State campaigns for financial literacy

INDIANAPOLIS (WISH) - Indiana Secretary of State Todd Rokita said the recession is an indication that not enough attention has been paid to educating people about finances and economics. Tuesday, two members of his staff coached Scecina High School kids through an interactive computer game called Financial Football, which gauged their financial knowledge.

Scecina students divided themselves into girls and boys teams: the Indianapolis Colts and the Detroit Lions. A series of correctly answered questions helped the teams move down the field. Incorrect answers led to penalties and turnovers.

This is the first year Scecina has offered an elective in business and finance. Next year, it could be a required class. Two bills are in the General Assembly right now that, if they pass, would require all schools -- grades kindergarten through 12th grade -- to teach financial literacy.

Alyse Smith is about to pay for college. She said the class taught her the dangers of credit card misuse.

"...It's a trap. I don't want to get into anymore, not yet," said Smith.

Indiana Securities Commissioner Chris Naylor said, "Less than 50 percent of students understand that just by paying that minimum monthly balance, you're going to be paying a much larger fee at the end of the day. And so, very few students understand that or appreciate that according to the surveys."

In the first challenge, the boys won 14-10. The girls look forward to a rematch.

Secretary of State Todd Rokita was expected to teach the class, but he had to offer his apologies. He was summoned to jury duty.

You can test your financial literacy skills with the investor knowledge quiz on the Indiana Secretary of State’s web site.