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January 31st, 2010

Never Too Eearly To Learn How Money Works

New York State Comptroller Thomas DiNapoli.

Albany - From credit cards to student loans, young people today face distinct financial challenges. Unfortunately, most kids don’t fully understand the risks and rewards money can bring, and sometimes that lesson comes too late.

As State Comptroller, I understand the importance of understanding finances. Young people need clear, direct information on how to build and protect their finances. That’s why last December, I launched Financial Football – a computer videogame that pairs the structure and rules of the NFL with financial education.

Financial Football was just the start. Earlier this year, I unveiled a new kids’ page to my Your Money New YorkWeb site(www.yourmoneynewyork.com/helpresource/kids/index.php). This new page makes financial literacy enjoyable for young people of all ages. Preschoolers can enjoy the interactive games featured on the US Mint Web site, while high school students can learn about the role the federal government plays in our financial lives. Older kids can also find tips on how to pay for college.

Like my Your Money New Yorkinitiative, one goal behind the new kids’ page is to break complex financial issues down.

But kids not only need to understand what they’re reading, but also be enticed to return to the page. The kids’ page offers links to quiz games, cartoons and even a virtual mall to teach young people about identity theft.

This kids’ page was launched last week, but there are some who are really taking financial responsibility to heart. Take, for example, the Fordham Leadership Academy in the Bronx. The administration there has partnered with Capitol One Bank to provide students the opportunity to run their very own bank branch. So pleased am I with the school, that I rewarded them with the first every Your Money New York Recognition Award for Financial Education.

Learning about money can be fun. The student banking program and new kids’ webpage are just two examples of that.