Financial Literacy for High School Students

2015

Office of Student Financial Assistance

Agenda The NEED for Financial Literacy at the

High School Level Navigating Your Financial Future

(NyFF) Mapping Your Future (MYF) Other Resources

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FAMILY DYNAMICS 1/3 of parents are more comfortable

talking with their children about smoking, drugs, and bullying than about MONEY Source: www.Surveyofthestates.com

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THE GRIM REALITY Long range planning is “Friday”

Meaning just get me through this week

52% of Floridians are in liquid asset poverty Meaning living paycheck to paycheck

Source: Florida Prosperity Partnership 39 million U.S. adults are unbanked or

under-banked Unbanked individuals are known as

“Walking ATMs” and are often crime targets because of the cash they carry Source: NPA 2012 Report: Profiting from Poverty

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43% of US Latino/Hispanic people are unbanked and paying $1,000 -$2,000 in annual fees by using Payday lenders who charge 400% APR Source: NPA 2012 Report: Profiting from Poverty

Florida passed statutes specifically authorizing Payday lending The interest rates and fees that

lenders are permitted to charge amount to very large annual percentage rates The APR for a 14-day, $100 loan is

390% Source:

http://www.credit.com/credit_information/credit_law/PaydayLoanLaws.jsp

Did you know there are more Payday lenders in the U.S. than

Starbucks or McDonalds?

THE GRIM REALITY

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DISCONNECT FROM REALITY

Charles Schwab 2011 Teens and Money survey of high school seniors:

Students “expect” to earn $70,000 upon graduation from college

Students “expect” to earn $150,000 once established in their chosen career field

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HOW CAN COUNSELORS AND MENTORS HELP?

Infuse Financial Education into existing curriculum

Incorporate real life materials and scenarios

Invite speakers to a “Financial Education Day” on campus

Invest in the process of empowering students and families as they take control of their financial futures

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Cash Flow/Budgeting Credit: Maintaining good credit Debt Management Risk Management: Insurance Investing & Retirement Planning

Why are the first three components

highlighted?

If you can get students to

understand and implement the first three, they will be better

prepared to take on the last two.

topics.

COMMON FINANCIAL LITERACY COMPONENTS

Source: www.jumpstart.org

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Offer food and prizes: Credit sessions - paper shredders Calculators/office supplies Turbo Tax software Gift cards

Make sure other items are in place: Room reserved AV equipment set up Evaluations and handouts ready

LOGISTICS

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MAKE LEARNING FUN

If you took one penny and doubled the amount each day

for 30 days, how much money would you have?

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Answer: $10,737,418.23

Is this possible? Not for the average person because the last days of the month are doubling huge amounts of money

The takeaway from this lesson? You need to start somewhere! One penny will gain traction as time goes on.

MAKE LEARNING FUN

Source: http://mathforum.org/dr.math/faq/faq.doubling.pennies.html

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Family Projects

After 52 weeks,

$1,378 will be saved if

plan is followed

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Financial Literacy Managing Your Budget Managing Your Credit Repayment of Your Student Loan Debt Financial Aid School and Life Management Career Planning

Topics offered as “face to face” presentations; print materials; and online modules

NAVIGATING YOUR FINANCIAL FUTURE (NYFF)

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www.NavigatingYourFuture.org

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Resources TAB: Order FREE brochures, posters, bookmarks Downloadable PowerPoint presentations Links to most used websites for informationTraining TAB: Online Modules – Select OSFA University as your

school Audio PresentationsGet Started TAB: Select Schools, Middle & High SchoolCGS!FL TAB:• View upcoming College Goal events for 2016 near

your school• Consider signing up as a host site for a College Goal

event or volunteering at an event near you

NAVIGATING YOUR FINANCIAL FUTURE HIGHLIGHTS

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Select the Training TAB and Students portal

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www.Jump$tart.org : heck www.FeedThePig.org www.TheMint.org www.PBS.org/Your-life-your-money SMART Investing @ Your Library

www.martin.fl.us/portal/page?_pageid=353,4442488&_dad=portal&_schema=portal

Consumer Financial Protection Bureau: www.CFPB.org Federal Trade Commission: www.FTC.gov Council For Economics Education: www.CouncilForEconEd.org 360 degrees of financial literacy: www.360financialliteracy.org

HELPFUL WEBSITESFSCA 2015

Foundations in Personal FinanceHigh School Edition

Available FREE online at:

https://www.flvs.net/online-courses/dave-ramsey

Topics include: saving, budgeting, debt, life after high school, consumer awareness, bargain

shopping, investment and retirement, insurance, money and relationships, careers and taxes

DAVE RAMSEYFSCA 2015

MYF Mapping Your Future is a non-profit

organization dedicated to combining person-to-person financial counseling with online resources to help students plan for the future College preparation School selection Career exploration Money management

www.mappingyourfuture.org

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Questions/Discussion

NT4CM 2015–16

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Contact Us

NT4CM 2015–16

OSFA Outreach Teamwww.NavigatingYourFuture.org/ContactUs.aspx

E-mail: osfa@fldoe.org Telephone: 1-888-827-2004

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