Attorney General's Column: Financial literacy important for Kansas teens
March 16, 2009 -- There has been much discussion about financial literacy during this time of economic crisis. Kansans-both young and old-have fallen on troubled times. Some face trouble because of bad choices and some became the victims of scams or predatory lenders. Despite the reason, each of them could have benefited from financial training.
I support additional consumer training for our young people. In an effort to educate teens about consumer threats, my office recently hosted two consumer workshops for Kansas high school students. The goal was to educate students about consumer issues before they head out on their own. We taught 700 high school students the ABC's of personal finance, tips on contracts, student loan practices, the keys to protecting their identity and other issues affecting students today.
Now, a proposal is being discussed in the Kansas legislature to add financial education to the school curriculum. Senate Bill 84 would require teachers to provide education on specific topics, including: credit card debt, responsibilities of renting or buying a home, understanding loans and borrowing money, insurance, identity fraud and theft, scams and charitable giving.
While I support the idea of additional financial and consumer education for our young people, teachers must also be given appropriate resources to provide effective training.
Consumer protection is a priority for my office. It is important that our children learn the ins and outs of being a smart consumer early. Additional education will make students better equipped to make important financial choices, protect their identities, and maintain good credit throughout their adult life. Fostering a generation of responsible consumers is key to our State's future economic stability and prosperity.
It's time we help our kids protect themselves from consumer threats.