Gary D. Rubin

Financial Literacy Among Teens

Research Problem

Teens transitioning to adulthood without knowing how to manage money face increased risks of financial difficulties as adults.

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?

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

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.

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)

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.

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

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

Questions