Teaching Kids Personal Finance in School is Common Sense

COMMENTARY | Earlier this month Education Secretary Arne Duncan warned a special advisory panel that many Americans have a real problem understanding basic financial concepts. Duncan went so far as to say, "to continue to have a population that is relatively illiterate in these matters I think has real negative consequences to our democracy." He also stated his belief that the current financial crisis is due in part to a poor understanding of personal finance, and suggested as a solution to teach personal finance in public schools as early as kindergarten.

I think Duncan is onto something. Indeed, a 2009 government survey showed that 7.7 percent of U.S. households were "unbanked," meaning they read more

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