Most American high schoolers don't know how to manage money

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  • Utefan60 Salt Lake City, UT
    July 29, 2014 2:08 p.m.

    The Insurance Industry did surveys in the 1970's on getting a windfall amount of money from a settlement or an inheritance. If 100 people got a windfall on January 1, by the end of the year only 6 would have any of it left. Kids are not the only ones who can't manage money.

    When I was a kid I asked my mom why "The Smiths" had a new Cadillac? I asked if it was because they were rich? She answered, "No it's because they have credit."

  • cjb Bountiful, UT
    July 29, 2014 1:47 a.m.

    Are Americans stupid? Its not rocket science. Live on less than you make. Save and invest the rest.

  • Aurelius maximus Berryville, VA
    July 28, 2014 8:41 a.m.

    "‘Most American high schoolers don't know how to manage money’"

    A lot of the baby boomer generation don't know either.

  • NewAdventures Cottonwood Heights, UT
    July 25, 2014 11:25 a.m.

    That's a sad state of affairs for young high school kids. Luckily for me, I had a dad who taught me fiscal responsibility at a young age. Every dollar I ever made as a kid, I would invest in the market. I wasn't like most high school kids that would go out and waste their money on useless items that brought temporary satisfaction. My father taught me about compounding interest, and how a dollar today is worth a whole lot more in the future. Because of these investments, I graduated college with 0 debt, and I had a nice vehicle paid for by me. And to this day, I use these same principles to govern my life. Planning on retiring by age 40 and exiting the rat race to do what I want with my time & family. Also, I set up a UGMA account for my son, where I contribute so much every month for him, and this money will translate into thousands of dollars in the future to pay for his school. Too bad no kids know how to do this!

  • ThoughtfulTeen Salem, UT
    July 24, 2014 6:04 p.m.

    The solution is to revamp the financial literacy classes in high school. Financial lit is required, but it's a joke. I took the thing online, and I skipped the lessons and went straight to the assignments whenever I could, and still got an A. From what I can tell of the classroom version, all they do is make pointless posters. If that's our level of 'financial literacy,' no wonder we fail so badly.

  • DN Subscriber Cottonwood Heights, UT
    July 24, 2014 5:31 p.m.

    One quick fix would be to eliminate all credit cards, and checking accounts, and eliminate withholding of taxes from wages.

    If people had to count out cash when they bought something, especially trivial junk, they would see where money goes. And, they would (eventually) discover that at some point you run out of money. That might convince some to prioritize needs and wants and make sure the important stuff gets funded first.

    And, having to count out cash to pay taxes instead of "getting money back" would be a real eye-opener.

    Now, if we could just get that concept across to 535 members of Congress and our President(s) our nation would be a lot better off.

    But, "free stuff" is an irresistible lure so nothing will change until our economy implodes when the Chinese discover we have no way (and little intention) to ever pay back the $17.5 trillion in debts we have run up with them.

    The failure to teach financial literacy in school (or home) is one of the biggest failures of our education system.

  • Shaun Sandy, UT
    July 24, 2014 4:44 p.m.

    @liberal ted. It is not bad to drop bombs on babies? Are you serious?

  • RBB Sandy, UT
    July 23, 2014 8:01 a.m.

    Imagine that, legislators concerned that kids do not know how to manage money. If everyoneover 18 knew how to manage money, most legislators would be unemployed. While $1,500 Iin cc debt sounds bad, it looks like pocket change when.compared to the nearly $60,000 owed by every man woman and child as part of the national debt.

  • EJM Herriman, UT
    July 22, 2014 7:09 p.m.

    All of the above.

  • Samwise Salt Lake City, UT
    July 22, 2014 4:20 p.m.

    ... and water is wet.

  • CMO Beaver Beaver, UT
    July 22, 2014 3:26 p.m.

    parenting can solve this issue... or maybe we should just have the federal government handle this too

  • Howard Beal Provo, UT
    July 22, 2014 2:21 p.m.

    I wish we all could blame the President & Co. for all of our problems and the fact that high school students (and sometimes their parents) don't know anything about managing money. I'm going to take a guess that these issues actually existed way before Obama was elected President and will continue on way after.

    The students are only reacting, ultimately, to the world we adults have handed off to them.

  • Liberal Ted Salt Lake City, UT
    July 22, 2014 2:09 p.m.

    And then we allow these high school kids to vote. Falling for the same lies over and over again. "Free college education" "Debt forgiveness" "Student loans are an investment" "Invest $100K into an art degree" "These are new ideas" "Old people don't know what they're talking about" "Pot isn't bad for you" "Legalize drugs" "It's your right to kill babies" "It's bad to drop bombs on babies, unless if it's your choice and in your body"

    Then we end up with barack, nancy, harry, joe so on and so forth.

  • Howard Beal Provo, UT
    July 22, 2014 12:37 p.m.

    Most adults don't either...

  • BigD Salt Lake City, UT
    July 22, 2014 12:33 p.m.

    I would contend that the headline should read, "Most Americans Don't Know How to Manage Money". Working in the banking industry for over a decade has confirmed that the reason high school students don't know how to manage money is because their parents don't either. Part of what I do is teach finacial literacy classes in high schools and the majority of the kids have blank stares when you ask a question. There are however many parents that do a great job with this and their children can manage money.

  • Orem Parent Orem, UT
    July 22, 2014 9:17 a.m.

    One reason for this. Parents are paying for everything and teenagers rarely look for jobs any more. Of course Utah is an anomaly in this area as we are in many other areas. My kids get their first job at 14 and learn the basics of finances early on. It isn't that hard. By the time they have to take financial literacy in high school, they think it is a complete wast of time because they learned it all at 14.