Any parents out there who help their kids with homework on a regular basis?Â Howâ€™d it go when your child needed help with the lesson on how to balance a check book?Â Or that paper they wrote on the dangers of credit card use?Â How about that project on how to maintain a good credit score?
Whatâ€™s that you say?Â Youâ€™ve never helped your child with their Personal Finance homework?
Of course not.Â Because most schools spend little or no time on this crucial educational element.Â Financial literacy is completely lacking in our schools, and as a nation we are paying a steep price.Â On average, American consumers have more credit card debt than their 401k savings.
Given the woeful state of personal finance education, it was refreshing to work with the University of Phoenix recently on a Financial Literacy Workshop at their Southfield, Michigan campus.Â Jan Cardwell, the campus director for the campus, is a passionate believer in teaching personal finance. Her commitment to her students is inspiring.
â€œPersonal financial literacy is too important a topic to ignore,â€ Cardwell said.Â â€œIt is virtually ignored in elementary, middle, and high school, and students end up graduating without the basic knowledge they need to get by.Â I see teaching personal financial literacy as a cornerstone of southeast Michiganâ€™s recovery.â€
The two-day seminar included sessions on budgeting, marriage, and money, how to maintain a good credit score, the dangers of credit card use, and how to teach kids about money.Â It was led by professionals from GreenPath Debt Solutions, Comerica Bank, and my company, Levanto Financial.
Cardwell loved the subject matter and the students in attendance walked away with some valuable knowledge.Â There was just one down side â€“ Cardwell would like to have seen more students take advantage of the free seminar.Â This will take time because evaluating your personal finances and goals is like standing on the weigh-scaleâ€¦no one likes to do that if they feel theyâ€™re not in â€˜great shapeâ€™.
â€œWhile most individuals understand the need to better educate themselves about personal finance, they donâ€™t often know about the resources available to help them,â€ Cardwell said.Â â€œThis is a terrific program with some great speakers.Â I want to share it with even more students, and Iâ€™m sure that we will.â€
She also hinted there would be similar seminars in the future. That would be wonderful and weâ€™re keen to help. University of Phoenix is doing a great service for their students, and we are proud to play a part.Â We look forward to facilitating more seminars in the future, and supporting Jan Cardwell and the University of Phoenix in this important mission.