The Importance of Personal Finance EducationPresentation Transcript
A core aspect of civic literacy is an understanding of sound personal financial management. Our high unemployment and slow economicgrowth is due in part, to the many Americans who made poorly informed financial decisions. MAKING THE CASE FORPERSONAL FINANCE EDUCATION
Debt expansion $30K to $70K
"Im living so far beyond my income that we may almost be said to be living apart." - EE Cummings
Satisfied?A retirement plan?
In 2010, for the first time ever, Americansoutstanding student loans exceeded theirtotal credit card debt:
“The financial preparedness of ournation’s youth is essential to their well- being and of vital importance to our economic future.”- Ben Bernanke, Chairman of the Federal Reserve System A national commitment
“ As we recover from the worst economic crisis in generations, it is more important than ever to be knowledgeable about the consequences of our financial decisions. … We recommit to improving financial literacy…” President Barack Obama Presidential Proclamation – National Financial Literacy Month March 31, 2011
Teens are interested in learning more about personal finance
CA Coalition survey A moment of your time…
A core aspect of civic literacy is an understanding of sound personal financial management. Our high unemployment and slow economicgrowth is due in part, to the many Americans who made poorly informed financial decisions. CALIFORNIA JUMP$TART, PERSONAL FINANCE STANDARDS & RESOURCES
Jump$tart State Coalitions By Region
MISSION• A national coalition of organizations dedicated to improving the financial literacy of pre-kindergarten through college-age youth by providing advocacy, research, standards and educational resources. Jump$tart strives to prepare youth for life-long successful financial decision-making.VISION• Personal finance is included in the education of all students. Jump$tart provides the collaboration needed to ensure this education.UNIQUE PROPOSITION• Jump$tart is a coalition of organizations, which share a commitment to the financial education of youth. Working collaboratively, more resources and expertise are available to accomplish this task.
CA ResourcesNational Coalition Cajumpstart.orgClearinghouse
1. Financial Responsibility and Decision Making2. Income and Careers3. Planning and Money Management4. Credit and Debt5. Risk Management and Insurance6. Saving and Investing
moneywiseteen.org• Scarcity and Alternatives• Budget and Opportunity Cost• Credit and the Margin• Benefit/Cost Analysis• How and Why of Prices• Human Capital• Saving and Investing• Paying for College
International, award-winning, web-basedprogramAnimated modulesillustrate economicprinciples throughreal-world situations Online training webinars:Questions and activities to March 7 or March 14learn by doing 4:30–6:00pm moneywiseteen.org
• 5 Tips Series• Bankers in the Classroom• Building Wealth• Buried in Debt: The Dangers of Borrowing• Your Credit Rights
Video chapter 4: A Tale of Two Spenders
Money Smart for Young Adults isthe FDIC’s financial educationcurriculum ages 12-20: •Understand basic financial services, •Develop money- management skills, and •Learn how to use banking services effectively . fdic.gov
A core aspect of civic literacy is an understanding of sound personal financial management. Our high unemployment and slow economicgrowth is due in part, to the many Americans who made poorly informed financial decisions. A NATIONAL ASSESSMENT
National Financial Capability Challenge March 12 through April 13, 2012 Quick Easy Rewarding Any high schoolchallenge.treas.gov educator can do it.
Highest participation: 2011 NFCC CA National Pennsylvania Average 66.12% 69% Virginia score New Jersey # of tested 1,801 84,372 Florida students Wisconsin # of students 368 18,192 in top 20%Highest average scores: # of 52 1,691 Idaho participating schools Vermont South Dakota # of other 25 472 organizations Oregon Maine # of 81 2,517 participating teachers
A core aspect of civic literacy is an understanding of sound personal financial management. Our high unemployment and slow economicgrowth is due in part, to the many Americans who made poorly informed financial decisions. YOUR PARTNERS IN THE EFFORT
• Free• Taught by CalCPA volunteers• Schedule one lesson, or all seven• Interactive• Highly flexible• Fun• Conforms to a class period• Students receive a NEFE HSFPPguide and a copy of QuestMagazine Schedule a visit today!
The amazing power of compounding; the easiest path to financial security.
Guest speakers: Kathleen Pender, SF Chronicle and John Hope Bryant, CEO Operation Hope Exhibits, curriculum speed dating, best practices and success stories Financial Smarts for Teachers and CalCPA in your classroom Continental breakfast, networking lunch, prize drawings , free parking
California and Nevada Youth Involvement Network (CNYIN)CNYIN is partnering with California Jump$tart and the NationalEndowment for Financial Education (NEFE) to increase youth educational classroom presentations. Contactyour local credit union for more information.
Banking on Our Future
Partners in personal financialeducation for California’s youth
Rebecca Gallagher board member, California Jump$tart Coalitioneducation specialist, Sonoma County Office of Education firstname.lastname@example.org