Most 20-somethings can’t answer these 3 financial questions. Can you?

Discussion in 'The Pub' started by VCuomo, Apr 20, 2015.

  1. VCuomo

    VCuomo Member

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    From this article:

    Forget the PEMDAS thread, the above is truly pathetic (and very troubling) and, IMO, is another example of how the education system is failing our young folks (2 of the 3 questions are just basic math).

    How many of the above three questions can you answer correctly? :)
     
    Last edited: Apr 20, 2015
  2. AZChilicat

    AZChilicat Member

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    Hah! I'm better than average as I was able to answer 1.9 questions correctly.
     
  3. Pat Healy

    Pat Healy Member

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    1. False
    2. More
    3. Less

    Most schools don't teach this stuff, but I'm not sure they should, at least not if it's replacing core classes. I had to take a year of "consumer math" in high school that taught a bit about investing as well as how to balance a checkbook, how mortgage escrow works, and other stuff that your Dad can teach you in an hour. Wasted a year on that rather than taking calculus, and it pissed me off. My sons are hellbent on careers in engineering. I'd rather they take stuff in school that I can't teach them, like advanced math that I no longer remember.

    If it was an add-on course that didn't disrupt serious math and science, I'd be OK with it.
     
  4. EricPeterson

    EricPeterson Member

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    Do we know if this has changed? Did the ask the same 3 questions 50 years ago and keep the data? Otherwise, it is not all that instructive concerning whether things are getting worse or better.
     
  5. VCuomo

    VCuomo Member

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    You were actually in the minority - there aren't very many high schools that have such a course. And you'd be surprised at how many Dads (and Moms) know nothing, or next to nothing, about the topics you listed.

    Your kids are lucky that they have a parent like you who can teach them these things - most kids don't.

    IMO, it needs to be a required course. Most kids have no clue about why credit cards are so devastating financially or why making the "minimum payment" will take 20-30 years to pay off the debt (assuming they don't add more debt on to their cards), or what "escrow" is, or why they should start saving for retirement as soon as possible, or how to invest, etc.

    Knowledge will set you free! :)
     
  6. AZChilicat

    AZChilicat Member

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    I clicked through the link to the actual "study." Here's the abstract of the article:

     
  7. Nurk2

    Nurk2 "Ignore Everybody" ~Hugh MacLeod

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    Here's a question:

    Name 4 of the current supreme court justices.
    Name 1 of your US senators.
    Name 1 of your US representatives.

    ~or~

    Name 6 characters from Breaking Bad, Mad Men, Game of Thrones, or Walking Dead.
     
    Last edited: Apr 20, 2015
  8. fjblair

    fjblair Silver Supporting Member

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    I don't know what this really means. Two are basic math that really require no calculations and one is an investment question. Looks like most "get" the math and are confused by the investment question. Just guessing.
     
  9. Pat Healy

    Pat Healy Member

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    Thanks, and you're probably right about it being a required course. I'm just soured on it because my school made the silly decision to make it part of the core math curriculum, and cost me a year of calculus. The US is so educationally deficient in math that I hate to see that. There are plenty of basket-weaving courses that this could easily displace.
     
  10. Dumo

    Dumo Supporting Member

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    Where I come from (Silicon Valley), 20-somethings either live with their mom and play video games all day or they are start up billionaires and have accountants. Either way, this generation has no need to learn this stuff.
     
  11. fjblair

    fjblair Silver Supporting Member

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    I know many can't and yet they vote, or maybe not. Not sure which is worse. Really no mystery why our government is dysfunctional.
     
  12. Peteyvee

    Peteyvee Premium Platinum Member

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  13. TheGuildedAge

    TheGuildedAge Member

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    I teach history and the only reason I can answer your question is because I teach it. I don't see any use in someone knowing all the judges. Local reps, yes, but again, most people just don't care.

    Vcuomo blames the system, as many do. Being part of that system, I am as confused as all of you. I got all three of his questions right, common sense really. Even if you don't know what a mutual fund is, for number one, putting all your money in one stock should be a red flag.

    I had a colleague call me the other day, joking, saying his 11th graders were saying I never taught the three branches of government. I assured him I did. But I don't know why the information gets lost. We did projects, posters, tests, etc. We wrote to our reps.

    I'm at a loss. When something doesn't matter to a person, I think they just choose not to remember it. It just doesn't stick.

    Maybe we've gotten too far away from rote memorization. It's not always a bad thing. You wouldn't believe how many of my 8th graders can't tell time on my clock. Most, yes most, don't know their multiplication tables. They grew up with digital clocks and calculators.
     
  14. AZChilicat

    AZChilicat Member

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    If you read the abstract you'll see the "study" is really a paper dealing with the link between financial knowledge of the person, financial behaviour of the respondent's parents, and the links between those and the financial behaviour of the respondent.
     
  15. Kitten Cannon

    Kitten Cannon Member

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    I got all four questions right because I am very good at basic math.
     
  16. Cropduster

    Cropduster Member

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    Got number one wrong because I expected some info on Apple - I was tricked. I was taught asset allocation for ever but was sure some stat was gonna trump out. I lose.
     
  17. getbent

    getbent Member

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    get in your time machine to, oh, say 1972 and ask 100 random anybodies.. any age or race or shoe size...

    nobody (in large numbers) ever knew any of this... dreamland amigo... that is the address of the idea that even the snobby snobs of snobdom who call their Edward Jones rep while driving in their hyundais on the way mr. chaus... they don't know it either.
     
  18. TheGuildedAge

    TheGuildedAge Member

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    Not to be snarky, but shouldn't it be "two of the three questions are..." Not is.

    The reason I point this out is it's been years since I had subject verb agreement lessons and I find myself overanalyzing your statement:

    Now I'm googling noun phrases and twisting it in my head, it's are, right, it has to be are, questions is plural, it should be are...

    I just use that to show that we all have things we learned that we just don't retain.
     
  19. VCuomo

    VCuomo Member

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    Sorry amigo, but in 1972 I was a junior in high school and could answer #2 and #3. Would not have known how to answer #1 (were there even mutual funds in 1972?).

    Point is, in today's world, I think those who can't answer those basic questions are at a severe disadvantage.
     
  20. VCuomo

    VCuomo Member

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    Yep, you are correct. I should have written "are". Fixed. :aok

    BTW, this isn't an example of retention loss; it's just a simple typo (although you are certainly right that we all forget many things that we were once taught and might have known very well).
     

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