Give Now

Experts Stress Importance Of Financial Literacy At Young Age

Financial experts are highlighting the importance of parents helping their kids begin saving as early in life as possible.

Kid money

Photo: Joe Duty (Flickr)

Experts say lessons in financial literacy and money management need to begin in childhood.

Ray Boshara is a senior advisor at the Federal Reserve Bank of St. Louis. During a recent event in Evansville, he told an audience lessons in financial literacy and money management need to begin in childhood.  He says it’s particularly important to get children on the path towards savings.

“There’s one study that shows youth who had a savings account were seven times more likely to go to college than kids who did not, and that’s controlling for everything,” he says.

Boshara says that even in tough economic times, it’s possible for people at all income levels to save money.  Preeti Mehta is the Director of Evaluation at the Doorways to Dreams Fund, a non-profit organization aimed at creating savings innovations for lower-income people.  She’s helped make online video games intended to provide financial education to kids.

“Being able to manage debt, understand credit cards.  Another is around budgeting.  Retirement savings,” she says.

Mehta says Doorways to Dreams has partnered with the military, governmental entities like the Federal Reserve and grass-roots community organizations across the country as a means to spread the games to as many kids as possible.  They are available for free online at financialentertainment.com.

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Support For Indiana Public Media Comes From

Search News

Stay Connected

RSS e-mail itunes Facebook Twitter Flickr YouTube

Follow us on Twitter

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Recent Education Stories

Recent Videos

Find Us on Facebook