When it comes to your finances, what you don't know actually CAN hurt you. 

Answer: 38%

Questions:

• Have you ever checked your credit score? Explain why or why not.
  
• Why do you think such a greater number of young people have never checked their credit score compared to all other age groups?
  
• Credit scores are a factor considered by banks when deciding whether or not to loan money. What are some purchases you foresee making in the future for which it would be beneficial to know your credit score?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from Lexington Law):

"How much damage can a bad credit score really cause? A 2020 survey suggested that individuals who take out an auto loan of $25,346 with a “fair” credit score could pay up to $3,847 more interest than a person with a “very good” credit score taking out the same loan.

Similarly, someone with a “fair” credit score may pay $8,640 in interest for a student loan, but another student with a “very good” score might only pay $3,933 interest for the same loan."

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Show your students the importance of their credit score using CALCULATE: Impact of Credit Score on Loans.

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NGPF's Managing Credit unit has all the resources you'll need to educate your students on the importance of responsible credit usage.

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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