money fun-damentals for tweens

Download Money FUN-damentals for Tweens

Post on 18-Oct-2014

771 views

Category:

Economy & Finance

0 download

Embed Size (px)

DESCRIPTION

 

TRANSCRIPT

Slide 1

EMPOWERMENT THROUGH EDUCATION

Money FUN-damentals for TweensNancy HudsonOSU Extension Specialist, Family Finances

ObjectivesGain knowledge of tweens as consumersKnow about tween financial literacy standardsExplore tween-targeted resourcesConsider program development and implementation opportunities

Tween Spending PowerAge 12-14: $25 billion in 2003Age 8-11:$13 billlion in 2003Influence billions moreCell phonesVacationsAutomobiles

Aiming at TweensRetailersBrand marketersFood manufacturersEntertainment & media companiesCategorized by marketersAges 8 to 14; 7 to 12Grade school and Middle school

Tween CharacteristicsRapid maturation from year to yearCant driveDont dateNo jobNo credit or checking accountsOrganized sports importance

The Tween ConsumerBetter educated consumer than previous generationsTechnology integral part of lifeMedia multi-taskers Tremendous access to informationSocial networking & self-created contentPre-shop on-line then head to the mall

Parental InfluenceTweens strive to be hipper and older, but parents draw the line72% of purchases are parent-child19% by parent on behalf of child8% by child onlyClothingParents twice as likely to choose and purchase for boys than for girlsBrands are child-driven (86% of purchases)

BrandsCritical to fit in with peersTeens: fashion senseTweens: brands as indicatorsLocalizedBrand popularity can vary in 15 mile radiusGravitate to recognized brandFriends, older siblings, parentsyet not brand loyal

Tween PrioritiesApparel (Parents money)Shoes and sneakersEntertainmentBooksToysDVDs and videosAccessoriesMusic CDs

Genders DifferGirlsClothing and accessoriesGames, gadgets, phonesBoysVideo games

What should tweens know?National Standards in K-12 Personal Finance EducationSee www.jumpstart.org Benchmarks for Grades 4, 8 and 12

Overall CompetenciesFinancial Responsibility & Decision-MakingIncome and CareersPlanning and Money ManagementCredit and DebtRisk Management and InsuranceSaving and InvestingSource: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

Financial Responsibility & Decision MakingBy 4th gradeLimited resources force choicesReach goals by ranking wants and needsUse systematic decision-making for financial choicesCompare benefits and costs of spending optionsInformation comes from many sourcesEvery decision has opportunity cost

Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

Financial Responsibility & Decision MakingAdded expectations by 8th gradeFinancial choices have benefits, costs, and future consequencesA key is to spend less than your earnDo not rely on advertising claims as the sole source of informationComparison shopping helps get the best value for the money.

Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

Selected Tween ResourcesFeatured in June 2009Elementary teacher in-service

LuAnn DuncanNancy HudsonSally McClaskeyJudy Villard-Overocker

Making ents of It5 Lessons History of Money and How Money is Made; Wants and Needs and Setting a Savings GoalSavingsCounting Money and Making ChangeConsumer $enseTake-home sheet for parentsUniversity of Nebraska-Lincoln ($14.95)Grades 2-3http://4h.unl.edu/makingcentsofit/Betsy DeMateo at dematteo.15@osu.edu Nancy Hudson at hudson.2@osu.edu

Reading Makes ents7 lessonsHistory of moneyManaging moneyEarning moneySpending moneySaving moneySharing moneyBorrowing and lending moneyNational 4-H Curriculum ($17) www.4-hmall.org Grades 3-5 for camps, after-school settings, etc. Sally McClaskey at mcclaskey.12@osu.edu

Becoming Money WiseFeelings about moneyWants and NeedsWhere does my money come from?Where does my money go?Impact of advertisingGoal settingOhio 4-H ProjectAges 10-13 (Levels I and II)Judy Villiard-Overocker at villard.1@osu.edu

Money FUN-damentalsLearn about yourselfTalk about and help set goalsSound decisions about saving and spending moneyCommunicating with others and solving problemsOhio 4-H Project w/ Helpers GuideAges 12-13Judy Villiard-Overocker at villiard.1@osu.edu

Consumer Savvy SeriesThe Consumer in Me (grades 4-5) Basics Spending Saving ServiceConsumer Wise (grades 6-8) Rights & Responsibilities Decisions Advertising Internet SafetyHelpers Guide (grades 4-12) Discussions Role-plays Activities GamesNational 4-H Curriculum www.4-hmall.org$3.95 each; $15.40 Set of 4LuAnn Duncan at duncan.920@osu.edu

Real Money. Real World.Build awareness of connectionsEducationOccupationIncomeLifestyle and Financial ChoicesApply opportunity cost choicesInspire attitude & behavior adjustmentsOSU Extension ProgramGrades 6-12Nancy Hudson hudson.2@osu.edu Beth Bridgeman bridgeman.7@osu.edu

A Few More ResourcesMoney MathSearch by title at www.jumpstart.org Allowance & Spending GamesSearch title at www.extension.iastate.edu Payment ParliamentSee Education Resources at http://www.kansascityfed.org

www.ua.edu/features/tween

Where to go from here?Roles for ExtensionProgram ideasShopping bag reincarnationMoney campWhat else?

ReferencesJump$tart National Standards in K-12 Personal Finance Education www.jumpstart.orgRead Tween the Lines. The University of Alabama. www.ua.edu Tween spending power totals $38 billion. Youth Markets Alert. 2003Tween Spending Report Guides Marketers to Spend-Happy, Influential Kids. EPM Communications 2008.What a Tween WantsNow: Market Research Experts Reveal Whats New With This Important Demographic, Childrens Business. 2004.

Influence on cell phones, vacations, automobilesSource: Tweens and the Retail Market. The University of Alabama. www.ua.eduHard to characterize becTV never primary entertainment sourceSource: Childrens Business. What a Tween WantsNow: Market Research Experts Reveal Whats New With This Important Demographic, 2004

Source: Childrens Business. What a Tween WantsNow: Market Research Experts Reveal Whats New With This Important Demographic, 2004

Brand spin-offs work well Limited Too; AbercrombieFeel pressure to conform (e.g. right clothes2003 economy downturnOne power outfit

Source: Childrens Business. What a Tween WantsNow: Market Research Experts Reveal Whats New With This Important Demographic, 2004

Source: Childrens Business. What a Tween WantsNow: Market Research Experts Reveal Whats New With This Important Demographic, 2004Source: Tweens and the Retail Market. The University of Alabama. www.ua.edu

1. People make choices because they have limited financial resources and cannot have everything they want.2. A first step toward reaching financial goals is to identify wants/needs and rank them in order of importance.3. Systematic decision making can help people make money choices.4. To make a decision, careful consumers compare the benefits and costs of spending alternatives.5. Information about goods and services comes from many sources.6. Every spending decision has an opportunity cost.1. Financial choices that people make have benefits, costs, and future consequences.2. A key to financial wellbeing is to spend less than you earn.3. A consumer should not rely on advertising claims as the sole source of information about goods and services.4. Comparison shopping helps consumers get the best value for their money.History of Money black light exhibit

ParentsWhat your child did or learned abouThings you can do at home

Im going to focus on lesson 4: Counting Money and Making ChangeMoney Personality Profile Consumer Roadmap (grades 9-12) Global Marketplace Consumer Rights Living on My Own

Payment ParliamentTeacher Introduction:Looking at ways that consumers pay for purchases and discussing the advantages and disadvantages of eachtype of payment can be an important financial lesson. By comparing payment methods, students can see thevalue of using different payment options in a variety of situations. As they act out the roles of cash, check,debit, credit, and electronic payment characters, students will become more aware of the choices availableand how to make decisions on which payment options to use.Lesson Description: This lesson introduces students to different methods of payment for goods andservices. The costs and benefits of each payment method are explored in a role play of a round tablediscussion titled Payment Parliament. Students compare use of each payment option and learn how theFederal Reserve System processes all forms of payments for consumers.Grade Level: 58Content Standards:National Voluntary Economic Content Standard #10 Students will understand that institutions evolve inmarket economies to help individuals and groups accomplish their goals. Banks, labor unions, corporations,legal systems, and notforprofit organizations are examples of important institution