John Lanza - Teach Kids About Money for CA Jump$tart
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Transcript of John Lanza - Teach Kids About Money for CA Jump$tart
Teach Kids theValue of Money
There’s Never BeenA Better Time!
Catherine Pulley, American Bankers Association
“Financial literacy is a basic survival skill that is as important as teaching kids to look both ways before crossing the street.”
We teach them…
The ABCs
To Eat Right
Reading, ‘Riting, ‘Rhythmatic
The Fourth “R”
Real World
-Robert DuvallNCEE
Missing Financial Literacy
This Must Change
We Don’t Have A Choice
The “Perfect Storm”The “Perfect Storm”Retirement ResponsibilitySocial Security401KsNo more employer-provided defined
benefit plansEasily accessible consumer creditMovement towards a cashless societyIncreasingly sophisticated marketing
techniques
Retirement ResponsibilitySocial Security401KsNo more employer-provided defined
benefit plansEasily accessible consumer creditMovement towards a cashless societyIncreasingly sophisticated marketing
techniques
Lack of EducationLack of Education
Establish Money Smarts
Younger!
What about the schools?
Reality Check
Jump$tart high school survey
Mean Score = 52.4%
Proportion failing exam = 62%
What percent of parents believe that schools provide classes on money management and budgeting to their students?
80%
Reality Check
In most cases, economics and personal financial literacy programs are elective classes so “only 12% of Americans graduate from high school having learned anything about money at all.”
• No National Standards• It’s up to Jump$tart• It’s up to Parents
• No National Standards• It’s up to Jump$tart• It’s up to Parents
Are parents up to task?Are parents up to task?
71% of teens report learning about money management from parentsyet…
only 26% of parents with children 5 or older feel well prepared to teach their kids about basic personal finances.
71% of teens report learning about money management from parentsyet…
only 26% of parents with children 5 or older feel well prepared to teach their kids about basic personal finances.
Reality Check
A financial literacy “buck” isbeing passed from parents to teachers and back to parents again. Parentsassume that schools are teaching financial literacy, but schools, by and large, arenot teaching it. Teachers, like parents, don’t feel comfortable teaching it.
-John Clow, Jump$tart
Parents Need Help!
How Young Can They Learn?How Young Can They Learn?
''About half of the kids picked saving for college for their long-term savings goal — at 8 years old,'' Justin Goia, anA.G. Edwards spokesman, said of interviews with kids involved in a program aimed at teaching third-graders tosave and invest. ''What it told us was that kids this age had the capacity, intelligence and desire to make thoughtful decisions about their future.’’
''About half of the kids picked saving for college for their long-term savings goal — at 8 years old,'' Justin Goia, anA.G. Edwards spokesman, said of interviews with kids involved in a program aimed at teaching third-graders tosave and invest. ''What it told us was that kids this age had the capacity, intelligence and desire to make thoughtful decisions about their future.’’
Children are already a major target audience for advertisers. American companies currently spend _______ a year on marketing and advertising tochildren under the age of 12—twice the amount they spent just 10 years ago.
$15 billion
Each year, the average child sees about _________ ads on television alone.
40,000
Strong ForcesWorking AgainstFinancial Literacy
Americans consume
The inspiration
Money Mammals Theme Song Plays Here
A Better Brand
Three-pronged approachShareSaveSpend Smart
Engage kids
Ages 5-8
Needs vs. WantsMaking Choices
Sharing, Saving, Spending SmartAllowance
Money Spent = Money GoneSaving is Good
Delayed Gratification
Delayed Gratification
Children under the age of eight do not recognize the persuasive intent of ads and tend to accept them as accurate and unbiased. In fact, 30-second commercials have been found to influence brand preferences in children as young as ______ years old.
Two Years Old!
Two Young??
Emergent Literacy
“…it is widely recognized that literacy, as the
foundation for virtually all other subject areas,
needs to be taught from the very earliest ages;
this focus on early childhood literacy is known as emergent
literacy.
A Simple Goal
Let’s raise a generation of money savvy kids, not a
generation of kids whose sole concern is money.
Oscar Wilde
“There is only one class of people who think about money more than the rich. Those are the poor!”
Bonus Benefit!
Parents Get It!
Quinn’s Story
Started allowance at 4 ½
Quinn’s Story
Quinn’s Story
Money Mammals Challenge
Bringing goal-setting home for kids and parents!
Real Life Experience
• Quinn and Thrive by Five lesson
Saving Money Is Fun!
Expanding Reach
The Louise Herring Award
Best Practices
Kids Club Overview Video Plays Here
Live Events
In the Community
NewsletterNewsletter
Additional Resources
Thrive By FiveNCEE – incredible resourceJA “More Than Money”Jump$tart Clearinghouse
Top Three TipsJump$tart Members
We’ve worked with
Credit UnionsLibraries
CPA AssociationsNYIB
Anyone on the same mission
When did Americans last save 10% of their income?
1984Americans were saving 10% of their disposable income in 1984. It dipped below 0% in 2005. Now we’re saving less
than 3%.
Generation 10!
The Money Mammals were cited in Congress as a program that helps
teach young kids about the value of money.
www.themoneymammals.com