Scanning the headlines to find out what high schools are up to when it comes to personal finance education:
- Students at Marion HIgh School (Virginia) participated in a checking account simulation recently (SWVA Today):
“The Financial Literacy Project—Your Checking Account, sponsored by Bank of Marion, is a simulation is designed to teach the skills necessary to maintain a checking account. Students first learn about checking account basics and then actually write checks, make deposits and reconcile their accounts using the forms provided. The materials not only teach an important aspect of money management, but also correct bad habits that may otherwise persist throughout adult life.
- Conrad High School (TX) recently opened a student-run bank that only takes “Conrad dollars (KERA News)”:
The peer-to-peer payment space has exploded of late. One of the fastest growing companies in the space is a company called Venmo (Want to know how to find out about apps like this?; ask your college-aged relatives or children).
This Investopedia article provides a good description of these new financial apps that high school and college students will be using (if they don’t use them already). Still wondering about the use case? Continue reading
Part of personal finance is having good habits (think budgeting, paying yourself first, comparison shopping for all purchases, etc.) but part of it is also avoiding financial disasters (think credit card debt and onerous student loan balances).
I am back in the classroom this week. Just before class started, a student approached me to say he Continue reading
Answer: Up to 108.
This four minute audio from Marketplace.org explains efforts in place to simplify the process down to Continue reading
Answer (from The Guardian): 21 cents/transaction (down from 44 cents in 2010).
This may seem like a trivial amount but think of the volume ($1.4 trillion, see if students capture the error in the article). Those so-called interchange fees represented about $16 billion in fees that banks received annually from retailers, who presumably passed that cost on to consumers.
So, what’s the problem with the fee being reduced to $0.21 (which by the way, the Supreme Court ruled cannot be raised)? Continue reading
A good chart to use while discussing the factors that are important (hint: consumers don’t like fees!) in selecting a checking account (from the Financial Brand): Continue reading