Teens today face a multitude of challenges to reach adulthood including academic worries, depression, bullying, drugs and alcohol. Despite those challenges, we are making headway in “cultivating youth for a future of financial wellness”.
The Center for Smart Financial Choices (CFSFC) shared knowledge on the role of additional education in improving the future prospects of over 3,400 youth in 2016. Each youth began building a framework of financial competency that will enable them to look forward to a stable life. The demand for financial education continues unabated and CFSFC is the only non-profit doing this work with youth.
We offered 163 workshops at 41 different locations in Forsyth, Stokes and Guilford counties. This would not have been possible without the help of 99 volunteers who donated 635 hours.
What Teens Learned in 2016
CFSFC asked over 2,300 high school students to complete an evaluation of their learning while participating in the “Adult for A Day” budget and credit workshop. The average student was 16 years old, 49% were female and 51% were male.
Students were asked about their future plans and if they have spoken to their parents. Most students have talked about their college plans with their parents, although their expectations about how college will be paid for are unconfirmed.
What changes will teens make in their financial habits?
- 42% agreed to Track Expenses for One Week
- 58% will Change One Habit To Save Money
- 42% Plan to Open A Savings Account
- 48% will consider more Classes to Make Good Financial Choices
Financial Education Addresses the Future
|Teaching children about money- how to manage it, save it and spend it wisely – is essential to making sure they are prepared for the financial world.|
|Teens were asked where they got their financial advice from and 86% percent reported they learned from their families.
George Washington University economics professor Annamaria Lusardi has done pioneering research on financial literacy. Her studies have documented the gaps in financial knowledge among different demographic groups. “What the data on financial literacy shows is that financial knowledge is unequally distributed,” says Lusardi. “Those with the least knowledge are also the most vulnerable groups in economic terms.
Lusardi directs the Global Finance Literacy Excellence Center that focuses on raising the level of financial knowledge through financial-literacy education. “Finance has entered the lives of every family in a much more significant way than in the past. We now have a lot more responsibility for managing our money. Everyone needs to know the ABCs of finance,” notes Lusardi.
Join us in Investing in our Youth
We ask teens what other knowledge they need for a successful future and they told us:
- Need help opening a savings or checking account
- Information about different career choices
- Help in getting a job now
- Help applying for scholarships and grants
- Strategies for spending less & saving more money
Here are a few lessons learned as shared by youth:
- I have started tracking the amount of money I spend, and based on this, I change my bad habits of wasting money on unnecessary things.
- I have learned how to keep a proper budget so I have saved a lot more money. I also set up a checking and savings account after learning about them.
- Well I’m not more willing to just spend money on whatever I want. I have to stop and ask myself do I really need this / want this and then I chose if I purchase the item or not. I have saved more and begun working towards saving for college.
- The Center for Smart Financial Choices made me more aware of my options on how to pay for college and save up to pursue other goals of mine such as studying abroad. I am more aware of the importance of saving my money and look forward to it because I know that I am making an investment in my life!
On April 18, 2017, we will hold the Second Annual Day of Giving Event highlighting the value of investing in the financial education of our youth.