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Economic Education
More states see the need for better economic education. Still, fewer than half of states have made financial education courses a requirement for high school students. In fact, in 2012 U.S. students scored below average for developed nations (OECD) in a test of financial literacy. This test was taken by 15-year-olds all around the world. Shockingly, more than one in six U.S. students failed to reach the baseline level of proficiency(1).

Hands On Economic Education For Kids

There is a program in Denver, CO that takes on the challenge of teaching 5th graders about money. Young Americans Center for Financial Education is on a mission to develop the financial literacy of young people through real-life experiences and hands-on programs. They purposefully design environments to enable youngsters to prosper in a free enterprise system.

Using constructed stores, utility companies, government offices, young 5th graders experience first hand how money and business work together. Also, Young Americans Center for Education offer a 21 years-and-younger bank. This is where children learn lessons about loans, certificates of deposits (CDs), savings accounts, checking accounts, debit cards, ATM cards and credit cards. Furthermore, they offer free classes and workshops.

Moreover, the economic education doesn’t end in just a classroom. Entrepreneurial kids can sell their  goods at the Young Americans YouthBiz Marketplace events after learning about taxes and accounting. What a great idea, don’t you think?

See more about what they do:

Young Americans Center For Education

What Can Parents Do?

Young Americans from all social backgrounds need to learn about money early. There isn’t enough of this kind of economic education in public schools. Yes, parents, you can help too. Begin by developing your child’s money knowledge at a young age. They desperately need money education to thrive in today’s complex global economy. You can make an effort to devote time at the dinner table or in the car to discuss financial concepts. Ultimately, it’s also a good idea to encourage your children to take economics or personal finance courses offered at school. They may not need it to graduate, but they will certainly need it in real life.

Source: 1) Council for Economic Education, 2016