 or by e-mail rszabo@afsamail.com
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