Students get a lesson in finance

first_imgTaylor said predatory lenders exploit young adults’ materialistic cravings, and their lack of understanding of financial responsibility. “They’re learning microeconomics and macroeconomics, but we’re not even teaching them how to balance their own checkbooks,” Taylor said. The seminar focused on the fundamentals of financial literacy, teaching the students about credit cards and checking accounts. She also discussed the perils of identity theft. Taylor explained in the seminar how writing a check for an $8 pizza can result in $85 in bank fees if the funds are not available. She explained to the students how $3,000 of credit card debt can snowball into financial ruin. “It’s so easy for this generation to get credit cards, and it’s going to be a disaster if they don’t know what to do with them,” Butler said. Taylor’s admonitions seemed to resonate with most students. “I thought it was really useful in teaching us how to avoid debt and manage our money,” freshman Ashley Diming said. Taylor said credit card companies make more than $150 billion each year on interest, late fees and service charges in the United States alone. She said such profits are bankrupting an entire generation, noting that many students are forced to drop out of college because they face financial troubles related to debt. “If they can’t balance their checkbooks and use their credit cards wisely, then they’ll never make it to the savings and investing part of life,” Taylor said. “A lot of kids are going to spend their whole lives working to pay off credit card debt.” [email protected] (661) 267-7802160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! LANCASTER – Soon-to-be graduating high school seniors could wind up paying as much as $93 for an $8 pizza. And as the potential financial woes facing young adults go, they should probably consider themselves the lucky ones. That’s according to Sally Taylor, a noted finance author, who met last week with a group of 125 or so Palmdale High students in a financial literacy seminar. The seminar was organized by Palmdale High math teacher Barry Butler, and sponsored by Lockheed Federal Credit Union. last_img

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