Message from Lynn:
Dear Friends:
I was reading an article in the Wall Street Journal recently about how one reporter is preparing his children to be financially responsible - to fully appreciate the money they earn and how to manage it. He gives each a certain amount of money every three months and tells them while he and his wife will pay for larger ticket items, the children are responsible for clothing and entertainment. He warns them that if they run out of money before the three months are up that they will need to earn extra money by babysitting or doing chores.
I applaud this family's efforts! He cites in his article that many of our children are not learning personal finance skills in school, yet 11% of teens and 76% of college undergraduates have credit cards. In fact, students residing in the Midwest have credit cards with balances that average $2,478!
It is crucial that we teach young people that they are primarily responsible for their financial future. My office has instituted a number of Financial Literacy programs for Kansans. One of the programs, Money$mart Financial Management Camp, focuses on teaching finance and leadership skills to 7th and 8th graders at Rock Springs 4-H Camp near Junction City. Campers will spend the weekend learning valuable money management and teamwork skills, riding horses, canoeing and a number of other fun activities.
We are taking applications from Kansas' 7th & 8th graders to attend the Sept. 23 to 25 camp. Visit www.KansasStateTreasurer.com and click on MoneySmart for more information. Having the tools necessary for a financially secure future is critical to our state and all its residents.
Enjoy this month's MoneyWise!
