RSI Corporate - Licensing

Three Money Conversations Every Teen Should Have With Their Parents

Time – Sophia Rase

“My aunt is Suze Orman, so I’ve grown up talking about money. A lot. It wasn’t until I was in high school that I realized just how unusual that is. The teens I know are hungry for guidance and insight on becoming money-smart. We know that money is often at the heart of family stress, even if we don’t know why. But whether because our parents want to shield us, or because they don’t know how to talk about it, money winds up being a taboo topic.”(more)

We’re ditching cash. So how do we teach kids about money?

USA Today – Brett Molina

“Doug Anderson discovered his kids’ interest in money started with the tooth fairy. “They start learning a little bit about money because they start to accumulate some,” said Anderson, who owns a business media company based in Washington, D.C., and has four kids, aged 6 months to 9 years, including a 5-year-old who just lost a tooth. The tooth fairy still largely operates in dimes, quarters or even dollars. But soon, given the lack of cash parents cart around, could it start to pay by Venmo? According to a 2016 Pew Research Center study, 24% of Americans indicated they don’t make purchases using cash during a typical week.”(more)

Should K-12 schools teach financial literacy? The answer is yes-here’s how

E-School News – Beth Tallman

“Financial literacy, and the role of K-12 schools in promoting it, is getting lots of attention these days. To date, some states have developed standards for teaching financial literacy, but where do schools turn for resources to implement those standards and who do they turn to for advice on what aspects of money management they should teach and when? As a country, our financial literacy skills are dismal. Nearly two-thirds of Americans can’t pass a basic financial literacy test, and data from the Federal Reserve show that consumer debt hit an all-time high in early August.”(more)

Not doing this when you apply for student loans could cost you

USA Today – Kellie Ell

“More than half of students read less than 25% of their student loan documents, according to a new study. Many skipped reading them altogether. Those are the results of the 2017 State of Student Loan Debt in America survey, which polled current college students and their parents on their attitudes about managing student loan debt and found that most of America’s college students are flummoxed by the lengthy student loan process.”(more)

American Students’ Financial Illiteracy and What’s Being Done to Fix It

Education World – Joel Stice

“The United States reached a discouraging new milestone back in August when it was reported that U.S. households collectively have more than $1 trillion in credit-card debt. And unfortunately, that number might continue to rise in the future with a large number of teenagers (and a lot of adults apparently) lacking in financial literacy.”(more)

Retirement plan: 70% of young parents are making this big money mistake

USA Today – Kathleen Elkins

“According to a new survey from Personal Capital, 70% of Millennial parents say they would prioritize their kid’s college education over their own retirement. Most financial advisers would call that a big mistake. You don’t want to “derail your retirement for your child’s college education when they can get a loan or scholarships,” certified financial planner Carrie Schwab-Pomerantz tells CNBC.”(more)