College is a big investment, and due to cuts in school funding and the outlook of the economy, some might think it’s too much of a risk. However, in a recent study, researchers found graduates holding a bachelor’s degree make 84% more than high school graduates over their lifetime. Those holding a doctoral degree will earn $3.3 million in a lifetime, compared to a college grad with $2.3 million and those holding a high school diploma with $1.3 million.
This week I’ve dedicated the blog to the topic of financial literacy as we count down the days to the release of LifeBound’s newest addition, Dollars and Sense: How to Be Smart About Money. We covered how finances affect lives, education, math skills, and the future. We also spoke a lot about personal money management in terms of having money. But, another side to managing your personal finances is knowing when it is time to donate to people who aren’t as fortunate as you or who you think deserve a helping hand.
Since setting out to write Dollars and Sense: How to Be Smart About Money, we’ve come across many books, websites, and financial gurus who are setting out to make financial literacy as high a priority as reading and math skills for both children and adults. During the research phase, we came across the expected financial tools, like websites dedicated to budget sheets and compound calculators, and there were websites with the creatively unexpected, like mixing financial skills with gaming, stimulating visuals, and online activities.
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Many people understand they should know something about managing finances but haven’t been given the tools to know how to change their behavior or practice healthy financial habits. Many states are trying to shape a more financially literate generation by teaching financial literacy courses in school. A majority of U.S. states have their own personal financial standards, require implementation of financial standards, or make a personal finance course a requirement for students to graduate.
Studies show students lose anywhere from one to three months of math skills through the summer, regardless of their socioeconomic status. In the article “Summer of 4+2,” Sarah Pitcock, an official with the National Summer Learning Association, says, “We see a lot of summer reading lists, but I don’t think we’ve seen a tipping point in terms of math loss awareness.”
However, there are many tools and opportunities for students of all ages to get involved with math during the summer that doesn’t necessarily have to feel like they’re sitting in an algebra class on a beautiful summer day. In the article “Summer of 4+2,” teachers suggested the following activities:
When students use math in an everyday environment, not only do they get to experience the real world application of what they are learning in school, they also sharpen their math skills in a way that doesn’t feel like math. My new book Dollars and Sense: How to Be Smart About Money is another great way for teens to learn about their finances while learning the mathematical, critical thinking, and practical skills involved. Each chapter has a Real-World Math problem and Put Your Math into Practice exercise, as well as additional online resources, that ask students to solve the problems of a maturing adult.
Stay tuned for more on Dollars and Sense as the release date nears.
References:
“Summer of 4+2,” -Â http://articles.boston.com/2011-07-31/yourtown/29836257_1_national-summer-learning-association-math-skills-summer-reading-lists/2
It’s been over a quarter-century since the US has seen a wealth gap between whites and minorities like we’re seeing today. According to new Census data, whites on average have 20 times the net worth of blacks and 18 times that of Hispanics.