Latest cause of foreclosures: Kids didn't learn it in school

Jo Egelhoff:

Nanny State Update: I don't get this. Why would instructions be issued to teach kids - to be required to teach kids - about taking out a mortgage and the risks of a home loan?.

Why would teachers need to be told to teach kids about money management? How much more of this stuff are these poor teachers going to be mandated to teach?

The state's Model Academic Standards for Personal Financial Literacy are extensive and detailed. A quick glance at the Table of Contents tells you DPI has it covered. Peek inside (Credit and Debt management, pp. 8 - 10) and you'll see tons of objectives and sub-objectives for 4th graders, 8th graders and 12th graders. Check it out. Yes, I think we're covered!

Basic knowledge of Math should be sufficient to help all of us understand loans that make sense, vs those that don't. I continue to be amazed at the financial pitches that apparently work: $89/month for a new Honda Civic (fine print: big down payment and a balloon payment after x years).

Posted by Jim Zellmer at December 10, 2009 1:32 AM
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