Instead of soccer and swimming, these Denver kids spend their summer vacation learning about savings accounts and money skills. Kelly Wallace reports.
>> Everybody take their check.
>> Kelly: 8 year old triplets Jacob, Benjamin and Julia do just about everything together, and so today together --
>> Are you guys ready to open your account?
>> Yes
>> Alright
>> Kelly: they opened up savings accounts. What does saving money allow you to do?
>> Because if your mom and dad run out of money then you'll have to pay for your school.
>> Kelly: This bank is part of an unusual summer camp in Denver. Instead of soccer and swimming --
>> It's called The Saving Games.
>> Kelly: these second and third graders learn about money.
>> So when you grow up you know how to save so you won't run out of money and be like a hobo.
>> Kelly: For many of these kids the camp is not pretend play. By show of hands anybody here know someone who lost a job? Wow, have you seen your mom struggle a little bit with money this year?
>> Yeah, she always uses, like coupons.
>> Kelly: Their mother is Nancy Fine, a realtor whose business was down 50% last year. She wants her children to learn how to be financially independent.
>> Nancy: If you learn young they'll have a lifetime knowledge of, you know, how to plan for the future and they'll probably be better off.
>> Kelly: These 8 and 9 year olds are learning more than kids twice their age. Only 3 states require high school students to take a financial education course, 18 others require personal finance be taught during other subjects. In the rest of the country nothing is mandated.
>> Jermaine: We're struggling as a country and it's a byproduct of people's lack of education when it comes to financial literacy so this is critical for our students. Up here where we belong.
>> Kelly: High school Vice Principal, Jermaine Kamal assumed spelling brought an innovative video game called EverFi to his school in Trenton, New Jersey. Students earn and spend in a virtual world coping with the unexpected like a broken cell phone while saving for college. The object is not to go broke.
>> Teach me how to manage my money instead of spending everything.
>> Kelly: The program taught Jeanetta assumed spelling to hold off on getting a credit card. When you see a credit card solicitation what do you do?
>> Throw it in the trash. I get rid of it right away.
>> Kelly: A good idea when you consider that 62% of college seniors have 4 or more credit cards and only 59% of 18 to 29 year olds pay their bills on time every month.
>> Silly rabbit.
>> Kelly: It's not easy changing attitudes of a generation bombarded by ads since earth but they're getting a different message now.
>> We know what the economy is gonna be like now and so we'll do better.
>> A long time ago you guys just didn't know what it was like to have a bad economy.
>> Kelly: The bad economy is a good life lesson. These kids believe playing with money now will make them smarter with money when they're grown up. Kelly Wallace, CBS News, Denver.
Silence
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