Students need basic financial literacy skills in today’s world

I was disappointed to read that the bill requiring financial literacy education in schools failed (“Legislature has its own production of ‘The Holdovers,’” The Herald, March 12).

Not every child comes from a family with good money management skills, and it’s unfair to toss them out into the world with no knowledge beyond “This is the way my folks always did it” and then blame them when they make poor financial decisions. Kids need to learn how to budget, how interest works, how stocks and bonds work, why starting to save early is more effective, and other topics that will set them up for success.

In an era where debt from credit cards and student loans is becoming more unmanageable, people are falling prey to payday loan vendors and predatory auto dealers, and we are approaching a crisis where a majority of people nearing retirement age have little or nothing saved to retire on, very few topics taught in school would be as timely and broadly applicable.

Cindy Molitor

Lynnwood

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