RSI Corporate - Licensing

These Are the ‘Building Blocks’ That Lead to Smart Money Decisions

Time Money – Dan Kadlec

“These three skills are essential, and should begin to be understood as young as 3 years old. How do kids learn sound money practices? The answers have eluded financial educators for years, and the lack of clarity as to what works best has fueled resistance to pouring more resources into the effort, especially in schools. Critics make many valid points. But they also jump to a faulty conclusions. And as Richard Cordray, director of the Consumer Financial Protection Bureau, said recently: “I have never found [the resistance] convincing. To me, all it says is that we simply have not yet been at this work long enough.” The need for broad financial education has never been more apparent.”(more)

Reading + money education + math = beating the summer slide

The Kansas City Star – Steve Rosen

“It’s an age-old problem for parents: how to prevent their kids from hitting the summer slide. Over the past few years, new research has provided a growing body of understanding of how reading books during the summer can prevent the loss of reading proficiency and boost confidence. Worried about math too? Here’s how to address the summer slide in both reading and math: Check out books that teach kids about money and economic concepts in the context of fun. As a bonus, many of these books provide number-crunching lessons as part of the journey.”(more)

College Students Miss Mark on Financial Literacy, Survey Shows

Education News – Raymond Scott

“LendEdu, an online marketplace created to offer student loan borrowers insight into their personal finances and loans without damaging their credit, has released its 2016 College Students and Personal Finance Study — and the results show a high degree of financial uncertainty among college students. The study surveyed current college students on basic personal finance knowledge and tried to gain insight into how they are managing money…In its introduction, the survey acknowledges a general lack of financial literacy in the United Sates. Currently, only 17 states require high school students to take a class in personal finances. Unsurprisingly, the results exhibited students “lacking basic knowledge and confidence” on financial matters…The report makes clear the urgent need for financial literacy coursework…Largely, students are not pulling in high incomes. 27% of students reported that they do not have a source of income, while another 40% of students were working part-time or had an on-campus job. The fact that students are not making much money adds greater emphasis to the need for financial literacy. Students must learn how to make the most of limited funds.”(more)

How Being Multilingual Can Affect Your Financial Future

Odyssey – Serena Hajjar

“With growing interdependence among countries, multilingualism is becoming an increasingly important asset, especially in the workplace. Today, the most prosperous economies in the world are driven by open- and free-trade principles. This requires constant interaction with people from all around the world, people from vastly different cultures. To successfully participate in this globalized economy, it’s important to recognize that not everyone will speak your language (that would be a rather pretentious assumption)…the law of supply and demand plays a significant role in determining the economic value of various languages…to maximize your earning potential, learn a language which is in high demand, but low supply.”(more)

Not All Financial Education Is Effective. Here Are 4 Ideas That Work

NPR Ed – Gabrielle Emanuel

“…statistics show how woefully uniformed Americans are about their finances. This situation has prompted both federal and state efforts to increase financial education. But there’s a problem: Research suggests financial education may not lead to better financial choices. In the short term, personal finance classes sometimes lead to better scores when students are quizzed on subjects like credit, debt and banking. But …There’s no clear link between taking personal finance classes and saving more, paying off debts or raising your credit score…That doesn’t mean we should stop teaching about money. It just means we need to do it better…there are techniques that seem to work.”(more)

Focusing on Financial Literacy for Students

Homeroom – Elizabeth Coogan

“April is National Financial Capability Month. Decisions about paying for higher education can have lasting impact on individuals and our economy…Financial literacy, which can be defined as an understanding of how to earn, manage, and invest money, has a critical impact on students’ ability to make smart choices about which institute of higher education to attend, what to study, how to pay for college, and how to manage student loan debt after graduation…The choices students make while in school often have a direct impact on their financial futures…To help students make wise decisions about higher education, our office of Federal Student Aid (FSA) offers several learning resources…”(more)