Loftis talks financial literacy at Spartanburg County schools

 From The Spartanburg Herald Journal

Curtis Loftis talks financial literacy at Spartanburg County schools
By: Felicia Kitzsimmons
Monday, October 28, 2013

State Treasurer Curtis Loftis visited Dorman High School on Monday to impress upon students the importance of financial literacy.

Loftis also brought the school 15 iPads equipped with personal financial literacy programs, and iTunes gift cards worth $30 accompanied each device. Loftis said the iPads were donated by an investment firm and no state money was involved. Loftis, who also stopped at St. Paul the Apostle Catholic School, said he will be making similar gifts to several schools, public and private, across the state.

“While Dorman might be better off than some of the others, we know every little bit helps,” Loftis said.

Before the presentation, Loftis spent a few minutes with sophomores, juniors and seniors discussing the importance of knowing how to manage money. He talked about avoiding debt, saving money and investing.

“This is really the first time anyone has stopped to tell them how to spend money,” economics teacher Kristine Anderson said. “They have money now. They are making money. And I've talked to them. They want to be better money managers. They just don't know where to start.”

The economic crisis spotlighted poor financial practices at all levels of money management, from Wall Street to kitchen tables, Loftis said. For the last two years, Loftis said he has been making periodic visits to schools to encourage financial literacy and smart decisions starting at a young age.

“It's been weighing heavy on my mind right now because we're studying debt,” Loftis said. “Young people shouldn't have debt. This should be a carefree time.”

Loftis said his office's research shows student loans and credit cards to be the leading causes of financial hardship among young people. In the first week of college, Loftis said the average student receives eight to 10 credit card solicitations.

“Most of the schools we go to don't teach financial literacy at all,” Loftis said. “The College Board says 10 hours of financial education can make a huge difference in someone's life.”

Young people who lack the proper money management skills make mistakes that can limit their options in the future, especially on important life events like buying a car or house, or starting a family.

“Someone who has money and resources has more options,” Loftis said. “When you become an adult and you don't know how to deal with finances, you'll be very overwhelmed. … If you understand money, if you understand it well, your life will be much, much better.”

Ken Kiser, principal of Dorman High School, said the iPads will be available on a check-out basis for all students.

“We'll use them to supplement students who may not have a device of their own,” he said. “Any opportunity we have to enhance learning through technology, we take. These will be in use every day, probably starting tomorrow.”