TC's Marri Advocates Transparency in Interview About Financial Literacy
Anand Marri, associate professor of social studies and co-designer of the Cowin Financial Literacy Program, a professional development program for teachers of financial literacy and personal finance, was interviewed by Tara Lynn Wagner of Time Warner Cable News' Money Matters show, about the importance of starting financial literacy education very early in a child's life.
He says kids want to understand money concepts, and there are lots of opportunities to teach them. For example, a teen gets a job and finds a sizable deduction in his first paycheck for something called "FICA." That's an opportunity to talk about the Federal Insurance Contributions Act, which is used to fund things like Social Security and Medicaid. And once kids are earning, it's also a good time to talk about big concepts like long-term savings and compound interest.
Marri also says when it comes to raising money-savvy kids, the biggest mistake parents make is not talking about it. "I'm a big fan of transparency when it comes to economics, so the more information people know, the better it is,” Marri says. “It's not this secret stuff that goes on behind doors. It should be something that kids can understand easily."
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Published Thursday, Jun 2, 2016