[email protected] "Don't know much about history. Don't know much about biology.
"Don't know much about science book. Don't know much about the French I took."
With apologies to the Sam Cooke classic song Don't Know Much, today's teens could likely add another line with, "Don't know much about personal finances."
And it's that apparent dearth of knowledge when it comes to handling one's own money that prompted Junior Achievement of British Columbia (JABC) to host Financial Literacy Month in November and deliver more than 275 financial literacy programs in schools across B.C. "As the largest youth financial literacy educator in the country, Junior
Achievement understands that by helping students build financial knowledge at a young age, children will have the skills and habits to make the best financial choices throughout their lives," stated JABC in promoting the program that recently had volunteers from Coast Capital Savings pay a visit to Grade 8 classes at Richmond Secondary school.
Andrew Sloan, vice president, marketing and communications with JABC said that most schools do a good job in teaching concepts involving academic studies, but lack when it comes to conveying the real life skills youngsters need when it comes to managing their own finances.
"Some math teachers, for example, will use anecdotal situations to explain math problems, but more often than not it doesn't go much further," he said.
The financial literary program JABC presents expands on that by broaching concepts such as budgeting, the pitfalls of using credit and ways of building wealth.
"We also look at what are wants and needs, and their financial implications," Sloan said. "We ask the kids what their 'wants' are. And if it's something like a cellphone, we ask them if it's something they really 'need.' Would they die if they didn't have one?" It's all aimed at trying to curb the desire for instant gratification. And most times, the program results in an eye-opening experience for the students as they get expert advice from people who deal in the financial world on a daily basis.
