Update finance lessons for kids

November 14, 2010 at 12:00a.m.

DETROIT

If you think it’s time to teach your child about dollars and sense, there are plenty of websites to help get you started on the hot new topic of financial literacy — understanding money and how to manage it.

Despite writing this column every week about personal finances, I don’t feel like much of a success when it comes to teaching my son about money.

But some days, kids will surprise you.

I was driving with my seventh-grader one day when we saw a pretty girl wearing a cute leopard blazer and green skirt. I kidded my son that she could be his next girlfriend.

No, he said, “before you know it, she’s going to want a $700 purse for Christmas.”

Ah, now that’s my boy.

After the financial fallout, most of us don’t feel like we’ve taught our kids much when it comes to money. But the key to advancing financial literacy is to keep the conversations going about controlling how much we spend, reading the fine print and taking it slow when it comes to understanding complex tools such as credit cards, taxes and mortgages.

There’s plenty of help available online, much of it geared to young people, including young adults who often need help in money management.

Visa has an interactive money management video game, “Financial Football,” in which players pick their NFL teams. Teachers can even use it in lesson plans.

I played this online with my son, and we had a lot of fun. We reviewed words such as interest, income, introductory and discretionary. What’s even more thrilling: We worked together to make sure we picked the correct answers — and see the Detroit Lions win!

“Financial Football,” aimed at middle and high school students, can be played at www.practicalmoneyskills.com.

American Express introduced this year a new digital platform called Currency for people in their 20s and 30s. The site at www.getcurrency.com is a clearinghouse of financial topics, including information on paying off student loans, finding a roommate, buying a first home and figuring out how to cope after losing that first job.

Last month, President Barack Obama appointed New York Times bestselling author Beth Kobliner and Richard Ketchum, CEO of the Financial Industry Regulatory Authority, among others, to a new administration council designed to improve financial literacy.

Why all the emphasis on financial literacy?

Well, in the aftermath of foreclosures, job losses and bad investments, it appears “people are finally getting to the bottom of their own crisis and starting to question, ‘Are we teaching this to children?,’” said Lois Gibbins, chairwoman of Michigan’s JumpStart Coalition and a financial literacy consultant who runs Harmony Financial Network in South Lyon, Mich.

The Michigan JumpStart Coalition has received donations to supply at least 10 school libraries this October with books relating to money to celebrate the group’s 10-year anniversary.

The program, called Money Smart Library, has received support from individual financial planners and major companies such as State Farm.

Susan Tompor is the personal finance columnist for the Detroit Free Press. She can be reached at stomporfreepress.com.

2010, Detroit Free Press