This post originally appeared on the UNC Press blog.
Most American parents would rather give their kids the awkward “birds and bees” lecture than talk about money. In a study published in April 2011 by investment firm T. Rowe Price, researchers also concluded that parents think they do a poor job modeling fiscal skills. No wonder that experts lament Americans’ financial illiteracy and that our general lack of economic know-how contributed to the real estate and debt crises. We can look to the rich and famous for role models, but the fabulously wealthy sometimes didn’t earn their fortune. Also, a sizeable bank account doesn’t equate to skill at managing money, and living the good life often comes at the cost of being a decent human being. Where can we turn for better examples? History.
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