Most money problems adults have stem from lessons they learned from childhood. College students are prone to make many mistakes about financial planning. Since many students have inconsistent or sporadic income, a lack of budgeting can affect their future debt problems.
Students struggle with these issues during their college years in many ways. They choose a school that they have a hard time paying for, take out loans but end up spending some of the money for things that are not essential for school, ruining their credit score, and pile up credit card debt. According to projectonstudentdebt.org, college seniors who graduated in 2009 have an average of $24,000 in student loan debts.
In a Sept. 2010 article from TIME magazine, children are prone to learn bad spending habits that continue and worsen as they approach adulthood. A way to correct these bad habits is to teach children about money at a young age.
The TIME magazine article suggested that starting around the age 3, a child should learn to identify coins. By the age of 5, children should know the value of each coin. At age 9, the child needs to be able to make change and be given a weekly allowance for budgeting into different jars. At age 13, a teenager should be knowledgeable about identity theft and skeptical about advertising claims. Finally at 18 before their college years, a young person needs to be equipped with an ATM card and credit card, while knowing about late fees, interest rates and minimum monthly payments.
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TIME magazine makes valid points about teaching financial lessons to young people, but doesn’t this also go beyond just educating a child about money? Isn’t it necessary to have children start at a young age making their own money so they can understand the value of a dollar?
Compare two different real life scenario individuals. One child, who started working at age 10 delivering newspapers. Every weekend morning, he would pack papers into his paper-round bag and skate with about 50 pounds of paper 3 miles away to deliver papers. He continued for five years and increased the number of routes as the years went on.
Another individual started receiving a weekly allowance at age 9. He was instructed that he would be allowed only $50 a week for items he wanted. He was also given separate money for food items. The first individual grew into a successful part business owner in his early 20s. The second individual is going into his seventh year in college and has already racked up a large amount of credit card debt.
Teaching children lessons at a young age is important, but they should also be expanded into teaching them how to value money and work wisely for it. A lesson to learn in life is that nothing will be handed to you. It is important that we don’t spoil our children. Though sometimes hard, this will help them to become more successful adults later on in life.
