Personal finance education tailored to younger generation
In a break from traditional textbooks and the classroom setting, sports stars, musicians and other celebrities are teaching young adults about the importance of personal finance education and how to plan for your financial future.
Money XLive is a personal finance education event "produced in an MTV award show style environment" intended to reach today's youth and advise them on good ways to avoid increasingly complex economic obstacles as well as how to plan for your financial future.
Partners and sponsors of Money XLive are using live music performances and celebrity guest spots as a way to spread the message of personal fiscal responsibility and the importance of personal finance, and to encourage young adults to attend college and participate in community service.
Personal finance education reform and high school graduation requirements are increasingly on the minds of teachers, parents and policy makers.
Given the current economy, young adults graduating high school and college are facing unprecedented obstacles when searching for jobs, homes and even credit cards and need to know how to plan for their financial future.
The Chicago Tribune reports that the Indiana Senate approved legislation that requires "personal financial responsibility" education from kindergarten through graduation.
Personal finance education may become school requirement
Just a few years ago it was unlikely that high school students were familiar with subprime mortgages, tight credit, liquidity needs or how to plan for their financial future.
But given the current economic shift and unprecedented financial bailout of long standing institutions, some have recognized the importance of personal finance and argue that financial literacy should be a requirement for high school graduates.
The AP is reporting on a number of initiatives across the country to integrate useful personal finance education classes into current curriculums.
Only three states currently mandate a personal finance education class prior to graduation while 17 other states require general finance skills including how to plan for your financial future to be taught in conjunction with other relevant subjects, according to the JumpStart Coalition for Personal Financial Literacy.
Coalition executive director Laura Levine told the AP, "The silver lining to our country's economic conditions just may be that we place a greater emphasis on financial education, which does our country well for many generations."
Many consumers with good credit history are even finding it difficult in today's economy to obtain approval on residential mortgages, car financing, and low interest rate credit cards.
Some experts believe financial preparatory classes in high school may prevent some common credit related mistakes young adults make in college and early in their working careers.
