What’s the best way to teach good financial habits to disadvantaged high-schoolers?
Well, what about holding a game night at which teens and their parents scramble to pay hypothetical bills with make-believe dollars?
Or maybe the students could stay on a college campus for two weeks where they would compete for financial security in a simulated economy.
These were two of 73 ideas submitted to a Fidelity Investments competition that challenged nonprofits, think tanks and individuals to come up with an effective means of teaching low-income teenagers the financial skills they need in today’s economy. Fidelity says the winning idea will be tested in a pilot program that will receive as much as $100,000 in funding plus support from Fidelity volunteers.
It’s no secret that many Americans are woefully ignorant of such financial basics as living within a budget and planning for retirement. For young Americans who face a challenging job market and are starting out with more debt than the previous two generations, it’s a handicap that is particularly acute.