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Why financial literacy isn’t just one person’s responsibility

Jul 24, 2017 01:14PM ● Published by Today's Family

Although most would agree it’s important for people to learn (preferably early) the life skills that set them up for financial success, studies consistently indicate Americans are generally not sufficiently educated about their personal finances.

Respondents in the Ohio Credit Union League’s Consumer Survey strongly agree that financial literacy is essential to a child’s education.  On a scale from one to five (where five is “extremely important” and one is “not important at all”), parents ranked the importance of teaching their children about finances an average of 4.6. Without a doubt, parents recognize how essential a formal financial education is for their children.

That said, when respondents were asked about how they received their financial education, an overwhelming 62.6 percent stated that they learned from experience or life lessons.  Despite the widely-accepted belief that parents should play a part in teaching their children financial literacy, only 20.6 percent indicated they received financial education from their parents.

Despite a lack of formal education opportunities, there is a multitude of easy, convenient resources parents can leverage to put their children on the path to financial health.
  • Start now and involve the family:  There is a lot of information to increase personal financial literacy that is appropriate for all ages and levels of wealth. Start now, right where you are.  Use age-appropriate activities, including games and challenges to make it fun for kids, and get the whole family better educated about finances.
  • Find a personal finance app: Using a personal finance app is an easy way to put money management at your fingertips and help you stay on track with your financial plans.  There are many no- and low-cost apps available to help you budget, invest, or pay bills automatically.  Check the user reviews to see what aligns best with what you’re looking for in a financial tool.
  • Take advantage of online resources:  The U.S. government sponsors www.mymoney.gov, which is dedicated to teaching the basics about financial education, including topics like buying a home, balancing a checkbook, or investing in a 401(k) plan.  Additionally, with free credit union-funded resources and tools from MoneyAndStuff.info and bizkids.com, the "money talk" is the easiest talk to have with kids.
Cardinal Credit Union’s commitment to integrated financial education continues with their college and high school branches where they promote skills like smart spending, informed use of credit, and the benefits of regular savings and investing.  Additionally their program Real Accounts Real Learning guides students step by step through the financial account process and effective management of their funds.

Plus, Cardinal has over 20 certified financial counselors to assist their members.  They have branches in Richmond Heights, Willoughby, Mentor and more.  Visit www.cardinalcu.com for more info.

Cardinal Partner Schools:
Lakeland Community College
Hiram College
Lake Catholic High School
Notre Dame-Cathedral Latin School
Willoughby-Eastlake City Schools


Money Matters