Comments on: Global Economic Crisis: A Coachable Moment for Young Adults

By: Michael Wagner

Michael Wagner — Thu, 17 Sep 2009 22:56:15 +0000

Mark,
Your information regarding financial planners getting involved is critical to providing hands-on training to young adults because teachers cannot be expected to do it all. It will take a village to tackle this issue and what you address is a great start. I look forward to your podcast. Please feel free to visit my website, http://www.michaeljwagner.net as well. Thank you for commenting.

By: Michael Wagner

Michael Wagner — Thu, 17 Sep 2009 22:52:29 +0000

Renee, you bring up some great points. In my experience young adults don’t really understand and totally grasp just how important personal finance is. I found them so caught up in their own worlds and living in the ‘now’ that they really haven’t given much thought to the whole money thing yet. But just because that is how it is doesn’t mean we have to accept it. That is why I truly believe there is some very important and beneficial action being taken at a high educational level to get financial literacy curriculum included within the instruction day. Then, people like me can serve as mentor, coaches and supplemental information providers or motivators for them to take managing money seriously. Thanks for your comments and feel free to visit my website for further information.

By: Mark Joyella

Mark Joyella — Thu, 17 Sep 2009 16:54:53 +0000

Renee,

Great to have your thoughts on this topic. It is a hot one, and in fact, there’s unique program underway that deals with the evolving role of financial planners as life coaches (and how coaches of all stripes can and probably in your view must be ready to handle financial issues. I’ll be posting a podcast on the topic next week, so please watch for it!

Mark

By: Renee Meggs

Renee Meggs — Thu, 17 Sep 2009 01:03:02 +0000

Financial literacy is huge!! Our children are very actively encouraged in almost every aspect of their lives to be consumers–we all are. To teach children and teens to live within their means is so important, and yet I agree that so many are ill-prepared to do it. How do we combat those messages to have the newest, hottest gadgets, clothes, games, and things–you name it–so that they become thoughtful in the financial and other choices they make? Do they understand the ramifications of instant gratification when people are going bankrupt? I’m not so sure. There are no easy answers but coaching around these topics is critically important.

Renee Meggs
Registered Psychologist
Focused Solutions Counselling & Coaching

By: Michael Wagner

Michael Wagner — Fri, 04 Sep 2009 16:57:04 +0000

Here, once again, is a whole other issue. Now we are talking about a population that is definitely in need of financial literacy. I see it as well Kathy, conducting an after school program at an inner city school where the drop-out rate is astronomical. What really concerns me is in addition to not graduating they get NO money training and then they are let loose in the world and the choices that are made have huge life ramifications, plus not being trained properly in their living environments, it is a vicious circle. I believe financial literacy really needs to be addressed. Thank you for your comments.

By: Kathy Richardson

Kathy Richardson — Thu, 03 Sep 2009 18:03:09 +0000

At my inner-city charter high school, students are seeking to improve their quality of life. We teach them that college is the answer, and they throw themselves into completing the required courses. College acceptance becomes their main goal. But at the end of senior year, they realize that money issues could prevent them from going to their college of choice. Money–an area in which they received no formal training in school–now becomes their primary focus. They’re suddenly faced with the realities Stuart mentions, and they’re confused. I know these students would have been eager to receive financial advice in high school. As you say, Michael, they are primed for whatever good advice they can get. We must figure a way to provide some finance education.

By: Michael J. Wagner

Michael J. Wagner — Thu, 03 Sep 2009 16:34:24 +0000

I could not agree more with you, Ali, about providing the opportunity for young adults to learn the importance of personal finance as a compulsory subject in schools. Increasing financial literacy needs to become a major priority in the curriculum of schools all across this country. The data is screaming so loudly, as evidenced by the declining scores issued by the Jump$tart Coalition survey. Until decisions are made by each individual state and the corresponding department of education, it will be left to each individual entity to provide financial literacy education. With the constant emphasis on exit exams and standardized tests it continues to be a tough battle. However, we can applaud states like Indiana, which recently passed a House Bill requiring it for graduation. If students and parents would become more active in voicing their wants and needs it could become a ‘hotter’ topic, and we could possibly see some results.

Stuart, you bring up such a great point–some kids just don’t care–then they get catapulted into the real world and the light bulb goes on. They quickly learn, when they are managing their own money, how fast it goes. That is when they fall prey to credit card debt because they use it to fill the gap and it begins to spiral out of control. I truly believe that properly coaching them is the key – education, education, education early on.

I thank both of you for taking the time to share your thoughts and I hope you will continue to do so with future topics. Please feel free to visit my website, http://www.michaeljwagner.net and /or follow me on twitter. Have a great day.

By: Stuart Fleming

Stuart Fleming — Wed, 02 Sep 2009 19:52:29 +0000

The current economic situation is certainly a coachable moment, so long as the teen wants to learn. I’ve spoken to high school students who don’t really care about money since everything is paid for them. However first and second year university students have faced the sudden reality of juggling student loans, part-time jobs, rent, car payments, etc… that’s when they realise they need more information.
Keep up your great work Michael – it sure is needed.
Smiles,
Stuart
Creator of the Money Mindset Mob.
Enthusiastic believer in independent teens.

By: Ali Davies

Ali Davies — Wed, 02 Sep 2009 18:06:02 +0000

I wish Financial education was a compulsory subject in schools as part of a whole life skills curriculum. What a difference it would make to the quality of the next generations choices and decisions.
Ali