And what kind of propaganda do they want to teach about money from the public schools?
Tuesday November 16, 5:20 am Eastern Time
Company Press Release
SOURCE: Nuveen Kid$ense
Kids Clueless About Money, Survey Reveals
Favorite Bank? One-Third Pull Out The Old Piggybank
Grab Loose Change Three Out of Five Say Nothing Less From a Sidewalk? Than a Dollar Will Do
Invest? 'Nah!' Less Than One Percent Do It
The Solution? Kid$ense School Curriculum Teaches Money Values - Early-On
Nuveen Kid$ense Survey Explores Kids and 'Facts of Money'
CHICAGO, Nov. 16 /PRNewswire/ -- A new survey released today exposes a problem far more menacing than those economic threats raised by the Y2K bug, higher interest rates, a national debt or trade imbalances. The problem -- America's kids don't understand the value of money.
So says the nationwide Nuveen Kid$ense Money Survey of 1,000 12-17 year olds. The survey provides a snapshot of kids and their understanding of money as we head into the new millennium.
These alarming results reflect a continuing trend of financial illiteracy among America's youth who are the likely beneficiaries of wealth from one of the most prosperous periods in the nation's history.
In a world of high technology and a record stock market, one-third of 12-17 year olds still save their money in piggybanks. Among 16-17 years olds, 25% continue to save in piggybanks. What's more, a full 13% have no idea where their money is saved.
``It's a coin toss whether our children receive any kind of financial education,' says Neale S. Godfrey, best-selling author of 13 books on kids and finances, including Money Doesn't Grow On Trees. ``According to the Kid$ense survey, one of every two kids has never had a conversation with their parents about the facts of money; similarly, about one in two has never been taught about money in school.
``Parents and schools spend most of their time preparing 12-17 year olds for the workforce,' Godfrey continues. ``Many forget about financial training. So unfortunately, for many kids coming out of high school, it's really a 50-50 chance as to whether they have received any kind of financial education.'
According to the survey, when asked how much money it would take to get them to stop and pick it up from a sidewalk, 58% of the respondents said at least a dollar. Of those, 32% said it would actually take more than a dollar.
On the subject of the stock market, when asked what the market is referred to when it's going up, six percent said a moose. Another eleven percent said a bear and 12 percent a tiger. Forty-four percent didn't know. Only twenty- six percent had the right answer -- a bull market. This falls in line with another surprising statistic -- only one percent of the kids surveyed said their money was invested.
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