A recent story from the Wall Street Journal noted that only three states require a certain amount of education in personal finance for high school students.
And while lawmakers try to find a way to instill this type of education for all Americans through financial reforms, parents may wonder how they can help their kids avoid some of the pitfalls encountered by some during the recession.
The Journal article said there is a checklist parents can use when trying to teach their children about personal finance, an effort that should start before they graduate from high school. Included in that program is teaching them about having money for needs versus discretionary spending, along with how to save and set up a home budget.
“Later, they can be introduced to the basics of insurance, taxes, debt and investing,” the paper said.
Having an education above and beyond what they may learn in the classroom could help younger people feel more prepared for their future. A recent survey from Capital One Financial Corporation showed that high school graduates who received financial training felt more prepared than those that had not.