Now students across the country are gearing up for the Second Challenge, which will be administered from Nov. 3-26.There has been a lot of support from parents as well as teachers, and this fall, twice the number of participants are expected. (Teachers can sign up their students at www.flc.treas.gov/index.htm.) And this time as many as 100 students can win a scholarship, along with a grant to the school or organization that contributed to the student's financial education. High-scoring students will also receive medals and certificates of recognition from the Department of the U.S. Treasury.
An Inspiration, An Opportunity -- And a Responsibility
I believe that through efforts such as the Challenge, we have the opportunity to raise awareness of the need for more financial education and at the same time reward the students and schools that do an outstanding job. These kids -- and their teachers -- can then inspire others with the message that learning about money management is not only smart, it's essential.
But the opportunities don't begin or end with the Challenge. While programs like this can raise national awareness, it's up to all of us to step up to the plate and make financial literacy a top priority. The teachers I've spoken to agree. They note that many kids (and let's be honest, many adults, too) don't know how to balance a checkbook, don't really understand the difference between a credit and a debit card, don't understand compound interest and on and on.
On the positive side, the teachers say that once the kids are tuned into how these things work, they get excited because they see it really does apply to their own lives. So as parents, grandparents, educators, community leaders -- anyone who interacts with or has an influence on young people -- it's up to us to take the initiative to introduce financial topics, share our experiences, encourage the expansion of financial education in our schools and create an understanding of how and why money management skills apply to real life. It can be as simple as starting to talk openly about money at home.
Not a Moment Too Soon
With the economy the No. 1 issue on Americans' minds today -- and the No. 1 struggle for many people as they try to pay bills, manage debt and plan for the future -- the importance of teaching kids how to handle everyday financial transactions can no longer be ignored. We can't afford it, and neither can they. All of us have to be responsible for our own financial well-being. The sooner we can teach our teenagers money skills, the better equipped they'll be to handle challenges like those we're facing today -- and whatever the future holds for them.
(Answers: 1. D, 2. B)