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Read NGPF's school-by-school analysis of financial education in America today
I had the Honorable John Ninfo on my podcast recently who described his “Scared Straight approach” to teaching young people about the perils of credit. He saw the consequences in the decades he served as a Bankruptcy Court judge in the state of New York. After looking at this infographic from the WSJ and the accompanying article, the overwhelming evidence is that we should be employing similar scare tactics to the topic of retirement planning because we better hope that the next generation is better prepared for taking on this responsibility:
Rather than give your students the answers, ask them the questions:
Here are the two stats that should be most frightening (emphasis is mine):
And the savings gap is worsening. Fifty-two percent of U.S. households are at risk of running low on money during retirement, based on projections of assets, home prices, debt levels and Social Security income, according to Boston College’s Center for Retirement Research. That is up from 31% of households in 1983. Roughly 45% of all households currently have zero saved for retirement, according to the National Institute on Retirement Security.
I remember back in the 1970s my Dad asking my grandfather what his biggest worry was…his answer “running out of money in retirement.” The good news is that my grandpa’s worries were unfounded and he lived into his 90s. The bad news is that this financial worry may come home to roost for an increasing number of Americans. All the more reason to get the message about the importance of saving early.
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In this NGPF Podcast, Teacher Innovator Nancy Labricciosa shares her advice on how to hook students when it comes to retirement savings. We also have an engaging case study (Compound My Interest in 401(k)s” in which students learn how to make decisions about saving in a 401(k) plan.
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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