Rabbit Guidance in Credit Education

Posted On: October 24, 2008

By Michael Killian, CardRatings.com Reporter

Editor’s Note: This article is part of a popular Q & A format series in which we interview experts and industry professionals that have made significant contributions to the credit card industry.

Sam X. Renick is the author of It’s a Habit, Sammy Rabbit! and was recently awarded the prestigious Excellence In Financial Literacy Education Award. The awarded tribute was created to acknowledge innovation, dedication, and the commitment of those that support financial literacy education.

Never before in our economic history has there been a greater need for adult credit education. But more to the point, if we want to survive this current as well as any future crisis, that education must extend to our children. That is why the selection for the current Excellence In Financial Literacy Education Award was so important. It is also why it is essential that books such as It’s a Habit, Sammy Rabbit! are placed into the hands of our youth.

I contacted Sam to learn more about his book and his views on credit education.

Mike: “Sam, your current award was based upon your recent book. Can you tell me a little about your book?”

Sam: It’s a Habit, Sammy Rabbit! engages readers of all ages. It educates and entertains. The book is one, if not the only, children’s book that focuses on the actual ‘habit’ of saving.”

Mike: “What major points does the book emphasize, Sam?”

Sam: “The story makes some excellent points related to finances such as:

saving is a great habit;

saving is easy when you make it a habit;

if you save you can get the things you want and need;

you can see that when you save, your savings will grow;

it’s a good idea to share as well as save;

the best way to lead is by example (actually saving yourself).”

Mike: “How are these points presented?”

Sam: “The points above are not made in a preachy or heavy-handed manner. They just flow naturally from the characters such as the main character, Sammy. Sammy creates an emotional connection with readers. He’s warm, lovable and huggable.

The book also contains a unique feature called “predict the chapter titles” that helps improve reading comprehension and correlates with education standards for reading. So not only do you get some great financial lessons, you also get a great reading comprehension strategy as well.”

Mike: “Sam, can you comment on credit education?”

Sam: “One concern I have is many of the credit education materials I’ve reviewed are not “attractive” to high school audiences or young adults. I think it is critical to talk to kids about money at an early age. I think doing so benefits the whole family.”

Mike: “What is your opinion of how much credit education is actually going on in the school system? Is it enough and how we can get more?”

Sam: “I’m not a credit expert, but having traveled the nation for the last 5 years I can share with you that currently there is not a lot of credit education going on in schools. Having said that, it seems to be slowly but surely increasing state by state as more and more states are now legislating mandatory financial education at the high school level.

The program I hear about periodically is the NEFE High School Financial Planning Program, which contains a module on credit.

I think organizations like the Jumpstart Coalition are one key to getting more states to mandate legislation to get personal finance in the classroom.”

Mike: “What ages are most vulnerable?”

Sam: “When it comes to credit, I think we are all vulnerable, but particularly those who don’t make habits of saving and investing regularly, as we are all under constant attack to consume and receive credit offers daily. Temptation is everywhere. But kids and young adults between ages 14 to 25 are probably most vulnerable due to lack of education and experience.

Naturally, I’d love to see our books in 1st, 2nd and 3rd grade classrooms around the nation. I’m a strong believer in the fact that people who save and invest regularly normally don’t acquire significant amounts of credit card related debt.

The best time to encourage kids to save is when they are young before they develop debilitating spending habits. Encouraging young kids to save has the added benefit of helping parents/families to save. What’s great about our books is there is a lot of evidence like the University of Maryland Cooperative Extension evaluation of our materials that show they have a positive impact on kids and teachers for that matter.”

Thanks Sam for the time you spent with us but thank you also for your time and dedication in writing your new book, It’s a Habit, Sammy Rabbit! Please accept my profound congratulations on your recent award for having written this work.

This article was written by Mike Killian. Mike has been writing about credit and debt management issues that are of importance to consumers for over 8 years. His articles have been referenced by various members of the media, including MSNBC and The Motley Fool. Mike has also offered debt elimination seminars to businesses and community colleges for many years.

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