Suffolk County CPA Accounting Firm Diapoules & Feinstein CPAs P.C. Reacts to Article on Educating Children on Money Management

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Suffolk County CPA firm Diapoules & Feinstein CPAs P.C. responds to USA Today article on educating children about managing money.

On January 17, Suffolk County CPA firm Diapoules & Feinstein CPAs P.C. responds to an article published by USA Today on educating children about managing money in response to mounting student loan debt in the U.S.

According to article by Sabina Bharwani and Carrie Sheffield in USA Today, “Elementary and secondary students who are taught to manage money responsibly as children will be empowered as adults, whether that means knowing alternatives to pricey student loans or turning down an untenable subprime mortgage.” Teaching financial education to children holds many benefits, but less than half of the U.S. states offered a mandatory course in economics or personal finance, reports the article.

Personal finance education better equips students to handle real world situations post-graduation. According to USA Today, “For students trapped in the cycle of poverty, business and personal finance courses begin to offer a lifeline out.” The article also points out that states should develop customized curriculums instead of relying on a universal system mandated by the federal government to better prepare their students.

Jim Diapoules, of Diapoules & Feinstein, replies to the article by stating, “These authors have cut to the heart of our economic problems. Too few of us are economically literate. Had we had more economic sense the housing bubble would not have occurred as few of us would have taken out high risk nontraditional mortgages that made sense only to the mortgage brokers pushing them.

"In general, we as a society are to blame. While parents feel it is important for our children to excel at school and sports we never teach them the importance of earning money through hard work and the rewards of saving. When I was young the local savings bank came into our school on a monthly basis for us to open a savings account to start saving money. All of the kids back then did chores to make money so we could deposit it into our savings account. Can you tell me where in the U. S. this is still occurs?”

Diapoules & Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.

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Jim Diapoules
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