It is Never Too Early to Start Teaching Financial Literacy to Children
The Jump$tart Coalition for Financial Literacy’s—Making the Case for Financial Literacy, 2007, featured a collection of personal finance statistics gathered from other sources, including some alarming data:
- More than three-quarters of students (76%) wish they had more help preparing for their financial future (2007 survey by The Hartford Financial Services Group, Inc.).
- 49% of teens are eager to learn more about money management, but only 14% have taken a class on the topic (2006 annual back-to-school survey by Capital One).
- Some 70% of parents surveyed indicated their child had not received any formal training in money management, either in school or in the home. Additionally, 76% said that schools should be required to teach money management skills (July 2005 survey of 1,000 Parents of High School Students by Visa).
- Only one in five (20%) of college students claim to have been “very well prepared” for managing their money on campus (August 2006 poll commissioned by KeyBank and conducted by Harris Interactive).
Clearly, we need to reach children as early as possible to help them to begin to understand basic financial concepts that will serve as a foundation for financial success throughout their lives.
Keeping It Simple: A Unique Program to Teach Financial Literacy Basics
The Kid’s Cash Kit and Caboodle program, coordinated by the New York Credit Union Foundation (NYCUF), teaches children, ages 5-12, and their families how to manage money using three simple concepts:
- Saving
- Spending
- Sharing
The kits, distributed through schools and credit union branches, provide visual cues and activities to spark discussion about money. Children gain basic financial knowledge and skills with practical, hands-on tools contained in the kit, including:
- Moneyboxes with compartments for saving, spending and sharing
- A moneybox family guide and passbook for recording transactions
- A financial goals poster
- An activity book
- A glossary of financial terms and resources
The educational concepts presented through the kit include:
- Financial management
- Goal setting
- Decision-making
- Philanthropy
- Rewards for consistent savings or thrifty financial practices














