STOCKBRIDGE, Ga. (Atlanta News First) – To properly teach financial literacy, it often needs to start at an early age.
“The world is different now because of the Internet,” Ryan Behrens told a group of elementary school students in a back room at the Stockbridge branch of Delta Community Credit Union.
He’s spent the past few weeks teaching kids from the metro Atlanta area at DCCU’s Kool Cash Money Camp.
“Saving is putting money aside now for use in the future,” he explained, walking the kids through the math of saving for future goals or expenses.
Most people wouldn’t expect an 8- to 10-year-old to be able to learn about finance, but these kids are eager to learn.
Harmony Latour wants to save up money for a birthday present for her mother.
“It’s her birthday this weekend and I want to buy her a birthday present before she leaves town,” Latour said.
Some people wanted to save up to buy more luxury items.
“I want to save up money to go to Paris,” said Margery Lebron, who is already considering a trip to Europe.
“Right now we have $2,059,” she said, explaining that she’s about two-thirds of her goal, and she hopes to find a way to reach it faster.
These figures highlight the dire financial situation in America and show why programs like DCCU are necessary.
“It’s important that students understand what it means to make important financial decisions,” said Jay Rogers, DCCU’s vice president of business and community development.
The Council on Financial Education estimates that the average American loses $1,506 per year due to lack of financial literacy, including credit card fees, overspending, and overdrafting their bank accounts, and that roughly 40% of Americans don’t fully understand how these things can negatively impact their credit score and long-term financial goals.
“This is something we do all year round,” Rogers added.
The class only takes a few hours, but by the end of it, kids have a better understanding of their financial future, even if they haven’t decided what that future holds yet.
“I want to be a lot of different things, but I don’t know which one to choose,” Amalia Jordan said.
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