Sunday, May 9, 2010

“We're flunking personal finance - Washington Post” plus 3 more

“We're flunking personal finance - Washington Post” plus 3 more

We're flunking personal finance - Washington Post

Posted: 08 May 2010 08:59 PM PDT

Researchers at the University of Wisconsin at Madison surveyed K-12 educators, and, not surprisingly -- or at least it wasn't a shocker for me -- most instructors don't think they are suitably trained to teach their students the basics of personal finance. The study, "Teachers' Background & Capacity to Teach Personal Finance," was funded by the National Endowment for Financial Education (NEFE).

The teachers were asked to assess their instructional competency in six personal finance areas: income and careers; planning and money management; credit and debt; financial responsibility and decision-making; saving and investing; and risk management and insurance.

Less than 20 percent of the surveyed educators felt they were "very competent" in any of the six areas. No wonder: Barely one-third of them had taken a college course that included personal finance content, the researchers found.

"This study reinforces the need to incorporate personal money management topics into educational opportunities for teachers, whether in undergraduate or graduate curricula for students studying to become teachers, or as postgraduate or in-service courses or workshops," says Ted Beck, president and chief executive of NEFE. "We have an opportunity to dramatically affect the quality of K-12 financial education by providing teachers with the subject matter expertise they need throughout their careers."

Increasingly, states are pushing economic education. The number of states that require students to take a personal finance course, or instruction as part of an economics class, increased to 13 in 2009 from seven in 2007, according to the Council for Economic Education. Although states are setting up financial education guidelines, an overwhelming majority of teachers who participated in the NEFE survey said they didn't feel qualified to offer instruction at the level of the standard set by their states, the researchers said.

The survey is being used to show that if we teach the teachers, we have a better chance of educating our children about personal finance.

This is a worthy goal. It's vital that we teach children to be better stewards of their money. If we do, they will become better money managers as adults.

In fact, I agree with many financial literacy advocates that a core part of any curriculum for grades K-12 should include mandatory financial literacy classes. And you didn't misread that. I do mean from kindergarten to 12th grade. A 5-year-old who can beg for a Happy Meal at McDonald's and then whine and cry when he doesn't get one is more than ready to be schooled in the economics of eating out.

College students shouldn't be handed a degree without having taken personal finance classes -- and yes, they should take more than one. For example, graduates should know how to create a budget based on their expected salary.

Because of the recession, we have a keener understanding that many folks lack the decision making training to make good financial choices. We may not be able to teach people common sense, but we can do a better job of teaching basic money management, such as not spending more than 36 percent of your net monthly pay on housing.

"Teachers are pivotal to the success of financial education efforts," researchers Wendy L. Way and Karen Holden wrote in the NEFE report.

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Mint.com Now Available on Android - Wirelessweek.com

Posted: 03 May 2010 09:16 AM PDT

Mint.com Now Available on Android

Posted In: Mobile Applications | Android | FirstNews

Mint.com today announced an Android version of its mobile app. The application joins the iPhone version in Mint's mobile portfolio.

The app acts as a complement to Mint's free online financial service and allows users to search for and find recent banking transactions, access a snapshot of overall cash flow in real time via a widget and get financial updates on the phone's home screen without launching the Mint.com application.

In addition to the new Android-specific features, users will have access to the service's key features, which let consumers see real-time account balances, check recent transactions, compare their spending against their monthly budgets and edit transaction details.

"Mobile users check their account information frequently to make informed spending decisions. Expanding the number of Mint mobile apps means more people are armed with the budgeting and account information they need to save and do more with their money," said Aaron Patzer, general manager and vice president of Intuit's Personal Finance Group and founder of Mint.com

The Mint.com application is available for Android OS versions 1.5, 1.6 and 2.0. The new Android application is available online at Mint.com.

Mint.com currently boasts more than 3 million users.

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Personal Finance: - Los Angeles Times

Posted: 09 May 2010 09:45 AM PDT

Everybody has a story about why his mom is the best — the times she baked cookies for all your friends, how she faithfully sat in near-empty bleachers to cheer your losing team or comforted you when you were down.

I have those too, but the thing that I most appreciate about my mom is how she prepared me for life in the working world.

These were not the nurturing conversations of childhood. They were the frank discussions with her aspiring hippie daughter about how the world will judge you by the way you look and act.

When I wanted to wear jeans full of holes (now a fashion statement) and earrings that reached my shoulder blades, Mom said that I'd better think about what the world expects if I wanted to be a success. Appearance opens doors, she said. Integrity keeps them open.


My mom is a retired teacher, not a businesswoman, so her tips are not about "hot strategies for network marketing" or "how to manipulate your boss." In my opinion, they are timeless keys to business success, no matter what career you pursue.

Of course, I'm lucky. I've had an incredible amount of good fortune in life, much of which I attribute to having Mom's sage advice rattling through my brain. In honor of Mother's Day, I'm sharing her words of career wisdom in the hope that they can improve your fortunes too.

Be respectful. In the context of work, being respectful isn't about calling everyone "Ma'am" or "Sir." It's about a variety of nonverbal cues that tell the people you're working with that they're important.

If you have a meeting, show up on time. To arrive late indicates that you imagine your time is worth more than others'. Also show up neat — hair combed, teeth brushed and appropriately dressed. If you're badly groomed, you draw negative attention to yourself and away from what's being discussed. That's insulting to everyone around you.

Showing up on time and well-groomed, of course, is something that you do every day. It tells your boss that you think your job is important, which is a good way to keep it.

Listen. You may have graduated with straight A's from Harvard, but your boss and co-workers probably have thoughts and ideas that are every bit as valid as yours. Some of them have experience that no amount of education can match.

When a co-worker is speaking, be quiet and pay attention. Don't think about how you can jump into the conversation to impress your boss. Don't construct answers to questions that have only been half-asked. If you're confused by what's being said, ask questions — politely and after the person who is speaking is through. If you're a good listener, your analysis of the situation will end up being better. And that actually will impress your boss. Besides, you might just learn that your co-workers are pretty darned bright, which could come in handy later when you need help or advice.

Be honest. Do a real day's work for a day's pay, regardless of who is (or isn't) watching. Clocking in on time, and then wasting hours in your cubicle playing games online is tantamount to stealing. Stealing would not make Mom proud.

But what if you've completed your work and have two hours left before you can go home? There's probably work to do somewhere in the office. See if you can help someone else.

Nobody's got work? Then your business has a problem. Start thinking about how you can help solve it, or start looking for another job.

Be responsible. If you say you will do something, do it. Do it as best you can and in the time allotted. If you find you need help to complete the job on time — or realize that the job cannot be completed as scheduled — give your boss warning before the due date, so that no one (boss or client) is blindsided.

Apologize. At some point in time, you will mess up. Don't make excuses. If you mess up, apologize. Then fix it.

Don't whine. Your boss, co-workers and clients are not always fair, polite and reasonable. Life's like that. Get over it.

If the problem is consistent and detrimental to your company or career, you need to fix it or flee. Tell your savviest friends what's up and get their advice. (Discussing a problem in an effort to find solutions is not whining, though you can whimper a bit with your closest friends.) If it's necessary to go to the boss, try to come to him with a solution at the same time you present the problem. Be a problem solver, not a person who spreads discontent.

Be grateful. You can focus on the bad economy and your dead-end job, or you can be grateful for the fact that you have work that pays enough to keep food on the table and a roof over your head. Career coaches say that having a good attitude can land you a job. So even if you don't like your work, smile. Think of what you do like. It makes you more pleasant to be around and may just land you a better opportunity.

Thanks, Mom. Happy Mother's Day.

business@latimes.com

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

We're flunking personal finance - Philadelphia Daily News

Posted: 09 May 2010 09:30 AM PDT

The financial teaching grade is in for teachers - and it's not good.

Researchers at the University of Wisconsin at Madison surveyed K-12 educators, and, not surprisingly - or at least it wasn't a shocker for me - most instructors don't think they are suitably trained to teach their students the basics of personal finance. The study, "Teachers' Background & Capacity to Teach Personal Finance," was funded by the National Endowment for Financial Education (NEFE).

The teachers were asked to assess their instructional competency in six personal finance areas: income and careers; planning and money management; credit and debt; financial responsibility and decision-making; saving and investing; and risk management and insurance.

Less than 20 percent of the surveyed educators felt they were "very competent" in any of the six areas. No wonder: Barely one-third of them had taken a college course that included personal finance content, the researchers found.

"This study reinforces the need to incorporate personal money management topics into educational opportunities for teachers, whether in undergraduate or graduate curricula for students studying to become teachers, or as postgraduate or in-service courses or workshops," says Ted Beck, president and chief executive of NEFE. "We have an opportunity to dramatically affect the quality of K-12 financial education by providing teachers with the subject matter expertise they need throughout their careers."

Increasingly, states are pushing economic education. The number of states that require students to take a personal finance course, or instruction as part of an economics class, increased to 13 in 2009 from seven in 2007, according to the Council for Economic Education. Although states are setting up financial education guidelines, an overwhelming majority of teachers who participated in the NEFE survey said they didn't feel qualified to offer instruction at the level of the standard set by their states, the researchers said.

The survey is being used to show that if we teach the teachers, we have a better chance of educating our children about personal finance.

This is a worthy goal. It's vital that we teach children to be better stewards of their money. If we do, they will become better money managers as adults.

In fact, I agree with many financial literacy advocates that a core part of any curriculum for grades K-12 should include mandatory financial literacy classes. And you didn't misread that. I do mean from kindergarten to 12th grade. A 5-year-old who can beg for a Happy Meal at McDonald's and then whine and cry when he doesn't get one is more than ready to be schooled in the economics of eating out.

College students shouldn't be handed a degree without having taken personal finance classes - and yes, they should take more than one. For example, graduates should know how to create a budget based on their expected salary.

Because of the recession, we have a keener understanding that many folks lack the decision making training to make good financial choices. We may not be able to teach people common sense, but we can do a better job of teaching basic money management, such as not spending more than 36 percent of your net monthly pay on housing.

"Teachers are pivotal to the success of financial education efforts," researchers Wendy L. Way and Karen Holden wrote in the NEFE report.

But the agenda to educate the educators and mandate that schools add money management to their basic curriculum must acknowledge that we also need to teach the people who are parenting the K-12 children.

Because parents are urged to attend school meetings, sports programs, concerts, plays and other activities, school districts could press them to sit alongside their kids for a money management session.

Parents are the only ones who can instill in their children certain core values concerning finances. In my family, it's the values component that will, for example, encourage my three kids to make tithing and charitable giving a top priority in their budgets.

And no child of mine will leave home without a healthy hatred of debt. A financial class at school might suggest there is such a thing as good debt and bad debt. No way. My children will learn from me to do everything they can to avoid borrowing, except for the purchase of a home.

If we know that children often live out what they learn at home, this is one subject we can't put entirely into educators' hands.

Readers can write to Michelle Singletary c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Her e-mail address is singletarym@washpost.com. Reader can also follow her on Twitter at: SingletaryM. Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.
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