September 8, 2023


Family Finance

Back to School with a Twist: The Essential Lesson in Financial Literacy for Youth

Back to School with a Twist: The Essential Lesson in Financial Literacy for Youth

The school year is upon us, whether we’re ready or not! As you sharpen pencils and pack backpacks with books, consider a crucial lesson that might not be on your radar but holds the key to future success: financial literacy for youth. Yes, you heard it right—financial literacy is a must-have subject often overlooked in traditional classrooms. Let’s explore why it’s time to integrate financial education into our back-to-school routine.

The Hidden Curriculum: Financial Literacy

Your kids might excel in math and conquer science, but do they understand how to manage their money effectively? Financial literacy for youth entails comprehending how money operates in the real world, including budgeting, saving, investing, and making prudent financial decisions. Just like math or science, financial literacy is a skill set they’ll utilize for life.

Money Doesn’t Come with a Manual

Imagine embarking on a grand adventure without a map or compass to guide you. Life can feel that way without proper financial knowledge. As your kids progress through school and beyond, they’ll encounter numerous financial decisions—buying their first car, attending college, finding a place to live. Without the right skills, these milestones can become sources of stress and uncertainty.

Building a Strong Foundation

Think of financial literacy as the foundation for their future dreams. Whether their aspirations involve traveling the world, launching a business, or pursuing a fulfilling career, a solid understanding of finances can transform those dreams into reality. Financial literacy equips them to manage debt, save for significant goals, and weather unexpected financial challenges.

Empowerment in Action

Remember the exhilaration of grasping a challenging concept in school? Financial literacy offers the same kind of empowerment. It furnishes kids with the tools to seize control of their financial destiny. They’ll no longer ponder about credit scores, student loans, or retirement savings. Instead, they’ll confidently make informed decisions aligned with their goals.

Beating the “Real World” Blues

Entering adulthood can be both exciting and overwhelming. Suddenly, kids must grapple with responsibilities like paying bills, filing taxes, and managing expenses. Financial literacy acts as a superhero cape, aiding them in navigating the complexities of the “real world” with grace and confidence. With this knowledge, they won’t just survive; they’ll thrive.

Preventing Financial Mistakes

Early exposure to financial literacy helps them evade pitfalls like credit card debt, overspending, or falling for scams. By understanding how interest rates work and how to make wise investments, they fortify themselves against potential financial setbacks.

Financial Literacy: A Family Affair

Back-to-school season isn’t exclusively for students—it’s an ideal time for families to embrace financial literacy together. Parents, guardians, and caregivers can model healthy financial behaviors, such as budgeting, saving, and investing. Involving the entire family transforms financial literacy into a shared goal, benefiting everyone’s future security.

A Lesson Worth Investing In

While financial literacy might not feature in a traditional classroom setting, the lessons it imparts rank among the most important they’ll ever learn. By dedicating time to understanding money now, you’re investing in your own future. So, whether you’re a student, parent, or educator, let’s make financial literacy a cornerstone of this back-to-school season.

As they head back to school, remember that learning about money is just as vital as studying history or science. Equip yourself with the knowledge to assist them in navigating this crucial topic.

Do you have questions or need tools and resources? Just ask! Our Personal Bankers at Deerwood excel in helping parents and students grasp the intricacies of personal finance.

Heidi Tollefsrud

Heidi Tollefsrud

Heidi Tollefsrud is the Vice President – Customer Experience Director for Deerwood Bank. A graduate of the University of Minnesota Duluth, Tollefsrud manages Deerwood Bank’s entire retail banking department while also working to streamline and integrate the customer service experience across all delivery channels.

In her free time, Tollefsrud enjoys spending time with her friends and family while they explore new places in nature. On a warm summer day, you might be able to find Heidi riding her motorcycle on a nice tour around a local lake.

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