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EMPOWERMENT THROUGH EDUCATION Money FUN-damentals for Tweens Nancy Hudson OSU Extension Specialist, Family Finances.

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Presentation on theme: "EMPOWERMENT THROUGH EDUCATION Money FUN-damentals for Tweens Nancy Hudson OSU Extension Specialist, Family Finances."— Presentation transcript:

1 EMPOWERMENT THROUGH EDUCATION Money FUN-damentals for Tweens Nancy Hudson OSU Extension Specialist, Family Finances

2 Objectives Gain knowledge of tweens as consumers Know about tween financial literacy standards Explore tween-targeted resources Consider program development and implementation opportunities

3 Age 12-14: $25 billion in 2003 Age 8-11:$13 billlion in 2003 Influence billions more –Cell phones –Vacations –Automobiles Tween Spending Power

4 Aiming at Tweens Retailers Brand marketers Food manufacturers Entertainment & media companies Categorized by marketers –Ages 8 to 14; 7 to 12 –Grade school and Middle school

5 Tween Characteristics Rapid maturation from year to year Cant drive Dont date No job No credit or checking accounts Organized sports importance

6 The Tween Consumer Better educated consumer than previous generations Technology integral part of life –Media multi-taskers –Tremendous access to information –Social networking & self-created content –Pre-shop on-line then head to the mall

7 Parental Influence Tweens strive to be hipper and older, but parents draw the line –72% of purchases are parent-child –19% by parent on behalf of child –8% by child only Clothing –Parents twice as likely to choose and purchase for boys than for girls –Brands are child-driven (86% of purchases)

8 Brands Critical to fit in with peers –Teens: fashion sense –Tweens: brands as indicators Localized –Brand popularity can vary in 15 mile radius Gravitate to recognized brand… –Friends, older siblings, parents …yet not brand loyal

9 Tween Priorities Apparel (Parents money) Shoes and sneakers Entertainment Books Toys DVDs and videos Accessories Music CDs

10 Genders Differ Girls –Clothing and accessories –Games, gadgets, phones Boys –Video games

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

12 Overall Competencies Financial Responsibility & Decision- Making Income and Careers Planning and Money Management Credit and Debt Risk Management and Insurance Saving and Investing Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.orgwww.jumpstart.org

13 Financial Responsibility & Decision Making By 4 th grade Limited resources force choices Reach goals by ranking wants and needs Use systematic decision-making for financial choices Compare benefits and costs of spending options Information comes from many sources Every decision has opportunity cost Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.orgwww.jumpstart.org

14 Financial Responsibility & Decision Making Added expectations by 8 th grade Financial choices have benefits, costs, and future consequences A key is to spend less than your earn Do not rely on advertising claims as the sole source of information Comparison shopping helps get the best value for the money. Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.orgwww.jumpstart.org

15 Selected Tween Resources Featured in June 2009 Elementary teacher in-service LuAnn Duncan Nancy Hudson Sally McClaskey Judy Villard-Overocker

16 Making ¢ ents of It 5 Lessons –History of Money and How Money is Made; –Wants and Needs and Setting a Savings Goal –Savings –Counting Money and Making Change –Consumer $ense Take-home sheet for parents University of Nebraska-Lincoln ($14.95) Grades 2-3 http://4h.unl.edu/makingcentsofit/ Betsy DeMateo at dematteo.15@osu.edudematteo.15@osu.edu Nancy Hudson at hudson.2@osu.eduhudson.2@osu.edu

17 Reading Makes ¢ ents 7 lessons –History of money –Managing money –Earning money –Spending money –Saving money –Sharing money –Borrowing and lending money National 4-H Curriculum ($17) www.4-hmall.orgwww.4-hmall.org Grades 3-5 for camps, after-school settings, etc. Sally McClaskey at mcclaskey.12@osu.edumcclaskey.12@osu.edu

18 Becoming Money Wise Ohio 4-H Project Ages 10-13 (Levels I and II) Judy Villiard-Overocker at villard.1@osu.eduvillard.1@osu.edu Feelings about money Wants and Needs Where does my money come from? Where does my money go? Impact of advertising Goal setting

19 Learn about yourself Talk about and help set goals Sound decisions about saving and spending money Communicating with others and solving problems Money FUN-damentals Ohio 4-H Project w/ Helpers Guide Ages 12-13 Judy Villiard-Overocker at villiard.1@osu.edu

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

21 Real Money. Real World. Build awareness of connections –Education –Occupation –Income –Lifestyle and Financial Choices Apply opportunity cost choices Inspire attitude & behavior adjustments OSU Extension Program Grades 6-12 Nancy Hudson hudson.2@osu.eduhudson.2@osu.edu Beth Bridgeman bridgeman.7@osu.edubridgeman.7@osu.edu

22 Money Math –Search by title at www.jumpstart.orgwww.jumpstart.org Allowance & Spending Games –Search title at www.extension.iastate.eduwww.extension.iastate.edu Payment Parliament –See Education Resources at http://www.kansascityfed.org http://www.kansascityfed.org A Few More Resources

23 www.ua.edu/features/tween

24 Where to go from here? Roles for Extension Program ideas –Shopping bag reincarnation –Money camp –What else?

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


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