Econ4U

Despite the lame "text talk" name (an obvious attempt to lure in a young target audience), ECON4U actually holds a wealth of information. I have highlighted some of the huge economic challenges that our nation faces, as well as the dearth of economic literacy in our population. Some scary factoids:

• Though the top 1 percent of income earners pays 40% of the total taxes, a majority of Americans mistakenly believes that middle and lower income citizens pay the highest tax rate.
  -National Public Radio, Kaiser Family Foundation and the Kennedy School of Government survey
  
  
• Nearly two-thirds of those surveyed did not know that in times of inflation money does not hold its value.
  -NCEE Harris poll
  
  
• Most Americans believe that corporate profits average nearly 50% of revenue, when in fact the average is 8%.
  -Kaiser Family Foundation and The Washington Post survey
  
  
• 48% of American credit card owners only pay their minimum monthly payment each month.
  -Senate Resolution 48, 2003

Most parents are unprepared to teach children about money, and the curriculum is simply not required in many states. Heck, most of our elected officials have no formal business or finance training. Those who are not lucky to have an education in money matters are left to figure things out alone.

This website is a great place to start. There are explanations and tutorials for many important topics: Short term loans, Student loans, Car loans, Mortgages, as well as good budgeting tips. Also be sure to check out the quizzes covering a wide range of subjects: Taxes, Investing, Entrepreneurship, Home ownership and Government spending.

While geared toward a young crowd, even the most seasoned economic mind might get stumped on some of the quiz questions. I think there is always room for education, especially in today's economic climate.