Cash Confident: Importance Of Financial Education In The Home - Newschannel 6 Now | Wichita Falls, TX

Cash Confident: Importance Of Financial Education In The Home

Washington, DC - The National Foundation for Credit Counseling (NFCC) recently surveyed peoples' opinions of their mother's personal finance skills. An overwhelming majority, 67 percent, saw their mother as either someone who is intimidated by money, views managing money as a necessary evil, or has never managed money.

"Perhaps the ideal gift this Mother's Day is a lesson in personal finance," said Gail Cunningham, spokesperson for the NFCC. "What mothers may not realize is that a lack of financial skills has the potential to negatively impact not only their future, but also that of their children, as negative habits are picked up as readily as positive ones. Mothers have the opportunity to influence multiple generations by improving their own personal financial abilities."

Consider the following statistics:

  •  The NFCC's 2013 Financial Literacy Survey (FLS) results revealed that most people, 33 percent, learned their financial skills at home.
  •  The typical single parent is the mother; therefore the sole responsibility is placed on her to demonstrate and teach sound financial habits.
  • Fewer than half of the states require a course in personal finance for graduation from high school. Accordingly, only five percent of FLS respondents indicated schools were their main source of personal finance skills.

There is no lack of personal finance education materials. The bookshelves are filled with financial self-help information; solid advice can be found online, and the NFCC Member Agencies offer free or low-cost education on a variety of topics delivered one-on-one, in a group setting or online.

"It's never too late to start. The first step is for mothers to take advantage of the opportunities available to improve their grasp of personal finance; then look for teachable moments to demonstrate those new skills to the children," continued Cunningham. "After all, the gift of financial literacy is a gift that lasts a lifetime."

For help finding the skills to become financially savvy, reach out to one of more than 700 NFCC Member Agencies. To be automatically connected to the closest office, call (800) 388-2227, or go online to www.DebtAdvice.orgFor assistance in Spanish dial (800) 682-9832.

The actual poll question and answer choices are below:

Thinking of my mom and personal finance, I'd say she

A. Is pretty savvy managing money, and enjoys it = 35%

B. Is intimidated by financial matters, and avoids them = 21%

C. Sees managing money as a necessary evil, and doesn't enjoy it = 26%

D. Has never managed money on her own =18%

 

 

  • News HeadlinesNewsMore>>

  • Political end to Olympics: NKorea offers talks with US

    Political end to Olympics: NKorea offers talks with US

    Sunday, February 25 2018 2:16 AM EST2018-02-25 07:16:08 GMT
    Sunday, February 25 2018 10:47 PM EST2018-02-26 03:47:51 GMT
    (AP Photo/Patrick Semansky). A volunteer walks in a foggy Pyeongchang Olympic Plaza during the 2018 Winter Olympics in Pyeongchang, South Korea, Saturday, Feb. 24, 2018.(AP Photo/Patrick Semansky). A volunteer walks in a foggy Pyeongchang Olympic Plaza during the 2018 Winter Olympics in Pyeongchang, South Korea, Saturday, Feb. 24, 2018.

    Pyeongchang closes its chapter of the modern Olympics on Sunday night with tales of detente and competitive grit and volunteerism and verve.

    Pyeongchang closes its chapter of the modern Olympics on Sunday night with tales of detente and competitive grit and volunteerism and verve.

  • 5 dead after tornado, flooding from central US storms

    5 dead after tornado, flooding from central US storms

    Sunday, February 25 2018 2:25 AM EST2018-02-25 07:25:46 GMT
    Sunday, February 25 2018 10:38 PM EST2018-02-26 03:38:45 GMT
    (Liz Dufour/The Cincinnati Enquirer via AP). A view from the Central Bridge shows the flooding from the Ohio River  Saturday, Feb. 24, 2018 in Cincinnati.  Forecasters expected the Ohio River could reach levels not seen since the region's deadly 1997 f...(Liz Dufour/The Cincinnati Enquirer via AP). A view from the Central Bridge shows the flooding from the Ohio River Saturday, Feb. 24, 2018 in Cincinnati. Forecasters expected the Ohio River could reach levels not seen since the region's deadly 1997 f...

    A man in northeast Arkansas and a woman in south central Kentucky both were killed as the storm that also included strong winds, hail and heavy rain that triggered flooding muscled its way through the area, according to authorities.

    A man in northeast Arkansas and a woman in south central Kentucky both were killed as the storm that also included strong winds, hail and heavy rain that triggered flooding muscled its way through the area, according to authorities.

  • China paves way for Xi Jinping to remain leader for years

    China paves way for Xi Jinping to remain leader for years

    Sunday, February 25 2018 4:05 AM EST2018-02-25 09:05:47 GMT
    Sunday, February 25 2018 10:17 PM EST2018-02-26 03:17:05 GMT
    Chinese President Xi Jinping speaks during a joint press briefing with French President Emmanuel Macron, at the Great Hall of the People in Beijing, Tuesday, Jan. 9, 2018. (AP Photo/Mark Schiefelbein, Pool)Chinese President Xi Jinping speaks during a joint press briefing with French President Emmanuel Macron, at the Great Hall of the People in Beijing, Tuesday, Jan. 9, 2018. (AP Photo/Mark Schiefelbein, Pool)

    China's official news agency says the ruling Communist Party has proposed removing a limit of two consecutive terms for the country's president and vice president.

    China's official news agency says the ruling Communist Party has proposed removing a limit of two consecutive terms for the country's president and vice president.

Powered by Frankly