Teach financial literacy early and avoid mistakes

Upon hearing that April is Financial Literacy Month, most people yawn. The number of posts on Instagram for #FinancialLiteracyMonth (14,643) compared to #Money (40,188,135), further proves we’re simply not interested. But we should be.

Today, we’re facing a $1.5 trillion student loan crisis. Many are facing tuition costs that exceed their ability to pay and student loan debt that prevents them from buying their first home. The black community suffers disproportionately from predatory financial schemes, so financial literacy is even more important.

To be part of the solution, OneUnited Bank, the largest black-owned bank in America, is holding its ninth annual “I Got Bank” Financial Literacy Contest for kids ages 8 to 12. Ten kids can win a $1,000 savings account. Money lessons should begin early and should be required in high school.

Here’s the beginning of a winning essay by 10 year old Evan:

After reading the book, I Got Bank, I realized that I needed to save my money. In 2015, we lost our home to foreclosure. I didn’t understand what happened and how my Mom let this happen. I was very upset. My mom sat down with me and explained the mistakes she made with her money. Now I understand. I know now that I can’t have everything I want but I will definitely get everything I need including food, shelter, clothes and a whole lot of love.

Once taught, our kids get it.

To encourage more Miami youth to learn the basics of financial literacy, we’re holding an “I Got Bank” free book giveaway with Miami Gardens Mayor Oliver Gilbert from 4-6 p.m. Friday, May 3, at North Dade Regional Library, 455 NW 183rd St, Miami Gardens.