Should schools teach about finances?

INDIANAPOLIS (WISH) - As the economy deteriorates, schools should do more to educate students about finances. That is the opinion of the Secretary of State and several legislators who are taking action to get financial literacy into Indiana classrooms.

"Parents, school administrators and teachers must commit to improving the financial IQ of our students for a better future," said Secretary of State Todd Rokita.

In a new public service announcement, Secretary Rokita challenges adults to teach kids cents, dollars and cents, that is. He said 62% of Hoosier kids who took a recent financial literacy exam, failed it.

"There has to be a cultural shift in how we view savings and how we view our place in the rest of the world when it comes to financial literacy," said Sec. Rokita.

Rokita said 35% of Indiana high schools are taking advantage of a national not-for-profit curriculum provided by the National Endowment for Financial Education.

Several other schools such as Arsenal Technical High School have opened real financial center credit unions that give kids on the job training as tellers. Alex Vizcarra recently finished the training.

"Some of the things that I didn't know about and I went more in depth to is like loans and how to invest money in CD's and stuff like that," said Vizcarra.

State Senator Teresa Lubbers chairs the Education Committee. She is hopeful proposed legislation passes that would require schools to teach financial literacy starting in Kindergarten.

"If you look at the easy credit access that teenagers have. If you look at foreclosures, you look at bankruptcies and you look at the lack of financial literacy skills that many young people have, we thought its past time for us to look at this more seriously," said Sen. Lubbers.

Sen. Lubbers said financial literacy bills have gone no-where in the General Assembly since 2006. She expects this session to be different. She is confident financial literacy will become part of every public Indiana school's curriculum.