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Financial Education for a New Generation

Financial Education for a New Generation . What’s all the BUZZ about?. “The U.S. economy is the eighth wonder of the world. Americans’ ignorance of it is the ninth.”. Arthur Levitt Former chairman, New York Stock Exchange. Today’s teens….

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Financial Education for a New Generation

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  1. Financial Education for a New Generation What’s all the BUZZ about?

  2. “The U.S. economy is the eighth wonder of the world. Americans’ ignorance of it is the ninth.” Arthur Levitt Former chairman, New York Stock Exchange

  3. Today’s teens… • In a recent survey, fewer than half of teens polled understood how to budget. • Entering college freshmen have an average debt of $1,500 on personal credit cards. • The average credit card debt for college seniors is $2,864; a 48% increase from college freshmen. • The average debt of graduating college seniors including student loans is $20,000. • Americans under age 25 are filing for bankruptcy faster than any other age group.

  4. Have you heard the news? • Youth financial education is now a requirement in public high school curriculum. • Updated programs reflect changes in state standards. • Multiple resources available at no charge. • Support staff includes national partners, local experts and Extension educators.

  5. SB3741/HB3753 • What is it? • How will it affect TN teachers and students? • How will it affect 4-H agents? • Who can teach it? • What are the learning expectations? • What programs are available?

  6. What is it…SB3741/HB3753 • 2006 Legislative Session • Signed by the Governor • Summary:Program of instruction for public high schools on the elements of personal finance and financial literacy.

  7. Teachers: Defined content areas meeting established State standards Free training and material Students: Subject area covers: Income Money Management Spending and Credit Savings and Investing How will it affect…

  8. How will it affect… 4-H Agents: • Opportunity to train teachers • Great resource for club meetings and classroom presentations

  9. Who can teach it? To meet State standards course will be: • Taught by any licensed secondary teacher • Focused on grades 9-12 • One semester in duration (1/2 Carnegie unit)

  10. What are the learning expectations? • Design personal and household budgets. • Simulate use of checking and savings accounts. • Demonstrate knowledge of finance, debt & credit management. • Evaluate and understand insurance and taxes.

  11. NEFE HSFPP

  12. A Winning Combination Bringing Financial Education to the Nation’s Youth

  13. HSFPP Training Model • Training to be conducted across the state for agents and teachers during the summer and early fall. • Can be individual or team-teaching sessions. • Session time: 9-3 • See sign up sheet!!!!

  14. NEFE High School Financial Planning Program • FREE! • Easy to implement • Can be taught in as few as 10 hours • Flexible format that teachers like • Proven to change students’ knowledge, actions and self-confidence around money • Strictly educational in nature

  15. Areas of focus: Unit 1: Your Financial Plan -Where It All Begins Unit 2: Budgeting -Making the Most of Your Money Unit 3: Investing -Making Money Work for You Unit 4: Good Debt, Bad Debt -Using Credit Wisely Unit 5: Your Money -Keeping It Safe and secure Unit 6: Insurance -Protecting What You Have Unit 7: You Career -Doing What Matters Most

  16. Manual Instructor Website Supplemental learn by doing activities Tests Glossary Dr. Ann Berry 218 Morgan Hall University of Tennessee Knoxville, TN 37996-4501 865.974.8745 aaberry@utk.edu Sarah Taylor 218 Morgan Hall University of Tennessee Knoxville, TN 37996-4501 865.974.6074 sander28@tennessee.edu Instructor Resources

  17. Other NEFE Resources • Curriculum • http://www.nefe.org http://hsfpp.nefe.org • Success Street Sweep (Interactive game) • http://www.nefe.org/hsfppportal/index.html • Web-Based Training • http://www.nefe.org/pages/educational.html • Teen Resource Bureau • http://www.ntrbonline.org/english/index.html

  18. http://www.nefe.org

  19. http://www.nefe.org

  20. http://www.nefe.org

  21. https://www.nefe.org/hsfppportal/includes/main/link/

  22. NTRBOnline.comNEFE Teen Resource Bureau http://www.ntrbonline.org/

  23. Money $peaks • Helping Teens and Parents Communicate about Money

  24. 4-H Financial Education Club Meeting Programs • Grades 4-6 • Grades 7-12

  25. WHO WANTS TO BE A MILLIONAIRE? • Educational game • Questions based on NEFE material • Game can be customized to use with other curriculum Bill Gates Chairman/CEO Microsoft Corporation

  26. Community Resources… Get Everyone Involved • CPA’s • Certified Financial Planners (CFP’s) & Financial Advisors • Insurance Agents • Banks & Credit Unions • Junior Achievement • Non-Profit Agencies • Other Government Agencies -HUD, Social Security Administration, Dept of Labor etc. • Retired Professionals

  27. Join Us! • TN Jump$tart Teacher Conference • June 20-22, 2007 • Gatlinburg, TN

  28. Now what? • May 10th agent training SIGN UP!!! (sheets in back of room) • Schedule a teacher training in your county

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