Financial Literacy
Why is Financial Literacy important to me?
In our consumer-oriented society, long-term saving and investing for retirement have become overlooked priorities resulting in unsustainable credit card debt and personal bankruptcies. This trend has the potential for long term negative consequences on the well being of both individual households and our nation's economic stability.
The role of education in Financial Literacy
In the past, our educational system has assumed that students will learn the necessary financial skills from their parents. However, statistics show that the majority of our nation's adults lack this knowledge. Research conducted by NFI suggests that about half of K-12 school students in Indiana (over half a million students!) are receiving no formal education related to financial literacy. Educational evidence suggests that the best way to impact adult behavior is to teach the desired behavior at a young age. NFI’s response was to design and implement a full financial literacy curriculum in the underserved segment of 3rd, 4th and 5th graders, complete with a mobile field trip – Kids Count on the Money Bus™.
Money Bus making a difference where Kids Count
When the brightly-colored, 40-foot motor coach rolled past the playground and pulled to a stop near the back door to Miller Elementary School (IPS #114) in Indianapolis, the teachers experienced the same rush of excitement that the students felt. Principal Marjorie Lindeman writes:
“The experience here at Miller Elementary was very positive. The fifth grade children were actively involved and learned many life skills from the experience. The rest of the children were intrigued with the kiosks which were set up in the hallway. They are anxious for their turn to participate.”
Other Financial Literacy initiatives
NFI works to broaden financial literacy beyond the classroom. With the development of My Family Counts, financial literacy education is expanded into the home creating fun and educational activities for the whole family.
In addition to developing Kids Count, NFI works to promote understanding of personal money management through partnerships with other local organizations committed to financial literacy education, such as Jump$tart and Junior Achievement.
NFI, in conjunction with the Scott College of Business, hosts CashCourse® ISU, which provides ISU students with information on improving their own financial literacy. The intent of CashCourse® ISU is to help students manage their financial habits and to foster positive money management practices.