West Virginia University and the West Virginia Auditors Office are holding a four-day workshop for state teachers on financial literacy through Thursday, Aug. 7.
Teachers from Harrison, Marion and Monongalia counties are learning, with their counterparts from across West Virginia, methods for teaching students how to manage their own finances.
According to Dr. William Riley, finance professor at the WVU College of Business and Economics, one in three high school students has a credit card. By the time he or she enters college, the number is three; by graduation, seven.
Average college students will havemaxed outhis or her credit limits by graduation, just when financial help to establish themselves as independent adults is needed, Riley said.
This is a serious problem,he said.We are trying to help teachers help young people to understand the issues of personal finance. When you consider that part of the huge divorce rate is related to money problems, and that the average college graduate is more than $20,000 in debt, and that bankruptcies have increased by 50 percent for those under 25 years of age, you begin to get an idea of just how serious this issue is.
The workshop is sponsored by The Jump$tart Coalition for Personal Financial Literacy, a national organization to improve personal financial literacy of young adults.
Jump$tarts purpose is to evaluate the financial literacy of young adults; develop, disseminate and encourage the use of standards for grades K-12; and promote the teaching of personal finance.