Raising Financial Freedom

Financial Literacy Month Is Coming!

• Eric Yard • Episode 23

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[00:00:00] Eric: [00:00:00] Today on episode 23 of raising financial freedom, we're going to talk some financial literacy news. And we also going to talk about financial literacy month, which is the month of April. So today will be a solo show, but as always, we have money to talk about and current events to unpack. So let's get this started because I, yeah, my little one calling me, 

[00:00:21] Host daughter: [00:00:21] dad, hurry up and turn on the music.

[00:00:29] Introducer: [00:00:29] Have you, you ever wondered why some people seem to have it all financially do well off parents simply hand the children money or is there more to this welfare? Welcome to raising financial freedom. The podcast. We are here to talk about everything you never knew to teach your children when it comes to starting their financial future, the principles behind wealth and methods that are out there to teach your child about personal financial freedom.

[00:00:52] There was no real tricks to earning other than learning. We are here to discuss, teach and grow with you. Raising financial [00:01:00] freedom, the podcast with your host and concern parents, Eric yard. Let us get right into today's show.

[00:01:09] Eric: [00:01:09] So about two days ago, I was reading an article. There was a new study done, or middle school students showing that financial literacy. Can be very beneficial. So in my head I'm like, duh, that's more than obvious, but I was like, Hey, let me see what the results are going to be. So, as I read on, so the study was done on middle school students by the university of Massachusetts Donahue Institute.

[00:01:34] So CMS situation has come up again. That alone just tells me that, you know, Massachusetts is doing a lot of big things when it comes to financial literacy. And, um, I have a guest, uh, coming up soon is also coming out of the state of Massachusetts, but we'll get into more of that later on. Like I was saying, these students was given a course called future smart, a digital financial literacy course [00:02:00] after they took the course, here are some of the key findings that they found.

[00:02:04] So for one. 90% of the students who took the course experienced the knowledge gain. And 50% of the students saw knowledge gain of increases of 20%. So now I'm just thinking in my head. Wow. That's just a one-time course. Now what kind of gains would they have if that was taught in every grade, but nevertheless, that's good.

[00:02:27] So this future smart program definitely has made some head ways when it comes to financial literacy. As a parent, I think this is something that you should definitely look into and do some more research. I will definitely have links in the show notes to this article and within the article, there is a link to the complete study.

[00:02:47] So you could take a look at that. Also. Maybe we could get somebody from fuse of smart in the future to come onto the show and. Talk a little bit more about the course. I'll have to take a look into that in another article that I read for [00:03:00] 2021, three, things need to change for in financial literacy.

[00:03:05] According to a study done by the council for economic education, only 17% of students were required to take at least one semester of personal finance in high school. Well, you know that I already know. And I've stated that before, which, uh, it's to me, it's just ridiculous, but number two and three really got me.

[00:03:24] So number two, only 24% of millennials demonstrate basic financial literacy, according to the report by the national endowment of financial education, which is not good, you would think with all the new tools and media outlets that. This number would be much better than what it is, but it's not because it is not a priority number three years.

[00:03:48] Interesting. The average amount of money loss by the average American adult due to lack of financial literacy was $1,634 [00:04:00] generalized to over 250 million Americans that lost totals 415. Billion in 2020, according to the national financial educators council, I thought that number would be a little bit higher than that, but once again, that's still not good in ways you have to sit back and reflect and see what would be the opposite effect of that.

[00:04:21] If a large percent of Americans were financially literate, how would that affect the economy? How would it affect the stock market? How would it affect a company? These are things we need to ponder on as a nation, because what we're doing right now is not working. Hey, I just want to remind everyone that we have the question of the month still going on, and this is your chance to be on and be part of the show.

[00:04:46] Just go to raise in financial freedom.com. Go to the contact page, scroll down to the bottom and you should see the question and a simple answer. Just press record to start. Answering the question now, [00:05:00] everyone who answers the question will be automatically entered into a contest for a $25 Amazon gift card.

[00:05:08] In other news, we have basketball and football players getting involved in financial literacy, Brandon Copeland from the new England Patriots, Kevin Duran from Brooklyn nets. Chris Paul. These are some of the big names out are getting involved in financial literacy Copeland teaches. Personal finance Alma mater the university of Pennsylvania and teaches personal finance to the students over there.

[00:05:33] So that is just great Harrison Barnes from the MBA. And Chris Paul are partnering with a gold setter app, which is, um, an app, which is, uh, teaches young people about financial literacy through quizzes games. It's always good to see athletes give back to the community, but when they give back in the form of financial literacy, that is the.

[00:05:54] Gift that will echo through generations and generations of young children. Now [00:06:00] financial literacy is next on and I'm into the show. We're going to do definitely have some strong, heavy hitters or doing big things when it comes to financial literacy. Now, just to give you a little bit of history, financial literacy month grew out of youth financial literacy day.

[00:06:18] So that's right. It was just being celebrated as a day. The national endowment for financial education was running it and then passed it on to jumpstart coalition, which began promoting it as a whole month. And this all started back in 2000. So I definitely want you to stay tuned and keep aware of the upcoming episodes, which is happening next month.

[00:06:42] And I'll definitely keep you aware of any events these organizations we'll be having. So until next week, share with the parents. 

[00:06:53] Introducer: [00:06:53] We really hope you enjoy this episode of financial freedom. The podcast stay connected with us directly through [00:07:00] raising financial freedom.com. You can also join the discussion on social media, which you can also find links on our website.

[00:07:07] If you would like to speak with us, please send us an email through info@raisingfinancialfreedom.com and as always thank you for pushing your mindset towards a better reality. This concludes the most thought provoking portion of your day. Don't forget to please like, and subscribe to stay fully up to date until next time.

[00:07:25] Be kind to yourself and each other. .

 

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Eric Yard

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