Here’s the title and excerpt:
600 Kindergartners Were Given Bank Accounts. Here’s What They Learned.
How San Francisco and other cities are trying to boost financial education and college savings
Tierra Ferrand started saving for college when she was in kindergarten.
She and 600 other low-income public-school students in San Francisco were each given a bank account with $50 in 2011 as part of a program that expanded the curriculum from reading and writing to interest rates. Now 17 years old, she has more than $1,500 banked and is off to Grambling State University in Louisiana this fall. That balance may be small, but Ferrand and her mother, Aisha Brown, 44, said the account changed their approach to money and saving.
“Outside of this account, we don’t have other college savings accounts,” Brown said. “We don’t have those advantages that some other families may have.”
San Francisco’s Kindergarten to College Program, which now gives $50 in savings to every student, has 52,000 active accounts with a total balance of $15 million—$10 million of which came from deposits made by the students and their families. The program aims to be both financial education and a small start to college savings, and has been replicated in 39 states across the country.https://www.wsj.com/articles/college-savings-fund-san-francisco-85d32bf5?mod=life_work_featured_pos3
I’ve often thought there are many things we need to teach our children in school — or at home. I remember talking to my son’s fourth grade teacher.
“Can you give them a lesson on how to write a letter and address an envelope?” I asked. I discovered my son didn’t know where addresses went on an envelope. I was sure he wasn’t the only one.
That’s because kids use email and lost ordinary skills that we took for granted. Banking, savings, credit cards and compound interest are lessons that are being taught in some classes in San Francisco along with the $50 deposit into a savings account. I say “some” because in the article I learned that not all teachers use the savings account lesson plan. They said they were busy enough with existing curriculum.
Another thing I realized my son didn’t learn was how to pay for gas and fill up the tank. I homeschooled my daughter for middle school and I included lots of “adulting” lessons. I thought my son would pick up things naturally from observation. But he was always reading — every free minute — like on car rides. He was oblivious to the world around him.
Changing a tire is a skill my dad taught me when I got my first flat. Of course we have AAA now, but isn’t that a good thing to know how to do if you don’t have cell reception?
What other basic life skills do you think should be taught to our kids in school or at home?
I hope you’re enjoying my new M W F blogging schedule.
Teach the children well from Crosby Stills.