Empowering Youth to Save Youth Savings and Financial Literacy Programs

Transcript

1 Empowering Youth to Save $ $ 7.6 million children live in households Leads to that do not have a bank or credit union account. Studies show that financial Long-Term $ account experience, combined with $ financial education at an early age can Financial shape a young person’s habits in a way 1 Success that can last for a lifetime. $ $ ? COUPON BUDGET SAVE 25% ? $ $ CHECK BALANCE ? $ $ 567 $ $ ? ? Developing healthy Creating opportunities financial habits early to save regularly DID YOU Long-term healthy money habits Access to financial education programs and savings accounts provides opportunities to begin to develop in childhood, as KNOW? 2 3 early as preschool. develop positive long-term financial behaviors. Studies show U.S. youth struggle with understanding financial concepts and applying them to real-life financial 5 situations. $ Taking a hands-on Benefits beyond money approach Students who at an early age participate in Children with savings have greater expectations for education beyond financial education programs that include Credit unions federally 4 real-world financial experiences are more likely high school. insured by the National 3 to develop positive attitudes about money. Credit Union Administration (NCUA) offer a safe place for you to save your A R T T S money, with deposits Financial education and hands-on savings A YOUTH SAVINGS ACCOUNT insured up to $250,000 account experience at an early age can increase per individual depositor. TODAY opportunities for financial success. Many of the sources listed below are courtesy of Financial Literacy and Education Commission members. www.mymoney.gov Sources: 1 FDIC National Survey of Unbanked and Underbanked Households (2015) - Federal Deposit Insurance Corporation 2 Youth Personal Finance Pedagogy (2016) - Consumer Financial Protection Bureau 3 Assessing Financial Capability Outcomes (AFCO) Youth Pilot (2014) - U.S. Department of the Treasury 4 Scholarly Research on Children’s Savings Accounts (2014) - Prosperity Now 5 Programme for International Student Assessment (2015) - Organization for Economic Co-operation Development National Credit Union Administration | Office of Consumer Financial Protection | 800-755-1030 | MyCreditUnion.gov

2 Youth savings and financial Approaches to education programs can help reinforce positive behaviors that Youth Savings and can help young people become 6 Financial Education financially capable adults. Classroom B Presentations A $ and Workshops Classroom activities and lessons focused on healthy financial habits. In-School Branches Student-run credit union or bank branches inside schools that offer students basic savings accounts. Credit & Saving & Employment Debt Spending & Income $ Lessons Reality Learned At $ Fairs Home $ Simulate "the real world" with a hands-on, interactive Children learn from watching parents or caregivers earn, shop, approach to learning. Participants choose a career path and save and borrow. Parents can talk to children about creating receive a corresponding salary which they must then use to positive money habits and can reinforce lessons learned at school through balance a budget while making simulated real world financial at-home activities such as saving money in piggy banks, making spending decisions (e.g. buying or leasing a car, life insurance, owning choices (real or pretend) and playing interactive games together. or renting a home). Receiving a first paycheck is the perfect opportunity to learn about money management. This teachable moment can include personal finance concepts such as Youth Employment automatic saving, budgeting and avoiding money mistakes. Programs Community-Led Youth Savings Savings Programs Accounts Accounts designed for youth have account terms State and local governments, as well and conditions explained in an age-appropriate as non-profit organizations, help youth manner and feature no minimum or starting balance, save for post-secondary education zero or low monthly fees, free access to through youth savings programs, such online/mobile banking, and free and unrestricted use as 529 Plans or school district-wide of in-network Automated Teller Machines (ATMs). savings opportunities. For free resources and more information available to help support youth savings habits Free Resources 7 visit MyCreditUnion.gov, Money Smart, Money As You Grow and MyMoney.gov Many of the sources listed below are courtesy of Financial Literacy and Education Commission members. www.mymoney.gov Sources: 6 Linking Youth Savings with Financial Education: Lessons from the FDIC Pilot (2017) – Federal Deposit Insurance Corporation 7 MyCreditUnion.gov: https://www.mycreditunion.gov/tools-resources, NCUA.gov: https://www.ncua.gov/consumers/Pages/financial-literacy-resources.aspx, Money Smart: https://fdic.gov/moneysmart, Money As You Grow: https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/, MyMoney.gov: https://www.mymoney.gov National Credit Union Administration | Office of Consumer Financial Protection | 800-755-1030 | MyCreditUnion.gov

Related documents

What Works in Girls' Education: Evidence for the World's Best Investment

What Works in Girls' Education: Evidence for the World's Best Investment

Foreword by Malala Yousafzai With a foreword by Winthrop s Malala Yousafzai p E Student, Nobel Peace Prize Laureate, and Cofounder of the Malala Fund rlin in What Works G Hard-headed evidence demonstr...

More info »
Quality Principles Book

Quality Principles Book

BOOK Quality Principles for Competency-Based Education WRITTEN BY Chris Sturgis Katherine Casey OCTOBER 2018

More info »
empowering women in the digital age brochure

empowering women in the digital age brochure

digital age in the men Empowering wo WHERE DO WE STAND? HIGH-LEVEL EVENT at the margin of the 62nd session of the UN Commission on the Status of Women 14 MARCH 2018 NEW YORK CITY UNITED STATES

More info »
EN SWOP14 Report FINAL web

EN SWOP14 Report FINAL web

THE POWER OF 1.8 BILLION ADOLESCENTS, YOUTH AND THE TRANSFORMATION OF THE FUTURE state of w orld population 2014

More info »
ndpii final11

ndpii final11

THE REPUBLIC OF UGANDA SECOND NATIONAL DEVELOPMENT PLAN (NDPII) 2015/16 – 2019/20 Uganda Vision 2040 “A Transformed Ugandan Society from a Peasant to a Modern and Prosperous Country within 30 years” N...

More info »
LABOUR CODE OF RF NO. 197 FZ OF 30.12.01

LABOUR CODE OF RF NO. 197 FZ OF 30.12.01

LABOUR CODE OF THE RUSSIAN FEDERATION NO. 197 - FZ OF DECEMBER 30, 2001 (with the Amendments and Additions of July 24, 25, 2002, June 30, 2003, April 27, August 22, December 29, 2004, May 9, 2005, Jun...

More info »
fy 2020 budget in brief

fy 2020 budget in brief

DEPARTMENT OF HEALTH AND HUMAN SERVICES 200 INDEPENDENCE AVE NUE S.W., WASHINGTON , D.C. 20201 THIS DOCUMENT IS ALS O AVAILABLE AT HTTP: //WWW.HHS.GOV/BUDGET

More info »
Attorney General’s Advisory Committee on American Indian/Alaska Native Children Exposed to Violence:

Attorney General’s Advisory Committee on American Indian/Alaska Native Children Exposed to Violence:

Attorney General’s Advisory Committee on American Indian/Alaska Native Children Exposed to Violence: Ending Violence so Children Can Thrive NOVEMBER 2014

More info »
Ending Violence So Children can Thrive

Ending Violence So Children can Thrive

Attorney General’s Advisory Committee on American Indian/Alaska Native Children Exposed to Violence: AMERICAN INDIAN AND ALASKA NATIVE CHILDREN EXPOSED TO VIOLENCE Ending Violence so Children Can Thri...

More info »
2015 Regenerative Capitalism 4 20 15 final

2015 Regenerative Capitalism 4 20 15 final

REGENERATIVE CAPITALISM Ho w Universal Principles And Patterns Will Shape Our New Economy JOHN FULLERTON April 2015

More info »
More Power pages Web

More Power pages Web

More Power to Her How Empowering Girls Can Help End Child Marriage by Ann Warner, Kirsten Stoebenau and Allison M. Glinski International Center for Research on Women ICRW where insight and action conn...

More info »
Meeting our goals

Meeting our goals

MEETING OUR MEETING OUR GOALS GOALS FAO’s programme for gender equality in agriculture and rural development

More info »
Better Choices: Better Deals

Better Choices: Better Deals

Better Choices: Better Deals Consumers Powering Growth

More info »
Implementation Handbook For The Convention On The Rights Of The Child

Implementation Handbook For The Convention On The Rights Of The Child

IMPLEMENTATION HANDBOOK FOR THE CONVENTION ON THE RIGHTS OF THE CHILD FULLY REVISED THIRD EDITION IMPLEMENTATION HANDBOOK IMPLEMENTATION HANDBOOK FOR THE CONVENTION ON THE FOR THE CONVENTION ON THE RI...

More info »
National Prevention Strategy: America's Plan For Better Health and Wellness

National Prevention Strategy: America's Plan For Better Health and Wellness

National Prevention Strategy AMERICA’S PLAN FOR BETTER HEALTH AND WELLNESS June 2011

More info »
Hydrogen Council Vision Document

Hydrogen Council Vision Document

How hydrogen empowers the energy transition Hydrogen Council January 2017

More info »