Personal Finance Knowledge Getting Worse, Not Better

[Athena]

For years, I've been saying that personal finance should be a required course in U.S. public schools. Imagine the impact it would make if people knew how to tend their finances better! I took both accounting and economics in high school, but neither taught me why it's important to balance my checkbook, how to build my credit or how financing works. Luckily, I had parents and other smart people in my life willing to break all that down for me, but not everyone has those kinds of resources. With bankrupcy up something like 40% this year, I happen to believe that some basic knowledge along these lines made standard at the HS level would go a long way to preventing things like the subprime morgage woes.

Unfortunately, this isn't yet happening. This article (http://www.bizjournals.com/seattle/stories/2008/04/14/daily16.html?ana=from_rss) from the Puget Sound Business Journal notes the fact that a smaller percentage of students this year grasp basic personal finance knowledge. From the article:


Nationally, students could correctly answer only 48.3 percent of the questions, down from 52.4 percent in 2006.

Students were asked questions such as:

Retirement income paid by a company is called:

a) 401 (k)

b) Pension

c) Rents and profits

d) Social Security

More students (37.4 percent) answered incorrectly with a response of 401 (k) than those who correctly (36.2 percent) answered with the pension choice.

Yikes, huh?

With so much focus these days on education being fun and engaging, I'd hate to think we are losing what's practical. Kids NEED to know this stuff.

[CPL CHUD]

I want terrible piss drenched credit. My credit report should make computers overload and shoot blue lighting out of their hard drives. I never want to be able to buy things I can't afford. I wiped my credit with my ass and hung it under the nose of bankers untill they got the point.

People also have more of a tendecy now to spend dough on stuff they don't need, which I see as a good thing, because it marks a society that is through struggling simply to feed and shelter itself. I think if anything the fact that we have to use self restraint to not purchase crap we don't need is awesome. It's fucking great. I can stretch twenty bucks for an entire month, or blow it in two seconds flat.

[Athena]

*Bump*

Hey, guys! Look what I found!

I was actually doing a search to find the link I posted to the mortgage crisis explained by stick figures. No luck yet, but I did find this fun gem that barely got commented on. :)

[jenthgr8]

Athena, I agree 100% that schools need to pick this up as part of regular cirriculum. This is basic stuff, but I have friends my age (30 and up) who have no fucking clue how to budget or manage their finances. And, with the advent of online statements and banking, a lot of them have no clue how to balance a checkbook. I had to take a "Life skills" math class in 9th grade, but it barely covered a lot of these things that become incredibly important once you get out into the big, bad world.

Thank God my stepdad taught me how to balance a checkbook from an early age (I used to sit and help him every weekend until I was about 11). I'm doing the same with my 14 year old. She has her own checking account and ATM card, along with $50 a month for allowance. She's made a few mistakes, but she's already learned the importance of knowing how much you've spent vs how much you've got coming in.

[Countess Olenska]

It should be mandatory to teach how to manage your finances. Common sense.

I love this guy. He says it just the way I would like to be able to.

Slightly relevant considering where our economy is at the moment.

YouTube - Death To America?!?!

Edit: Athena I wish you could see videos. This guy goes by The Amazing Atheist.

[polis]

The guy in the video said the jist of it. i do love how he said failed.

i'm not surprised by the results aobut pension, 401k.

not one bit.

[swivel]

The argument used in the video seems based on the fact that the bailout money hasn't worked. None of that money has been allocated yet. I would be shocked if it had already worked.

I'm as against the bail-out as anyone else, but this guy sounds like a beatnik prick who can't speak extemporaneously without severe edits.

I also hate morons that use the words "cock" and "penis" while trying to sound smart.

Oh... and the dude is just a comb-over waiting to happen, no?

[Countess Olenska]

The argument used in the video seems based on the fact that the bailout money hasn't worked. None of that money has been allocated yet. I would be shocked if it had already worked.

I'm as against the bail-out as anyone else, but this guy sounds like a beatnik prick who can't speak extemporaneously without severe edits.

I also hate morons that use the words "cock" and "penis" while trying to sound smart.

Oh... and the dude is just a comb-over waiting to happen, no?

You are funny. He's has dozens of videos and I just snagged the first semi relevant one I could find. I've heard pod casts without edits...need we go there?

It was because he didn't put "hulking" in front of "cock', isn't it?

[swivel]

You are funny. He's has dozens of videos and I just snagged the first semi relevant one I could find. I've heard pod casts without edits...need we go there?

It was because he didn't put "hulking" in front of "cock', isn't it?

The dude is a cock-sucker A hulking cock-sucker..

You know it. I know it. And since the freak started his rant wearing SUNGLASSES, he obviously knows it as well.

He's mad because he is already fat, is losing his hair, and will probably die a virgin. And if I can type my masterpieces straight out, without cutting while I Wiki something, this guy should be able to put a speech together without looking as clueless as McCain did last night.


And the only reason we ever had to edit our podcasts was because Impqueen used to orgasm loudly after a few minutes of hearing my sonorous voice dripping with genius.

[Countess Olenska]

Fine. I'll submit, he is a balding, hulking cock-sucker. It still doesn't change that I agree with him.

Imp orgasm loudly? She roars like a kitten.

[swivel]

She roars like a kitten.

You're doing it wrong.