Editor's note: Read the latest on how the coronavirus is rattling the markets and what investors can do to navigate it.
My three juniors in high school (yes, you read that right, there are three of them) didn't spend last summer doing any of the things they expected to do. Like hanging out with friends at Six Flags. Visiting colleges they might want to attend. Going to band camp. Getting their first jobs.
No, the Dziubinski triplets spent the pandemic summer of 2020 hunkered down at home. They decided to use some of their spare time to get a jump on the next school year by taking their required Consumer Education class online.
In just a few short weeks, my kids got a crash course about the economy, taxes, banking, budgeting, credit, retirement accounts, and many other money matters. They were lucky--not because they had to spend the summer cooped up with their parents, but because they were introduced to important money matters in high school. According to a recent study, only 21 states require high school students to take a course integrating personal finance content.
Financial education is an important part of what we do at Morningstar, and April is Financial Literacy Month. We're therefore publishing a lot of educational content this month spanning a variety of money matters. We talk about how to get started investing and the difference between mutual funds and exchange-traded funds. We explain how various retirement vehicles like 401(k)s and IRAs work. We walk through how to set goals and build an emergency fund. We map out strategies for saving for college, covering healthcare costs, and planning for retirement.
Check out our Financial Literacy Guide–-you may find a topic that you're not as in-the-know about as you could be. And consider passing a link to the guide along to anyone you know who might benefit from its contents: friends, kids, colleagues--even your favorite high school students.
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Pepsi Keeps Up Impressive Streak We think shares are overvalued but would be buyers on a pullback.
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