Should personal finance be taught in schools? In today's episode, hosts Chad Willardson and Scott Donnell discuss why teaching financial education in schools is great, but parents shouldn't wait for the government to teach their kids about money. They share some shocking stats about financial literacy among millennials and why personal finance education should start early, both at home and school.
- Scott reveals that 22 states passed laws for personal financial education in schools - it's great to see the education system is finally realizing that kids need financial literacy.
- A recent study found 76% of 25-year-old adults lack basic financial literacy - Scott believes we cannot sit back and expect the school system to solve this scary situation.
- Scott and Chad agree that it doesn't make sense to entrust teachers with teaching our kids financial literacy when they themselves struggle with money.
- For Chad, it's frustrating to see kids graduate high school knowing how to dissect a frog but cannot calculate interest rates or define terms like inflation.
- Why teachers don't like talking about money and nutrition in schools.
- Chad believes it's absurd that some states still don't see financial literacy as an essential part of the school curriculum.
- According to Chad, you cannot teach kids budgeting when they don't make or spend money.
- Chad and Scott discuss the type of accounts available on GravyStack and how you can create a digitally animated flow of money for your kids.
- Scott explains why it's critical to teach your kids how to save, spend, and share money.
- According to Scott, GravyStack is unique because it teaches money management without the heavy financial jargon.
- Chad and Scott agree that you cannot homework your kids into financial literacy - the fastest way to teach them about money is to make it fun and practical, with a real-life application.
- Scott explains why he's against giving kids an allowance.
- Personal finance is about teaching kids ownership and accountability, two traits the school system will probably overlook when teaching kids about money.
- Scott and Chad reveal that GravyStack will be openly available for schools looking to solve the financial illiteracy epidemic in a fun and practical way.
- Financial education starts at home. The topic is way too crucial to leave to the school system.
Mentioned in This Episode:
gravystack.com/smart
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Smart Money Parenting 