Youth and Money

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Youth and Money 4-H Update October 3, 2000 Dr. Joyce Cavanagh Consumer and Family Economics Specialist

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Teen Themes Optimism Grown up in prosperous monetary times Confident purchasers – spending a normal $82 every week (Teenage Research Unlimited)

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Teen Themes Techno Savvy More OK with innovation than other age amasses First toys included PC chips or consoles Household "nerds" (Teenage Research Unlimited)

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Teen Themes Marketing Savvy Aware they are being focused as a market Unaccepting of guileful or pandering messages Want to be viewed as and acknowledged for being experienced, youthful grown-ups (Teenage Research Unlimited)

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Teen Themes Diversity Pride themselves on capacity to move between associate gatherings and get to be companions with numerous sorts of adolescents Customization Desire the capacity to make mass showcased items and administrations customized One size does not fit all (Teenage Research Unlimited)

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Teen Themes Adept at Multi-entrusting Seem to juggle a wide range of things at the same time Access information from assortment of media (Teenage Research Unlimited)

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12 to 19 year old populace keeps on ascending In 1999, 31.3 million U.S. high schoolers By 2010, anticipated to reach 35 million (Teenage Research Unlimited, Zagorsky – Ohio State University)

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Why Teach Financial Literacy? Kids and high schoolers procure, spare, spend and get billions of dollars a year In 1999, youngsters burned through $105 billion of their own cash and $48 billion of family cash Making more buy choices and at a more youthful age than past eras (Teenage Research Unlimited)

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Where Do They Get It? 53% guardians on an as required premise 46% odd occupations 46% presents 32% low maintenance employments 26% normal stipend 13% all day occupations (Teenage Research Unlimited)

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Money From Parents National Longitudinal Survey of Youth Median measure of remittance is $50/week half of children 12 – 18 report getting a recompense and customary freebees Amount increments as family pay increments $30-40k $21/week > $100k $175/week

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Making Money 1999 Youth and Money Survey Last summer 41% worked all day (35+ hrs) 22% 20-35 hrs. 18% 5-20 hrs. 13% < 5 hrs. 6% did not work (American Savings Education Council)

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Making Money Earnings 9% $0 36% <$2500 26% $2500 – 4999 24% $5000+ (American Savings Education Council)

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Saving and Spending 53% report making a month to month spending plan 49% report sparing a portion of the cash they get 38% required by guardians to spare some Top explanations behind sparing Education Car-related costs (1999 Youth and Money Survey-American Savings Education Council)

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Saving and Spending Top things and exercises understudies are in charge of paying themselves Entertainment related 82% Clothing 58% Car or related expenses 50% Vacations/trips w/friends 45% School needs 31% (1999 Youth and Money Survey – American Savings Education Council)

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Why so Much $$? Guardians are wealthier – stream down impact Time strapped guardians utilizing $ as a substitute for time Guilt Today's children have all the more "needs" (Teenage Research Unlimited, Zandl Group)

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Does Experience = Success? Money related Literacy declining High school seniors in 2000 scored 51.9% on individual back overview Decrease from 57.3% in 1997 (Jumpstart Coalition)

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Educational Resources HES Resource Library Variety of assets, educational programs, recordings, books, and so on for checkout Contact Terry Gatewood at

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Educational Resources Consumer Critter Crew 9 to 11 year olds 4-H Curriculum (Texas) High School Financial Planning Program 11 th and 12 th grades Basic budgetary administration abilities

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Resources on the Web Outreach and Extension Jumpstart Coalition National Endowment for Financial Education

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Resources on the Web National Institute for Consumer Education University of Missouri-St. Louis, Center for Entrepreneurship and Economic Education

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Resources on the Web American Savings Education Council U.S. Treasury