LOS ANGELES, March 7 (UPI) -- A lack of personal finances courses in U.S. schools helped create the ideal groundwork for the current economic crisis, educators say.
Educators say while most young Americans can operate computers and BlackBerries with ease, they remain uneducated about how to balance their checkbooks and how to go about building retirement savings, the Los Angeles Times reported Saturday.
"We've been going for years without that education, and it's one of many factors contributing to the whole mess we're in," said Karen P. Varcoe, a University of California consumer economics specialist.
National Endowment for Financial Education spokesman Paul D. Golden adds that familial discussions on personal finances remain a veritable "taboo" subject in most households.
"Money is still a taboo subject, and the concept is becoming less tangible," he said. "Kids see parents punch in numbers at an ATM and watch as it spits out money."
The Times said to help educate young U.S. residents on financial dealings, groups such as Creative Wealth International and Bank High School offer services on such vital matters.
