Teachers Promote Financial Fitness for Life

MILWAUKEE - Patriotic young people should learn to save not spend, if they want to help promote the U.S. economy. That's the view of Mark C. Schug, director of the University of Wisconsin-Milwaukee Center for Economic Education. "In the long run, the way the economy grows is through saving," he says.

The Center is a co-sponsor of "Financial Fitness for Life," a Dec. 7 seminar aimed at helping teachers educate students about the financial facts of life. Co-sponsors are the Association of School Economics Teachers (ASET), the National Council on Economic Education, Northwestern Life Financial Network, and Economics Wisconsin (formerly the Wisconsin Council on Economic Education). The event runs from 9 a.m. to 2:45 p.m. at the Potawatomi Bingo Casino, 1721' W. Canal St.

Americans in general spend too much and save too little, and the problem is worse among young people, particularly minority young people says Schug. He notes that four out of five working age Americans have no wealth, except for equity in their homes, and outstanding debt held by American households last year hit a record 97 percent of disposable income. Data from the Federal Reserve show that minorities lag far behind whites in accumulating assets. The 1998 figures show that the average net worth of an African American family was only $16,800 compared to the average net worth for a white family of $94,000. This was during a period when the gap between African American and white income levels was narrowing, says Schug.

Better financial education is the key to turning the situation around, says Schug. "People are not born knowing how to make good financial choices." Families are often uncomfortable talking about finances with their children, so financial education is left up to the schools, which often don't have any classes educating students about day-to-day finance.

Keynote speaker at the event is Meridee Maynard, vice president, Northwestern Mutual Financial network. Other speakers include Schug; Lisa Marion, assistant principal of Wheatly Elementary School; and Randy Goree, social studies education at UWM.

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