As advocates of the responsible use of credit, Credit Card Insider aims to provide students with the financial literacy tools they need to make informed decisions in the future. Financial literacy is an important topic for students as they plan for college and beyond. However, this topic is often underrepresented in the classroom curriculum. Here are some statistics from the National Financial Educators Council (NFEC) on students and financial literacy:
- Less than thirty-four percent of parents have explained how credit card interest and fees work and ninety-three percent of parents with teenagers report worrying that their children might make financial missteps such as: overspending or living beyond their means (Charles Schwab’s 2008 “Parents & Money)
- Approximately fifty-four percent of college student report overdrawing their bank account and eighty-one percent largely under-appreciated the time it would take to pay off a credit card balance (Center for Economic and Entrepreneurial Literacy Survey)
- In many cases, teachers aren’t familiar with financial materials and are “afraid that students will ask questions that they don’t have the answers to, so they steer clear. (“Financially Illiterate: Schools not Teaching Personal Finance,” FoxNews.com, 06/18/02)
- Forty-nine percent of teens are interested in learning more about money management. However, only fourteen percent had actually taken any classes on a financial literacy (Capital One)
If you want to become familiar with your own level of financial literacy, you can take this test from the NFEC.
We have created lesson plans for parents and teachers to use as an aid for informing students about the importance of budgeting, credit cards, investments, accounting, and paying for college. These lesson plans include activities that will help reinforce the difficult concepts and make them relatable to children’s lives. Having knowledge is always an advantage and we want every student to have that advantage when they begin making important financial decisions. The level of content in the lesson plans is tailored to middle school and early high school aged students. Below are PDF versions of five different lesson plans that can be used both in the classroom and at home. We are always looking to improve the information we have for students, so please feel free to make any comments or contact us at firstname.lastname@example.org.