The Indicator from Planet Money Why this former banking regulator is writing kids books
Nov 12, 2024
Sheila Bair, a former banking regulator, is on a mission to boost financial literacy among children through her engaging children's books. The podcast dives into the challenges of teaching kids about money management and the gaps in adult knowledge that impede this process. It also addresses how the subprime mortgage crisis highlighted the need for better financial understanding. Through storytelling, Bair aims to equip the next generation with essential skills to navigate their financial futures and avoid common pitfalls.
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Sheila Bair's Childhood Bank Visit
- As a child, Sheila Bair visited a bank vault with her dad.
- She mistakenly thought banks didn't hold money because the vault appeared empty.
Financial Literacy Gap
- Sheila Bair noticed a lack of financial education for young children, especially elementary-aged.
- She also observed that many adults struggle with financial literacy, highlighting the need for education at all ages.
Bair's First Book
- Inspired by reading to her own children, Bair wrote "Rock, Brock, and the Savings Shock."
- This children's book teaches about saving and the power of compound interest.
