Recent statistics reveal that over $500 Million in student loans have been written off in Canada on a base of nearly $17 billion of current student debt. In the USA, students now carry over $1.5 Trillion in student loans and they cannot declare bankruptcy to eliminate them; they are therefore debt slaves for life.
This is happening against a backdrop of a cultural debt mindset where students are constantly being offered FREE credit cards around graduation time, car loans with no money down, 30-year mortgages with as little as 5% down, “Don’t Pay a Cent” events, and “Buy Now, Pay Later” specials on just about everything. With all this pressure from predatory lenders to go into debt, it’s no wonder kids are financially-stressed even before they graduate!
It is abundantly clear that grade school students are severely lacking in the basic money management skills which, if learned early enough in life, could allow them to afford higher education if they so choose. K-12 students could and should be learning how to live a debt-free lifestyle and to break the vicious cycle that has led to record high personal debt levels we see now right across Canada and the USA. They just need the right resources offered in a technology-friendly format that they already understand and naturally embrace: on-demand video streaming e-Learning courses.
Whose responsibility is it to teach these skills?
How can educators inspire financial literacy in students?
Who should teach the teachers what to teach?
What is the role of parents in teaching financial literacy?
When students are captive audiences for 6-8 hours per day, educators can become the primary line of defense to help students acquire the necessary knowledge to choose their financial options wisely. Being in a prime position to influence student behavior, school boards, world-class educators, professors, and teachers are starting to recognize that there is an enormous financial and technical gap in the resources they need to prepare students for life outside of school, and how to deal with real word realities once they leave the protective school envelope. However, the teachers are rarely qualified themselves to teach financial literacy since that is not their speciality.
There is a massive opportunity for educators to take a leading role in this critical area, one that can radically impact the financial health of graduates. And the solution doesn't need to break the budget of the school or the parents.
The Wealth Coaches can assist high schools, post-secondary institutions, and private educators to empower students with knowledge that will serve them well for a lifetime. Working cooperatively with parent teacher associations, school boards, and student unions, our mentors can appear as guest speakers to introduce and facilitate the online Wealth Academy as a solution to this unique teaching and learning challenge. We provide discounted tuition for parents and teachers alike, so they can also learn what the students learn and be able to help answer the inevitable questions. Educational discounts are offered to all stakeholders (teachers, students, and parents) with proof of teacher status, student enrollment, or parental guardianship of a qualifying student.
Please contact us today to see how we can help empower your students with the education they need to help secure a better future of financial literacy and money mastery.