Utah School Participates in Federal Financial Literacy Program

11.20.2009 by Elizabeth Ziegler

(KCPW News) Ridgecrest Elementary School students in Cottonwood Heights took part in a new federal financial literacy program this morning. Sixth grade teacher Annette Hubley says many of her students, and even her own children, would benefit from having a better understanding of how personal finances work.

“I’m excited for them to learn about it because sometimes they’re oblivious,” Hubley says. “They think they can just write a check for something. Even my own children, in my own home, they don’t understand budgets, well why can’t we go to a movie? Why can’t we go out to dinner? And I’m like, ‘Because we have to budget our money and things like that.’”

Officials from the Securities and Exchange Commission and the Financial Industry Regulatory Authority held an assembly to introduce students to the concept of personal finances: earning money, living on a budget, saving for the future and even debt and investing. FINRA Associate District Director Gerald Dougherty says Project CHANGE is focused on improving financial literacy for elementary school students.

“Well, I think the whole spirit of Project C.H.A.N.G.E. is to reach the youngest generation and help them grow up understanding you know the basics of saving, investing and spending and you know where money comes from,” Dougherty says.

A recent survey by the Jump$tart Coalition indicates financial literacy among the nation’s youth is at an all-time low. Seventy-four percent of high school seniors failed the group’s survey. Utah is one step ahead of the federal government, however. A bill passed in 2008 established financial literacy as part of the state’s curriculum, and earlier this year was expanded to start in kindergarten.