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Host: Scott LaMar

Smart Talk: Financial Literacy

Written by Radio Smart Talk | Mar 30, 2015 9:57 AM
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What to look for on Smart Talk Tuesday, March 31, 2015:

Do you consider yourself financially literate? Some of us learn in high school how to make financially healthy decisions, while others have to learn in the moments when we get our first credit card, get married, or buy a house.

It turns out that Americans who learn about personal finance in high school are less likely to spend the maximum amount on their credit cards or make late payments, and more likely to save money. While there are standards for financial literacy in Pennsylvania schools, a course in personal finance is not required.

The Federal Reserve Bank of Philadelphia and its partners have been training teachers in Pennsylvania, New Jersey, and Delaware how to teach personal finance to their students for over 15 years. The course they offer is called "The Keys to Financial Success," and 300 teachers have already been trained to offer their students instruction in budgeting, saving, and other healthy financial practices.

As part of financial literacy month, which begins Tuesday, Andrew Hill of the Federal Reserve Bank of Philadelphia and Temple University joins us to discuss how programs like "The Keys to Financial Success" can help current and future generations in our region learn lifelong financially sound practices.

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Andrew Hill

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  • Radio Smart Talk img 2015-03-31 08:16

    Cynthia from Harrisburg emails:

    I have a son who is 17 and a junior in high school. He works part-time as a lifeguard and is very good about saving his money. He is trying to decide on which college he would like to attend and comparing the amount of debt he would need to take on to attend these schools. He is now beginning to see what so many other people are struggling with as far as student debt is concerned.

  • Lisa img 2015-03-31 08:36

    I agree with caller Larry about letting your kids stay at home until they are financially able to leave home. I lived at home until my late 20's. My husband did the same and so did a cousin. When we moved out, we were ready to buy a home and did not waste money on rent (other than having paid our parents which financially helped them for their retirements). It's not for everyone. You have to have a good relationship with your parents and they have to treat you as an adult and not a child. It requires give and take, but is rewarding both through building family ties and building finances.

  • meganfoxy164 img 2015-04-01 06:15

    Unfortunately the financial literacy is quite bad and a lot of people have problem managing their own finance. As they have no experience and knowledge about financial actions and often do not pay attention to the terms and conditions of payday loans that they like to take, when they have spent all the money during month. So in result they are becoming a debtors and the high interest rates just increase the amount of money they have to earn. So I think that we need to change the educational system and learn children at schools how to manage money and become a responsible member of financial life.

  • EdTurlti img 2015-05-13 18:46

    I think educating kids on the realities of life, and making responsible financial decisions makes so much sense. Why shouldn't we prepare our kids for the future? There are so many financial options these days - credit cards, payday loans, overdrafts. By teaching financial smarts in school, we can avoid the huge debt problems that many people currently fall victim to as adults.

  • img 2016-02-12 12:03

    What to do when there is a wish to buy something, and money isn't enough? To borrow money - it is a shame. Of course, it is possible to save up the necessary sum, and it is possible to revise the plans and to refuse from purchases. But what for? It is possible to use the
    loans online. There are credits consumer and they can be spent for usual purchases household appliances, furniture, etc. If you take the credit, itself you solve, on what to spend it. It isn't also necessary to refuse long-awaited purchases more.