Financial literacy, as we know it, hasn’t been very effective. But we all want it to be! No one wants financial literacy efforts to fail—the more we talk about money—the good and the bad of it—the better understanding we’ll have of it (which is kind of the reason why this site exists). So what might work?
The Wall Street Journal reports that Fidelity Investments challenged think tanks, non-profits, and individuals to come up with an effective way of teaching low-income teenagers financial skills. They received 73 ideas.
Okay, so here’s one:
In the game-night proposal, from Economic Empowerment Initiative, in Atlanta, teens and parents would first prepare a family budget. Then the teens would shop in newspapers and online for discounts and promotions to help save money. In return, the teens receive pretend dollars they could “spend” as they pleased, after putting 10% into a savings account.
Hmm. Um, okay what else?