Financial literacy begins at home

As children begin heading back to school, it's important that parents remember to embrace their role as financial educators.

“We know that children who receive a solid financial education have a better chance of developing into financially responsible adults,” said Jo Kerstetter, national spokesperson for MMI.  “But that education is rarely provided at school.”

Recent studies have revealed the following:

  • 81% of parents feel they are responsible for their children’s financial education. (Doughmain.com)
  • 76% of teens feel they should start learning about money and savings at kindergarten, but only 29% report that such programs already exist. (Junior Achievers)
  • Over 70% of Americans feel that US teens don’t understand the basics of money management. (PracticalMoneySkills.com)
  • 40% of American adults would grade themselves a C or worse in financial literacy. (NFCC.org)

“Parents may feel unqualified to act as teachers,” said Kerstetter, “but simply sharing what they do know would have a substantial impact.”

Where parents may feel their financial expertise is lacking, MMI is here to provide educational resources, including lesson plans, articles, calculators, videos, webinars and more. With time and the right tools, any parent can provide their child with a topnotch financial education.

Jesse Campbell is the Content Manager at MMI, focused on creating and delivering valuable educational materials that help families through everyday and extraordinary financial challenges.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.