| It is never too early to teach kids about personal | | | | The fact is that the life skills required for the 21st |
| finance. Many elementary schools are coaching | | | | century are dramatically different from the |
| children about money. They encourage students | | | | current generation's high school days. It's |
| to set up a store of their choice and allow them | | | | imperative the upcoming generation learns to |
| to 'do business' with one another. Fake money | | | | avoid the financial pitfalls that we have all recently |
| and creative imaginations have gone a long way. | | | | fallen into. It's imperative they understand the |
| These children see the results of how quickly their | | | | repercussions of overspending and accumulating |
| fake money disappears from spending too much | | | | debt. |
| or from making bad business choices. In | | | | Children are vulnerable and pick up the spending |
| kindergarten, these lessons begin by teaching | | | | patterns of their parents, albeit good or bad |
| needs versus wants. | | | | habits. The recession has put into play the results |
| The days of the old Home Economic courses are | | | | of bad financial choices and they are experiencing |
| coming to an end. Learning to sew, bake or | | | | first-hand the dangers from watching their |
| jigsaw woodcarvings just does not cut it any | | | | parents lose jobs, walk away from the homes |
| more (pardon the pun). Instead, home economics | | | | they can no longer afford or by going on free or |
| is being converted into personal finance courses | | | | reduced lunches in the school system. |
| and are being taught at many high schools around | | | | The bottom line is personal finance has become |
| North America. The Council for Economic | | | | more complicated. Teaching them age-appropriate |
| Education feels these courses are extremely | | | | lessons now could save them from the pitfalls of |
| important, so much so, that thoughts of | | | | the next inevitable recession. It may be a good |
| implementing them as mandatory for high school | | | | idea to take your children to a local bank or |
| graduation is being considered. | | | | financial lending institution with you the next time |
| These early economic lessons include managing | | | | you go. This will provide them with a one-on-one |
| credit, balancing a budget and buying large items | | | | banking experience so they can better inform |
| such as a first car or home. Many experts feel | | | | themselves for their first loan. Teaching them |
| that the current recession's length and impact | | | | about finances while they are still young is the |
| could easily affect a student's future financial | | | | best way to ensure that children become |
| behaviour in the same manner the Great | | | | financially responsible adults. |
| Depression affected their grandparents. | | | | |