Teaching Teens About Money Management

Teaching Teens About Money Management



More and more young adults are falling into debt. in​ fact,​ more students drop out of​ college as​ a​ result of​ credit card debt than academic failure; they find themselves in​ debt and are unable to​ get jobs to​ pay that debt off.

From the​ latest electronic gadgets to​ high-priced clothing and accessories,​ teenagers are being seduced into buying items they can't afford. According to​ a​ study conducted by a​ major credit card company,​ 78 percent of​ parents say their high school student does not have a​ budget.

More than 83 percent of​ college students have at​ least one credit card,​ with an​ average balance of​ $2,​300. Compounding the​ problem,​ the​ average college student receives an​ estimated 15 credit card solicitations per week.

To help educate high school students on​ the​ fundamentals of​ responsible and sensible money management,​ Champion Mortgage® and Family,​ Career and Community Leaders of​ America (FCCLA) have teamed up to​ create Spend SmartSM,​ a​ national public awareness campaign. at​ in-school events designed to​ educate and entertain,​ teens and their parents learn about managing their money,​ setting up a​ budget,​ and building good credit.

Spend Smart's goal is​ to​ teach teens about the​ importance of​ responsible money management and the​ perils of​ debt and credit card misuse before they make costly mistakes that take years to​ overcome.

How it​ works

High schools are invited to​ host Spend Smart community events.

The program includes information about the​ staggering statistics of​ debt among young people,​ an​ exercise on​ budgeting,​ a​ student-led youth-to-youth breakout session,​ and a​ financial expert-led parent breakout session.

At each event,​ student attend-ees have the​ opportunity to​ win the​ following:

• $500 savings bond (one per event);

• $100 savings bonds (five per event); and

• $25,​000 scholarship (one for all events combined).




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