Money FUN-damentals for Tweens

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  • Influence on cell phones, vacations, automobiles Source: Tweens and the Retail Market. The University of Alabama. www.ua.edu
  • Hard to characterize bec
  • TV never primary entertainment source Source: Children’s Business. “What a Tween Wants…Now: Market Research Experts Reveal What’s New With This Important Demographic, 2004
  • Source: Children’s Business. “What a Tween Wants…Now: Market Research Experts Reveal What’s New With This Important Demographic, 2004
  • Brand spin-offs work well – Limited Too; Abercrombie Feel pressure to conform (e.g. “right” clothes 2003 economy downturn One “power outfit Source: Children’s Business. “What a Tween Wants…Now: Market Research Experts Reveal What’s New With This Important Demographic, 2004
  • Source: Children’s Business. “What a Tween Wants…Now: Market Research Experts Reveal What’s New With This Important Demographic, 2004
  • Source: Tweens and the Retail Market. The University of Alabama. www.ua.edu
  • 1. People make choices because they have limited financial resources and cannot have everything they want. 2. A first step toward reaching financial goals is to identify wants/needs and rank them in order of importance. 3. Systematic decision making can help people make money choices. 4. To make a decision, careful consumers compare the benefits and costs of spending alternatives. 5. Information about goods and services comes from many sources. 6. Every spending decision has an opportunity cost.
  • 1. Financial choices that people make have benefits, costs, and future consequences. 2. A key to financial wellbeing is to spend less than you earn. 3. A consumer should not rely on advertising claims as the sole source of information about goods and services. 4. Comparison shopping helps consumers get the best value for their money.
  • History of Money – black light exhibit Parents What your child did or learned abou Things you can do at home I’m going to focus on lesson 4: Counting Money and Making Change
  • Money Personality Profile
  • Consumer Roadmap (grades 9-12) ▪ Global Marketplace ▪ Consumer Rights ▪ Living on My Own
  • Payment Parliament Teacher Introduction: Looking at ways that consumers pay for purchases and discussing the advantages and disadvantages of each type of payment can be an important financial lesson. By comparing payment methods, students can see the value of using different payment options in a variety of situations. As they act out the roles of cash, check, debit, credit, and electronic payment characters, students will become more aware of the choices available and how to make decisions on which payment options to use. Lesson Description: This lesson introduces students to different methods of payment for goods and services. The costs and benefits of each payment method are explored in a role play of a round table discussion titled “Payment Parliament”. Students compare use of each payment option and learn how the Federal Reserve System processes all forms of payments for consumers. Grade Level: 5‐8 Content Standards: National Voluntary Economic Content Standard #10‐ Students will understand that institutions evolve in market economies to help individuals and groups accomplish their goals. Banks, labor unions, corporations, legal systems, and not‐for‐profit organizations are examples of important institution
  • Money FUN-damentals for Tweens

    1. 1. Money FUN-damentals for Tweens Nancy Hudson OSU Extension Specialist, Family Finances
    2. 2. Objectives <ul><li>Gain knowledge of tweens as consumers </li></ul><ul><li>Know about tween financial literacy standards </li></ul><ul><li>Explore tween-targeted resources </li></ul><ul><li>Consider program development and implementation opportunities </li></ul>
    3. 3. <ul><li>Age 12-14: $25 billion in 2003 </li></ul><ul><li>Age 8-11: $13 billlion in 2003 </li></ul><ul><li>Influence billions more </li></ul><ul><ul><li>Cell phones </li></ul></ul><ul><ul><li>Vacations </li></ul></ul><ul><ul><li>Automobiles </li></ul></ul>Tween Spending Power
    4. 4. Aiming at Tweens <ul><li>Retailers </li></ul><ul><li>Brand marketers </li></ul><ul><li>Food manufacturers </li></ul><ul><li>Entertainment & media companies </li></ul><ul><li>Categorized by marketers </li></ul><ul><ul><li>Ages 8 to 14; 7 to 12 </li></ul></ul><ul><ul><li>Grade school and Middle school </li></ul></ul>
    5. 5. Tween Characteristics <ul><li>Rapid maturation from year to year </li></ul><ul><li>Can’t drive </li></ul><ul><li>Don’t date </li></ul><ul><li>No job </li></ul><ul><li>No credit or checking accounts </li></ul><ul><li>Organized sports importance </li></ul>
    6. 6. The Tween Consumer <ul><li>Better educated consumer than previous generations </li></ul><ul><li>Technology integral part of life </li></ul><ul><ul><li>Media multi-taskers </li></ul></ul><ul><ul><li>Tremendous access to information </li></ul></ul><ul><ul><li>Social networking & self-created content </li></ul></ul><ul><ul><li>Pre-shop on-line then head to the mall </li></ul></ul>
    7. 7. Parental Influence <ul><li>Tweens strive to be hipper and older, but parents draw the line </li></ul><ul><ul><li>72% of purchases are parent-child </li></ul></ul><ul><ul><li>19% by parent on behalf of child </li></ul></ul><ul><ul><li>8% by child only </li></ul></ul><ul><li>Clothing </li></ul><ul><ul><li>Parents twice as likely to choose and purchase for boys than for girls </li></ul></ul><ul><ul><li>Brands are child-driven (86% of purchases) </li></ul></ul>
    8. 8. Brands <ul><li>Critical to fit in with peers </li></ul><ul><ul><li>Teens: fashion sense </li></ul></ul><ul><ul><li>Tweens: brands as indicators </li></ul></ul><ul><li>Localized </li></ul><ul><ul><li>Brand popularity can vary in 15 mile radius </li></ul></ul><ul><li>Gravitate to recognized brand… </li></ul><ul><ul><li>Friends, older siblings, parents </li></ul></ul><ul><li>… yet not brand loyal </li></ul>
    9. 9. Tween Priorities <ul><li>Apparel (Parents’ money) </li></ul><ul><li>Shoes and sneakers </li></ul><ul><li>Entertainment </li></ul><ul><li>Books </li></ul><ul><li>Toys </li></ul><ul><li>DVD’s and videos </li></ul><ul><li>Accessories </li></ul><ul><li>Music CD’s </li></ul>
    10. 10. Genders Differ <ul><li>Girls </li></ul><ul><ul><li>Clothing and accessories </li></ul></ul><ul><ul><li>Games, gadgets, phones </li></ul></ul><ul><li>Boys </li></ul><ul><ul><li>Video games </li></ul></ul>
    11. 11. What should tweens know? <ul><li>National Standards in K-12 Personal Finance Education </li></ul><ul><li>See www.jumpstart.org </li></ul>Benchmarks for Grades 4, 8 and 12
    12. 12. Overall Competencies <ul><li>Financial Responsibility & Decision-Making </li></ul><ul><li>Income and Careers </li></ul><ul><li>Planning and Money Management </li></ul><ul><li>Credit and Debt </li></ul><ul><li>Risk Management and Insurance </li></ul><ul><li>Saving and Investing </li></ul>Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org
    13. 13. Financial Responsibility & Decision Making <ul><li>By 4 th grade </li></ul><ul><li>Limited resources force choices </li></ul><ul><li>Reach goals by ranking wants and needs </li></ul><ul><li>Use systematic decision-making for financial choices </li></ul><ul><li>Compare benefits and costs of spending options </li></ul><ul><li>Information comes from many sources </li></ul><ul><li>Every decision has opportunity cost </li></ul>Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org
    14. 14. Financial Responsibility & Decision Making <ul><li>Added expectations by 8 th grade </li></ul><ul><li>Financial choices have benefits, costs, and future consequences </li></ul><ul><li>A key is to spend less than your earn </li></ul><ul><li>Do not rely on advertising claims as the sole source of information </li></ul><ul><li>Comparison shopping helps get the best value for the money. </li></ul>Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org
    15. 15. Selected Tween Resources <ul><li>Featured in June 2009 </li></ul><ul><li>Elementary teacher in-service </li></ul><ul><li>LuAnn Duncan </li></ul><ul><li>Nancy Hudson </li></ul><ul><li>Sally McClaskey </li></ul><ul><li>Judy Villard-Overocker </li></ul>
    16. 16. Making ¢ ents of It <ul><li>5 Lessons </li></ul><ul><ul><li>History of Money and How Money is Made; </li></ul></ul><ul><ul><li>Wants and Needs and Setting a Savings Goal </li></ul></ul><ul><ul><li>Savings </li></ul></ul><ul><ul><li>Counting Money and Making Change </li></ul></ul><ul><ul><li>Consumer $ense </li></ul></ul><ul><li>Take-home sheet for parents </li></ul>University of Nebraska-Lincoln ($14.95) Grades 2-3 http://4h.unl.edu/makingcentsofit/ Betsy DeMateo at [email_address] Nancy Hudson at [email_address]
    17. 17. Reading Makes ¢ ents National 4-H Curriculum ($17) www.4-hmall.org Grades 3-5 for camps, after-school settings, etc. Sally McClaskey at [email_address] <ul><li>7 lessons </li></ul><ul><ul><li>History of money </li></ul></ul><ul><ul><li>Managing money </li></ul></ul><ul><ul><li>Earning money </li></ul></ul><ul><ul><li>Spending money </li></ul></ul><ul><ul><li>Saving money </li></ul></ul><ul><ul><li>Sharing money </li></ul></ul><ul><ul><li>Borrowing and lending money </li></ul></ul>
    18. 18. Becoming Money Wise <ul><li>Feelings about money </li></ul><ul><li>Wants and Needs </li></ul><ul><li>Where does my money come from? </li></ul><ul><li>Where does my money go? </li></ul><ul><li>Impact of advertising </li></ul><ul><li>Goal setting </li></ul>Ohio 4-H Project Ages 10-13 (Levels I and II) Judy Villiard-Overocker at [email_address]
    19. 19. <ul><li>Learn about yourself </li></ul><ul><li>Talk about and help set goals </li></ul><ul><li>Sound decisions about saving and spending money </li></ul><ul><li>Communicating with others and solving problems </li></ul>Money FUN-damentals Ohio 4-H Project w/ Helper’s Guide Ages 12-13 Judy Villiard-Overocker at [email_address]
    20. 20. Consumer Savvy Series <ul><li>The Consumer in Me (grades 4-5) </li></ul><ul><ul><li>▪ Basics ▪ Spending ▪ Saving ▪ Service </li></ul></ul><ul><li>Consumer Wise (grades 6-8) </li></ul><ul><ul><li>▪ Rights & Responsibilities ▪ Decisions </li></ul></ul><ul><ul><li>▪ Advertising ▪ Internet Safety </li></ul></ul><ul><li>Helper’s Guide (grades 4-12) </li></ul><ul><ul><li>▪ Discussions ▪ Role-plays ▪ Activities ▪ Games </li></ul></ul>National 4-H Curriculum www.4-hmall.org $3.95 each; $15.40 Set of 4 LuAnn Duncan at [email_address]
    21. 21. Real Money. Real World. <ul><li>Build awareness of connections </li></ul><ul><ul><li>Education </li></ul></ul><ul><ul><li>Occupation </li></ul></ul><ul><ul><li>Income </li></ul></ul><ul><ul><li>Lifestyle and Financial Choices </li></ul></ul><ul><li>Apply opportunity cost choices </li></ul><ul><li>Inspire attitude & behavior adjustments </li></ul>OSU Extension Program Grades 6-12 Nancy Hudson [email_address] Beth Bridgeman [email_address]
    22. 22. <ul><li>Money Math </li></ul><ul><ul><li>Search by title at www.jumpstart.org </li></ul></ul><ul><li>Allowance & Spending Games </li></ul><ul><ul><li>Search title at www.extension.iastate.edu </li></ul></ul><ul><li>Payment Parliament </li></ul><ul><ul><li>See Education Resources at http://www.kansascityfed.org </li></ul></ul>A Few More Resources
    23. 23. www.ua.edu/features/tween
    24. 24. Where to go from here? <ul><li>Roles for Extension </li></ul><ul><li>Program ideas </li></ul><ul><ul><li>Shopping bag reincarnation </li></ul></ul><ul><ul><li>Money camp </li></ul></ul><ul><ul><li>What else? </li></ul></ul>
    25. 25. References <ul><li>Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org </li></ul><ul><li>Read Tween the Lines. The University of Alabama. www.ua.edu </li></ul><ul><li>“ Tween spending power totals $38 billion.” Youth Markets Alert. 2003 </li></ul><ul><li>“ Tween Spending Report Guides Marketers to Spend-Happy, Influential Kids.” EPM Communications 2008. </li></ul><ul><li>“ What a Tween Wants…Now: Market Research Experts Reveal What’s New With This Important Demographic,” Children’s Business. 2004. </li></ul>

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