Research shows that the majority of Americans are not financially literate, meaning very few people understand the basics behind their finances and debt. Considering most adults have a limited idea of smart money management and debt resolution, it is no surprise that many kids and teenagers follow the same path. Credit counseling services around the country are beginning to take a new approach to consumer education, targeting the next generation.
A Bright Financial Future
Credit counseling isn’t just for the bankruptcy filer anymore. In fact, many people who may not even be overburdened by debt have found that attending a course or seeking counseling from a credit counselor has significantly impacted their financial lives. A new program in one New England town is helping educate our next generation through a series of workshops and events.
A seniors at a high school in Braintree, Massachusetts have been participating in a role playing game to simulate the careers and financial dilemmas often associated with adulthood. The “Credit for Life” program is teaching these students how to secure a career, manage income and expenses, navigate the process of buying a home and maintaining a credit rating. The students are learning valuable lessons in how small changes to any one dynamic can significantly influence the others and even result in credit damage, leading to the importance of financial literacy and smart money management habits at an early age.