Tuesday, April 17, 2007

Could Public Schools Teach Financial Literacy?

If we allow our state's public employee benefit plans to deteriorate for just a few more years, the subsequent tax increases will destroy the state.

As the The Blue Ribbon Commission on Public Employees Retirement Systems starts meeting in Frankfort, realization of the depth of the fiscal crisis facing states and municipalities across the nation is starting to draw wide attention among serious policymakers.

A newspaper column in Delaware suggests making financial literacy classes mandatory in public schools. In response to this, I have one question: have you seen a high school history book recently?

We absolutely need increased citizen financial literacy for our long-term fiscal health. But the public schools can't get it done.

If you want to do your part to increase financial literacy, get out of debt and learn about and invest in equities. If you want to increase financial literacy for others, help your children set up retirement accounts with their first jobs.

Take a look at a simple retirement calculator and see how a little grows into a lot, especially when you start early.