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 FSCA 2015

FAMILY DYNAMICS  1/3 of parents are more comfortable talking with their children about smoking, drugs, and bullying than about MONEY  Source: FSCA 2015

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 FSCA 2015

 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: ydayLoanLaws.jsp Did you know there are more Payday lenders in the U.S. than Starbucks or McDonalds? THE GRIM REALITY FSCA 2015

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 FSCA 2015

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 FSCA 2015

 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: FSCA 2015

 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 FSCA 2015

MAKE LEARNING FUN If you took one penny and doubled the amount each day for 30 days, how much money would you have? FSCA 2015

Answer: $10,737,  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: FSCA 2015

Family Projects After 52 weeks, $1,378 will be saved if plan is followed FSCA 2015

 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) FSCA 2015

FSCA 2015

Resources TAB:  Order FREE brochures, posters, bookmarks  Downloadable PowerPoint presentations  Links to most used websites for information Training TAB:  Online Modules – Select OSFA University as your school  Audio Presentations Get Started TAB:  Select Schools, Middle & High School CGS!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 FSCA 2015

Select the Training TAB and Students portal FSCA 2015

 : heck     SMART Your Library al&_schema=portal  Consumer Financial Protection Bureau:  Federal Trade Commission:  Council For Economics Education:  360 degrees of financial literacy: HELPFUL WEBSITES FSCA 2015

Foundations in Personal Finance High School Edition Available FREE online at: Topics include: saving, budgeting, debt, life after high school, consumer awareness, bargain shopping, investment and retirement, insurance, money and relationships, careers and taxes DAVE RAMSEY FSCA 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 FSCA 2015

Questions/Discussion NT4CM 2015–16 FSCA 2015

Contact Us NT4CM 2015–16 OSFA Outreach Team Telephone: FSCA 2015