Renascence School Education News - private school

Thursday, April 16, 2015

Proof That State-Mandated Financial Education Programs Work

The Huffington Post – Chris Mettler

“There has been a long dispute over whether or not state-mandated financial education programs in high schools actually help improve financial literacy and overall financial health in adulthood. However, new research has emerged that provides consistent evidence that these programs are effective. According to a report by the Consumer Financial Protection Bureau (CFPB), financial education is defined as, “A process of lifelong knowledge and skills development required to achieve financial literacy, mitigate financial risks, protect assets and ensure ongoing effective management of one’s savings, credit, debt, housing, and other resources to maximize financial well-being of individuals and society.” Recently, two new studies were released which prove that proactive financial education is key to a more financially literate America.”(more)

Thursday, April 9, 2015

Teach Your Child to Invest — At Seven Years Old

The Huffington Post – Miranda Marquit

“One of the most important lessons you can teach your children is to invest. Last year, when my son was 11, I opened a custodial IRA on his behalf. A portion of my son’s earnings from working in my home business, and from his allowance, go toward his investment account. Every so often, my son and I check his investment account progress and talk about what it means to invest for the long-term. I thought 11 was young enough to give my son an investing edge, but I’ve discovered that some professional money managers suggest starting earlier with investing lessons. Gerry Frigon, the President of Taylor Frigon Capital Management, taught his son to start investing at seven years old…No matter how old your child is (although it is helpful for your child to already have a basic understanding of financial concepts first), it’s a good idea to teach him or her how to invest. My own son takes an interest in his portfolio, since he can see results that go beyond what he would earn in a savings account. As you teach your child to invest, keep the following keys in mind:”(more)

Wednesday, April 8, 2015

Turning Diplomas Into Good Jobs: A Leading Site Just Got Bigger

Forbes – George Anders

“Roberto Angulo founded AfterCollege in 1999, with the goal of helping recent graduates create online profiles that could help turn diplomas into good jobs. Breaking into the big time hasn’t been fast or easy — but his site just took a big step forward with the acquisition of Collegefeed, a Mountain View, Calif., start-up with similar ambitions…According to the National Center for Education Statistics, 73% of young adults with a bachelor’s or higher end up in full-time jobs, with median pay of $46,900 a year…Both AfterCollege’s Angulo and Collegefeed’s founder, Sanjeev Agrawal, think it’s possible to do better.”(more)

Monday, April 6, 2015

Kids and Money: The Search for What Really Works

Time – Dan Kadlec

“A new study aims to understand the effectiveness of the money lessons kids learn in school. Those who oppose integrating financial education into our nation’s classrooms have long argued money lessons don’t actually change behavior. Slowly, evidence to the contrary is emerging. But much more proof is needed before personal finance will be taken as seriously as math, science, or history. That line of thinking underlies a new $30 million commitment from professional services firm PwC, which in 2012 launched its Earn Your Future program, designed to help educators gain the tools and knowledge they need in order to teach kids about money. PwC pledged $100 million worth of service hours from its employees and $60 million in cash over five years.”(more)

Friday, April 3, 2015

4 College Savings Mistakes Even Savvy Parents Make

The Huffington Post – LearnVest

“Three out of four families worry that they won’t have enough to pay for college. But there’s also some good news: For the first time since the recession, Americans are ramping up their college savings. According to Sallie Mae’s How America Saves for College 2014 report, more than half of all parents have started saving for higher education. And college-savings account values are also on the rise: The average amount families have in tuition funds is now valued at over $15,000 — that’s a 30 percent increase from 2013. The challenge, however, is that those savings still pale in comparison to eye-popping tuition rates, which are rising faster than inflation…To help parents better combat the college cost creep, we pinpointed the most common mistakes parents tend to make when saving for college–and then tapped financial pros and college planning experts to school us on how to avoid them.”(more)

Thursday, April 2, 2015

Financial Capability: Important for Students and Communities

Ed.gov – David Soo

“This week, President Obama declared that April will be Financial Capability Month. Now more than ever it is important to ensure that all students are ready for college and careers. A critical component of this readiness is financial capability. This includes sound financial education, but also the skills, dispositions, and access to appropriate financial products—in a consumer-friendly environment—necessary to make informed financial decisions. It is critical that financial capability is a part of every student’s education, whether they are about to enter the workforce or make the decision about where to go to college and how to pay for it. The effects of this financial capability, however, stretch beyond the gains that will accrue to the individual. We know that students who learn financial lessons often spread these lessons to their parents, aunts and uncles, and others in their community.”(more)

Wednesday, April 1, 2015

10 Fun Ways to Boost Your Financial Fitness

The Huffington Post – Chris Mettler

“In its most basic form, financial literacy is the ability to understand how money works — but it’s definitely not that simple. In order to know how to earn, manage, invest, and save money as an adult, you must first learn the basics when you’re young…Over the course of a little over three years, the National Financial Educator’s Council administered a national financial literacy test to 4,916 youth between the ages of 15 and 18, from more than 40 states in the United States. The average score was 60.08 percent. In any standard “classroom” 60.08 percent would be a failing grade. Consider this: If you failed out of medical school, would you be equipped to perform surgical procedures? No. So why are we sending our children out in to the world without the tools they need to make responsible financial decisions — some of the most important decisions they will make in their lives? Financial literacy and education is vital to achieve independence and ultimate prosperity in the real world…I spoke to a number of financial experts and some everyday people to compile the top ten ways that parents and kids can start to improve financial literacy today.”(more)

Friday, March 27, 2015

3 Things Young Adults Need to Know About Building Wealth

Cheat Sheet – Eric McWhinnie

“Excuses are abundant when trying to comprehend why Americans don’t take better care of their money, but the source of the problem appears to be a distaste for education. As a nation, we consistently flunk the understanding of basic financial concepts. A recent study from the American College of Financial Services finds that eight out of 10 retirement-age Americans with at least $100,000 in assets failed a basic quiz on how to make their nest eggs last throughout retirement…Even with modern-day advancements and accessible education, America’s largest generation is failing to understand financial issues. The Financial Industry Regulatory Authority (FINRA) finds that only 24% of millennials are able to correctly answer four or five questions on a simple five-question financial literacy quiz. That figure drops to just 18% among those from 18 to 26. The Cheat Sheet recently spoke with Andrew Ferraro, CFP, CIMA, a Wealth Advisor at Strategic Wealth Partners, to better understand how young adults can improve their financial literacy. Let’s take a look at the top three things you need to know about building wealth and planning for retirement.”(more)

Thursday, March 26, 2015

STEM subjects boost girls’ earnings by a third, study says

Teaching Personnel – Charlotte Michaels

“Studying maths or science at A-level can boost girls’ earnings by as much a third, according to a new report. The research reveals that the returns for women who study two or more A-levels in science, technology, engineering or maths (STEM) subjects are 33.1 per cent when compared to those who only obtain GCSE-level qualifications…Encouraging more girls to study STEM subjects has been part of the coalition’s education plan since 2010, resulting in 10,000 more STEM A-level entries for female pupils.”(more)

Wednesday, March 25, 2015

5 Smart Tips For Children’s Financial Literacy

Investopedia – Steven Richmond

“Parents today have survived their fair share of economic crises: the Great Recession, the dot-com bubble and the various oil shocks during the Reagan and Carter years, just to name a few. Years of experience teaches us the importance of financial literacy, but what about the next generation of Americans who are facing financial independence for the first time? Good parents want the best for the children, which means making sure they grow up knowing how to handle their personal finances properly. Try one of these five smart techniques when you decide to start teaching your children how to handle their money responsibly.”(more)