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| Chris Silver, business and computer teacher at River Falls High School, says making kids financially literate is extremely important and can save them from a lifetime of debt.” (River Falls Journal photos by Deb Eliason) |
Silver is business and computer teacher at River Falls High School. In his real world, teachings students how to handle money is extremely important.
Why? Because Silver sees a worrisome trend concerning young adults and debt.
Statistics tell the story:
- According to Rent.com, more than 75% of renters between the ages of 18 and 24 spend more than they earn every month. And more than 20% of those overspent by $100 every month.
- A study from Ohio State University found that young adults are racking up credit card debt at a faster rate than other age group and they’re slower to pay it off.
“We want to make sure all students get this,” he said. “Ideally every student would get it in some class. But it is a challenge to make sure they do.”
One way Silver teaches personal finance is with a program called Banzai. It’s online and Silver says the program “creates” an entry level job for students and the expenses they must pay throughout the month.
The Banzai program also includes some unexpected expenses -- just like real life.
For example, the student gets to buy an $80 ticket to a concert but gets hurt at the concert and incurs medical bills.
Says Silver: “Students are often surprised at how much they overspend during the first Banzai round.
They are challenged by reconciling daily living expenses with an entry-level wage.
“They underestimate costs, especially the cost of fast food and eating out. Then we do it a few more times and they do a better job.”
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Source: River Falls Journal
