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Financial Literacy For Children By Janice Parker, JP Credit Coach

If you have children of your own or whom you love, you should care about their financial well-being.  The Illinois State Treasurer is calling on Congress to pass legislation that would prepare students for financial success in adulthood. 

The Youth Financial Learning Act would create a grant to support school-based financial literacy programs focused on personal credit and student loan management. 

Many adults today didn’t get this financial foundation in school, and as a result, learned to manage finances at the “School of Hard Knocks!” If you’re financially supporting an adult child today, it’s likely the result of not having the foundation of financial education.  If the schools properly administrator the new program, this can be huge for our students. 

College readiness is not the last stage of parenting before adulthood.  We must prepare our young folks on how to prepare to make sound financial decisions by paying their bills on time, establishing and maintaining good credit, saving more than they spend, introducing entrepreneurship as an option, how to properly read loan documents, and tell them that OWNership is always the goal. 

Only 21 states, including Illinois, require high school students to take a course on personal finance. Only five states require a standardized test on personal finance concepts. Let’s push for better for our children and support our school systems who are trying to change the trajectory of our kids’ financial future. Tell your legislatures and schools that you support The Youth Financial Learning Act.  

Janice Parker is a Certified Credit Consultant and Educator motivating and supporting individuals and families to increase their knowledge, skills, and access to credit. To learn more, visit http://www.jpcreditconsulting.com/