Financial Literacy - An Essential Life Skill

Talking About Money Matters Can Pay Dividends

There's a new version of "The Talk" these days.

It's not about the birds and the bees. It's about money. How to earn it, how to save it, how to spend and use it wisely.

For many parents, the prospect of having 'The Money Talk" with their kids can be daunting. But educating girls to be money wise is a good investment.

Girls need to learn to earn. They need to be smart consumers, vigilant savers, wise managers, responsible givers, and active participants in the global economy. Being financially savvy and achieving financial independence are the next steps toward true gender equality. The playing field will be level only when girls and women learn about, earn, manage, invest and give as confidently and competently as boys and men.

Joline Godfrey, President & CEO of Independent Means, Inc., hit the nail on the head when she said that "For girls, the work really is getting them to understand that money is a vehicle for social change, individual security, personal options, and fun." Single-sex schools for girls are leading the way to make sure that their students are financially fit. Our publication, Money $ense for Girls, offers young readers ten pages of user-friendly tips, techniques and web-links to explore this essential life skill.  Among the bits of advice:

Build a Stash

Got plans? You'll need cash. Money helps you reach goals, gives you options and security, and can help you make a difference for yourself and others.

Dream Your Dreams

Find your passion. How can you make a job, not just take a job, and get paid for what you love doing?

Know Your Worth

Calculate your cash on hand as well as savings and assets such as jewelry, books or CD's, and compare the total to money you might owe. Make sure you're avoiding the debt trap!

Money $ense for Girls is complemented by a companion volume, A Resource Guide for Parents and Educators. For parents, there are tips for making money skills a part of everyday life at home:

Dispel the Prince Charming Myth

While even the most enlightened parents still read Cinderella to their girls, fairy tales reinforce stubborn myths of happily-ever-after endings. Enjoy the storytelling, but take a moment to inject a few lessons in reality.

Swap Magazines with Your Daughter

Talk about subliminal money messages, particularly in advertising. See if she can find money myths in your Vogue or Esquire, while you check out her Seventeen or Girls' Life

Encourage Her to Manage Her Allowance

Use her allowance as a lesson in budgeting. Work with her in creating a plan for saving and spending. When shopping, help her consider purchases within the context of her plan.

Teachers, meanwhile, will find ideas and inspiration in the financial literacy programs at NCGS member schools, including:

• Money lessons in the classroom

• Economics curriculum

• After-school clubs

• Semester-long projects

• Guest speakers

• Seminars and workshops