Here is a fantastic article about basic understanding of financial management. Most all of us believe that a basic course in financial literacy would be great at the high school level. But problems abound. Not only is curriculum an issue, but teachers are an issue, because adults as a whole have little understanding themselves. Who qualifies as a teacher? Good question. A great read! An important read! Be sure to read the many comments after the article.....quite enlightening to be sure.
What is your take as a math teacher?
True or False: Many Americans Don't Understand the Basics of Investing. Andrea Coombes. 9.4.12.The Wall Street Journal.
http://online.wsj.com/article/SB10000872396390444812704577605232303164416.html?mod=dist_smartbrief
I really like this article (and the dialogue it sparked wasn't bad either). A friend of mine teaches investing and business classes at Stevenson High School in Illinois and she has noticed really interesting trends in terms of how students apply what they have learned to their own behavior. She does a stock market simulation with the students, but it only lasts as long as her class does so she can only give them about ten weeks. She says the students that make money say they are likely to invest later on in life, while those who don't make money in ten weeks say they are less likely to. I think this is a perfect example of what Dewey would describe as a miseducative experience. Most people don't need ten week long investments. They should really be thinking about long-term savings and slow, steady growth, not extremely risky plans that may or may not have a fast pay off. Her students that don't do well sometimes invested very responsibly and managed risk well, but without the time to track something like this for at least a year, students walk away feeling like they failed and investing isn't for them.
ReplyDeleteIt is difficult to get objective financial advice from anyone. My brother in law works at Vangaurd and he helps educate my husband and I on investing, but he always reccomends his own company's funds in the end. I think companies would love to partner with schools to provide financial training to students, but only as long as they're able to mix in their sales pitches. How can we teach students in a way that matches up with their unique situations and needs?
What if we wove this topic in with college planning and guidance? I think Juniors and Seniors would be really receptive to help when it comes to navigating student loans and debt in general. I know too many people who made financial mistakes early on before they really realized what they were doing. We could try to prevent this, although in some ways I think learning from experience is good too as long as you keep it small.
I love these "fringe" topics related to education because they really spark great discussion. Thanks for posting this!