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Youth and Money

Youth and Money. 4-H Update October 3, 2000 Dr. Joyce Cavanagh Consumer and Family Economics Specialist. Teen Themes. Optimism Grown up in prosperous economic times Confident consumers – spending an average $82 per week (Teenage Research Unlimited). Teen Themes. Techno Savvy

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Youth and Money

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

  2. Teen Themes • Optimism • Grown up in prosperous economic times • Confident consumers – spending an average $82 per week (Teenage Research Unlimited)

  3. Teen Themes • Techno Savvy • More comfortable with technology than other age groups • First toys involved computer chips or keyboards • Household ‘techies’ (Teenage Research Unlimited)

  4. Teen Themes • Marketing Savvy • Aware they are being targeted as a market • Unaccepting of disingenuous or pandering messages • Want to be seen as and accepted for being mature, young adults (Teenage Research Unlimited)

  5. Teen Themes • Diversity • Pride themselves on ability to move between peer groups and become friends with many types of teens • Customization • Desire the ability to make mass marketed products and services personalized • One size does not fit all (Teenage Research Unlimited)

  6. Teen Themes • Adept at Multi-tasking • Seem to juggle many different things all at once • Access info from variety of media (Teenage Research Unlimited)

  7. 12 to 19 year old population continues to rise • In 1999, 31.3 million U.S. teens • By 2010, projected to reach 35 million (Teenage Research Unlimited, Zagorsky – Ohio State University)

  8. Why Teach Financial Literacy? • Children and teens earn, save, spend and borrow billions of dollars a year • In 1999, teens spent $105 billion of their own money and $48 billion of family money • Making more purchase decisions and at a younger age than previous generations (Teenage Research Unlimited)

  9. Where Do They Get It? • 53% parents on an as needed basis • 46% odd jobs • 46% gifts • 32% part-time jobs • 26% regular allowance • 13% full-time jobs (Teenage Research Unlimited)

  10. Money From Parents • National Longitudinal Survey of Youth • Median amount of allowance is $50/week • 50% of kids 12 – 18 report receiving an allowance and regular handouts • Amount increases as household income increases • $30-40k $21/week • > $100k $175/week

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

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

  13. Saving and Spending • 53% report making a monthly budget • 49% report saving some of the money they receive • 38% required by parents to save some • Top reasons for saving • Education • Car-related expenses (1999 Youth and Money Survey- American Savings Education Council)

  14. Saving and Spending • Top items and activities students are responsible for 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)

  15. Why so Much $$? • Parents are wealthier – trickle down effect • Time strapped parents using $ as a substitute for time • Guilt • Today’s kids have more ‘needs’ (Teenage Research Unlimited, Zandl Group)

  16. Does Experience = Success? • Financial Literacy declining • High school seniors in 2000 scored 51.9% on personal finance survey • Decrease from 57.3% in 1997 (Jumpstart Coalition)

  17. Educational Resources • HES Resource Library • outreach.missouri.edu/hesresource/resdb • Variety of resources, curriculums, videos, books, etc. for checkout • Contact Terry Gatewood at gatewoodm@missouri.edu

  18. Educational Resources • Consumer Critter Crew • 9 to 11 year olds • 4-H Curriculum (Texas) • High School Financial Planning Program • 11th and 12th grades • Basic financial management skills

  19. Resources on the Web • Outreach and Extension • Outreach.missouri.edu/ceupdate • Jumpstart Coalition • www.jumpstartcoalition.org • National Endowment for Financial Education • www.nefe.org • www.nefe.org/amexeconfund/index.html

  20. Resources on the Web • National Institute for Consumer Education • www.nice.emich.edu • University of Missouri-St. Louis, Center for Entrepreneurship and Economic Education • www.umsl.edu/~econed • www.wisepockets.com

  21. Resources on the Web • American Savings Education Council www.asec.org • U.S. Treasury www.treas.gov/kids/

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