September 18, 2016 |
Efforts to make us smarter about money don't seem to be working. A Harvard Business School study found that personal-finance classes taught in high school had no effect on "financial outcomes" such as how much people saved or how likely they were to miss payments on debt. A report for Management Science found that even intensive instruction had "negligible effects" on behavior. Other research, however, has found methods that show promise in teaching financial literacy. If you want to improve your relationship with money or teach your children about personal finance, these findings may help do that.
March 20, 2016 |
Librarians, let's learn about dollars and sense. The all-day PA Forward Financial Literacy Summit will take place Tuesday, March 22, in partnership with the Southeastern Chapter of the Pennsylvania Library Association (SEPLA). Speakers include Dr. Cathy Bowen, PhD, Penn State professor and financial literacy expert, Dr. Daad Rizk, EdD, Penn State financial literacy manager, and yours truly. We'll cover topics such as "Planning for Retirement" and "Big Ticket Personal Purchases," "Budgeting and Moving Past Money as a Taboo Topic," and "Successful Financial Literacy Engagement on College Campuses".
November 6, 2015
FOR MANY PEOPLE, personal finance can be pretty boring. I've even had folks planning to attend a financial class tell me they anticipated taking a nap. Folks like having money. They just don't like the chore of learning the concepts it takes to manage it well. And if they aren't learning what they need to know, they likely aren't able to teach their children. Many advocates believe teaching students about personal finance should be integral to the Common Core curriculums being implemented nationwide.
March 16, 2015 |
Here's a quick financial-literacy quiz for you savers and investors out there, courtesy of Wharton professor Olivia S. Mitchell: 1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After 5 years, how much do you think you would have in the account if you left the money to grow? a. More than $102 b. Exactly $102 c. Less than $102 2. Imagine that the interest rate on your savings account was 1 percent per year and inflation was 2 percent per year.
September 16, 2013 |
Learning how to earn, spend, and save money wisely ought to start in childhood. But if you missed the early lessons, websites such as these offer many ways to catch up on financial literacy. Among articles on Visa's Practicalmoneyskills.com site is one on the company's annual "Tooth Fairy survey," which Visa says "shows that American children are receiving an average of $3.70 per lost tooth this year - a dramatic increase of 23 percent over the $3.00 per tooth left in 2012. " Visa doesn't say if that's a good thing, though.
June 12, 2013
WHENEVER I URGE people to stop being serial auto-loan consumers, I get bewildered looks. I mean it. Pay cash for your car and make the math work in your favor. I get that you might not be able to get off the car-loan circuit right away. But once you pay off one car loan, continue making the payments - but to yourself. The average length of vehicle ownership for a new car has increased to nearly six years, according to R.L. Polk & Co., which owns the used-car history provider Carfax.
April 15, 2013
IF YOU HAVE no money, the concept of financial literacy can seem like the punch line of a sick joke. But, in fact, low- and moderate-income people can often benefit the most from being more informed about taking control of their finances, and an increasing number of institutions and foundations are recognizing this. Two this month are worth noting - not just because April is National Financial Literacy month, but primarily because they target an audience that is, at best, overlooked and, at worst, often ill-served by questionable practices.
April 11, 2013 |
Hello there In late summer 2010, Howie, an actor and producer from Washington Township, Gloucester County, was in search of leadership skills with a Jesuit perspective. On the advice of a friend studying to be a priest, he signed up for the Contemplative Leaders in Action group at Old St. Joe's in Philadelphia. Jaclyn, a financial analyst, had signed up for the same course in 2009 to keep a friend company. When a change in the schedule led to a conflict with Jaclyn's Temple University MBA classes, she deferred to the 2010 session.
April 5, 2013
THE MAJOR financial activity people associate with April is tax day. But April is also the perfect month to push financial literacy. After all, you've had to pull together major information about your finances to do your taxes. So, what are you doing for Financial Literacy Month? I get questions all the time from people who want to better handle their finances. During a recent speaking event, a worker asked me how he could get his wife to show more interest in their finances.
March 6, 2013 |
City of Chester officials will announce today that the city has received a grant to support a financial literacy course for the city's summer youth program. The $4,000 DollarWise Grant Award, from the the Bank of America Charitable Foundation, will support a six-week paid internship for Chester youths. The program is designed to provide hands-on work experience and professional development. There is also a financial educational component. Chester officials and those from four other cities - Wichita, St. Louis, Kokomo, IN and Richmond, VA - learned they were awarded the grant at the U.S. Conference of Mayors this past January.