Question of the Day: What Financial Fears Do Adults Have?
This can be an instructive discussion as it helps students think about their futures and behaviors/habits that they can develop today to lessen the probability that they will have the same fears as adults.
From National Foundation for Credit Counseling eighth-annual Financial Literacy Survey; question asked “Which of the following areas of personal finance currently worries you most?”:
#1 (a tie at 16%): Not enough rainy day savings for an emergency AND Retiring without enough money set aside
#2: Losing my job (7%)
#3: Not being able to find a good-paying job (6%)
#4: Not being able to pay my credit card debt (4%)
#5: Not being able to repay my student debt (2%)
Idea: Ask students to develop strategies they can utilize to avoid having these worries as adults.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.