Financial Literacy Youth Benefits and Programs
Why teach teenagers about money? Everyone uses money, whether consciously or not. We all want it, work for it, and spend it. Money is the basis of exchange; it’s how we get the things we need and want. Understanding money and how it works helps people create value in the world. Put another way, if we do work that adds value to people’s lives, we earn money in return. So if they gain financial literacy youth will become better able to create value in their communities.
We live in uncertain economic times. Foreclosures, individual debt, and bankruptcies all are on the rise. Thus it is more important than ever before to prepare young adults to deal with the financial challenges they are certain to face in the real world. Youth financial education doesn’t just mean more money; it has many benefits, some of which people may not know about:
- Financial independence
- Better health
- Less stress
- Improved relationships
- More time to spend with friends and family
- Ability to live one’s desired lifestyle
- Future security into retirement
Right now is a crucial time for parents to intervene and put their children on the path toward financial freedom and independence. Teaching youth money management skills is relatively easy and will give our kids some advantages many of us wish we had received when we were growing up. Several financial education courses are available on the market.
The NFEC advocates financial literacy programs for youth that are entertaining and get students excited to learn more about money. Gaining the confidence and self-assurance that a financial literacy program can bring provides long-term benefits that will improve all areas of a teen’s life.