financial literacy among teens
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Gary D. Rubin
Financial Literacy Among Teens
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Research Problem
Teens transitioning to adulthood without knowing how to manage money face increased risks of financial difficulties as adults.
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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?
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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
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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.ebscohost.com/login.aspx?direct=true&db=a9h&AN=4311033&site=ehost-live
How Marketers Woo Tweenagers. (2006). [Article]. CQ Researcher, 16(20), 468-469.
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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)
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4. My parents talk to me about my family’s finances.
What Teens Say
84%
16%
AffirmativeNegative
1. Someone has explained to me what the costs are of living on my own.
84%
16%
AffirmativeNegative
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.
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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 answere
d this questio
n correctl
y
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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
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Questions