Your Financial Road Trip High School Financial Education Training March 14-15, 2011
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Transcript of Your Financial Road Trip High School Financial Education Training March 14-15, 2011
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ASSETS MATTER
Your Financial Road Trip
High School Financial Education Training
March 14-15, 2011
Washoe County School District
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ASSETS MATTER
Assets Matter
Assets enable families to: Weather economic crisis
Make choices
Invest in their futures
Plan for retirement
Transfer wealth to future generations
Bottom Line: Income helps people get by, assets help people to get ahead.
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ASSETS MATTER
Assets Build Better LivesFamilies without savings and assets are more likely to experience:
• Divorce• Increased health problems for themselves and
their children• Less stable housing• Greater job turnover• Higher drop-out rates for their children• Less connection to their community
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ASSETS MATTER
What is Asset Poverty?
• A household is asset poor if it has insufficient net worth to support itself at the federal poverty level for three months in the absence of income.
• Federal poverty line for a family of four is $22,350 year (or, $430 per week)
• In Nevada, 34% of those earning $44,801-$68,800 are asset poor.
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ASSETS MATTER
Asset Poverty by Race/Ethnicity
56.5
43.5
26.3
19.4
34
27
12
16
0
10
20
30
40
50
60
AfricanAmerican
Latino Caucasian Asian PacificIslander
Asset Poverty
Income Poverty
Source: http://scorecard.cfed.org/
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ASSETS MATTER
Asset Poverty by Education
37.3
29.6
19.221.3
0
5
10
15
20
25
30
35
40
HighSchool
SomeCollege
BachelorDegree
AdvanceDegree
Asset Poverty 33%
Source: http://scorecard.cfed.org/
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ASSETS MATTER
Financial Education Matters
• Nearly one-third of teens owe money to a person or company, with an average debt of $230.
• Average debt of young adults ages 22-29 is $16,120.
• People in the 18 to 24 age bracket spend nearly 30% of their monthly income just on debt repayment - double the percentage spent in 1992 (10% of net income is a recommended amount for debt obligation).
• The number of 18 to 24-year-olds declaring bankruptcy has increased 96% in 10 years.
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ASSETS MATTER
Financial Education Matters
• While 71% agree that the best way for teens to learn about money is from guided, hands-on experience or their own example, only 20% involve their teen in the family’s budgeting and spending decisions.
• Americans shelled out more than $24 billion in credit card fees in 2004, an 18% increase over the previous year.
• In 2005, savings rates dipped to minus 0.5 percent, something that hasn't happened since the Great Depression in 1932 and 1933. A negative savings rate means that Americans spent all their disposable income and dipped into past savings or increased their borrowing.
Collected from Jumpstart Coalition as of April 2010
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ASSETS MATTER
Teacher Survey
Source: www.nefe.org
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ASSETS MATTER
Questions for Me?
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ASSETS MATTER
Question for You
Do you think financial education is a stand-alone subject (like a physics course), or is it like reading – a skill to be learned and applied throughout life?
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ASSETS MATTER
1. Review NEFE HSFPP material2. Review Recommended Curriculum Flow3. Walk through a lesson4. Review additional supplemental materials,
including tests5. Brainstorm – ideas, tips, deficits,
outstanding issues to be covered.
Roadmap of Today’s Trip
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ASSETS MATTER
Recommended Resources
Building Wealth – Federal Reserve Bank of Dallashttp://www.dallasfed.org/ca/wealth/index.cfm
Practical Money Skills for Lifehttps://www.practicalmoneyskills.com/foreducators/lesson_plans/teens.php
Money Guide for Teenshttp://moneytalks4teens.ucdavis.edu/
Hands On Banking – Wells Fargohttp://www.handsonbanking.org