Are We a Nation of Financial Illiterates?

[jeffrey]

I’d like to think I’m at least adequate in taking care of my family’s finances and everything that includes in the modern world: real-estate and insurance decisions, saving for college and retirement, investing and tax planning, etc. But it has been a bit of trial-by-error mixed with trial-by-fire — and to be honest, I was very fortunate to have an older brother who is smart, frugal, patient, and who worked for many years in finance. If it weren’t for him, I’d be in considerably sadder shape.

Are We a Nation of Financial Illiterates? - Freakonomics - Opinion - New York Times Blog

[Snave]

In a single word "YES." I don't understand why schools don't teach a personal finance class that is mandatory in school. For crying out loud, gym class is mandatory! I'm sure glad they showed me how to climb a rope. That comes in handy on a daily basis. Dodgeball is something I use routinely as well.

[jIM_Ohio]

Watch the show "am I smarter than a fifth grader"

then ask yourself- if this is what we are teaching, and more importantly, TESTING our kids on, then why can't we also teach them some practical things:

1) manners
2) finances
3) getting a job
4) changing cars oil/ basic car maintainance
5) critical decision making/ thinking under pressure

[Gruntina]

I remember in kindergarten, 1st and second grade we had to pretend that we were shopping and had to learn how to pay for things, count our money, and even deciding which size product was the best deal. We even played pretend banking as well.

Unfortunately that is where it stopped for me as far as being taught finances growing up.

[PrincessPerky]

considering how poorly folks do on 'are you smarter than a 5th grader', I don't know that adding finances to the school line up would help......