Financial Literacy Among Teens

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Financial Literacy Among Teens

  1. 1. Gary D. Rubin Financial Literacy Among Teens
  2. 2. Research Problem  Teens transitioning to adulthood without knowing how to manage money face increased risks of financial difficulties as adults.
  3. 3. Research Questions  Do teens have a basic level of understanding of financial matters?  Who should take the lead in teaching teens financial concepts?  From whom do teens wish to learn?
  4. 4. Relationship to Organization Leadership Course of Study  Foster awareness among financial professionals  Active involvement in the solution & demonstrate leadership:  Volunteering with Junior Achievement  Volunteering with BCGA  Opportunity to implement teen financial literacy program / Financial Planning Association of Georgia  Societal implications
  5. 5. Review of Literature  Varcoe, K. P., Martin, A., Devitto, Z., & Go, C. (2005). Using A Financial Education Curriculum For Teens. [Article]. Financial Counseling & Planning, 16(1), 63- 71.  HELPING TEENS AVOID RED INK. (2001). Editorial, Christian Science Monitor, p. 8. Retrieved from http://proxygsu- mer2.galileo.usg.edu/login?url=http://search.ebscoh ost.com/login.aspx?direct=true&db=a9h&AN=43110 33&site=ehost-live  How Marketers Woo Tweenagers. (2006). [Article]. CQ Researcher, 16(20), 468-469.
  6. 6. Methodology & Procedures  Qualitative study relying on surveys directed toward teens and financial advisors  Hard-copy surveys designed to elicit responses describing:  Familiarity with basic financial concepts  Identify learning preferences  Business opportunity (advisors)
  7. 7. 4. My parents talk to me about my family’s finances. What Teens Say 84% 16% Affirmative Negative 1. Someone has explained to me what the costs are of living on my own. 84% 16% Affirmative Negative 2. Someone has explained to me what the costs are of owning a car. 47% 53% Affirmative Negative 3. Someone has explained to me how to balance a checkbook.
  8. 8. 3. What does it mean to balance a checking account? What Teens Actually Know 1. What are some of the expenses involved with having your own apartment? 2. What are some of the expenses involved in owning a car? Out of 75, none answered this question correctly
  9. 9. Conclusions and Recommendations 1. Risk- teens money-illiterate; parents and educators? 2. Teens – want parents to take lead 3. Financial professionals - suited to train the trainer 4. Parents - learn, do & teach 5. Teachers - learn in order to teach 6. Financial literacy - core high school subject 7. Opportunity - Significant implications for society
  10. 10. Questions

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