In today’s educational system, is it now required in 80% of states to have some sort of financial education. Paul Sullivan of the New York Times states, “A study published in 2009 by two researchers at the University of Wisconsin, Madison, called “Teachers’ Background and Capacity to Teach Personal Finance,” found… that most teachers did not feel qualified to teach a financial literacy course.” When we are entrusting the entirety of our children’s financial literacy to teachers who do not know how to teach about finances, it is important to take matters into our own hands. Knowing how to manage our own finances is absolutely vital to a stable and healthy life. This starts to show when people do not handle their finances well, and they get themselves into debt without any investments to help support them.
Sullivan goes on to share the importance of financial literacy for children so that they can deal with financial issues as they grow. Some say that going to financial camps as children do not stick well enough in children’s minds, but Lewis Mandell says differently:
“Lewis Mandell, a professor of finance and dean emeritus at the State University of New York, Buffalo, who has done research on financial literacy for children, said,… ‘The literature shows that kids may not remember [teachings about what happens when you practice poor financial skills], but when they become adults and get to practice a range of financial activities, it comes back.’”
If it is true that the memories of financial camp do come back, then that means children who go to these camps will be that much more likely to handle their finances in an informed and educated manner.
Most money camps aim to integrate children from all socioeconomic backgrounds to deal with financial issues that they may or may not have in their own lives. Some children are given anywhere from $30,000 – $120,000 to manage per year. This starts to show them that having or not having money can be a difference of stability or no stability as they grow up. Not all money camps are like this, however. Some are invite-only. Here is a list of money camps one can check out for their children this summer, which are the following:
- Camp Start-Up
- Camp Millionaire
- Moolah U
- My Life, My Money
- Wall Street Summer Camp
- Young American’s Center for Financial Education
- Invite-Only Camps
There are camps that are invite only. These camps are created for the children of millionaires by companies such as Merrill Lynch, Citi Bank, and HSBC. There is a rich camp held at The Wharton School of Business at the University of Pennsylvania for $10,000.00. They are sometimes, “offered as a free service or marketing tool for big clients. The price of admission: to qualify, families must hold investable assets between $25 million and $100 million.” These camps are secretive, as they do not want to divulge who has what amount of money to the public.
No matter which camp we send our children to, there is something fun and exciting at each of them. There are ways for children to work in a certain “industry” for the week that is interesting to them, while others enjoy the games they get to play, while at the camp. Regardless, financial camps can be absolutely essential for children as they grow up and learn to make, spend, and invest their own money.