On Friday, Allstate will team up with Junior Achievement - Rocky Mountain, Inc. (JA) and the Federal Reserve Bank of Kansas City - Denver Branch today to deliver “Ca$h, Cars & Credit” - an innovative financial literacy and life skills program - to 100 local students at the Fed.
In celebration of April as national “Financial Literacy Month,” Allstate, JA and the Fed facilitated this practical, interactive educational program for students from Ridge View Academy and Skyline High School. Workshops were presented by prominent community volunteers, including Ron Tilton, President of FirstBank of Denver. Ridge View Academy is a youth correctional facility in Watkins, CO.
This free, half-day event was designed to help teens take charge of their financial futures. Students learned how to tackle the tough financial decisions they face as young adults, including:
· Econ 101 and the Fed: Relax, it’s not as bad as it sounds.
· Financial Aid 101: How will you pay for college?
· Money Management: So you want to be a millionaire?
· Car Financing Basics: What you need to know.
· Credit Cards and Credit Reports: Your credit past is your credit future!
This program is particularly relevant in light of current survey findings. Earlier this month, the Jump$tart Coalition® for Personal Financial Literacy released the findings of their biennial high school personal finance survey, and the results paint a gloomy picture. The multiple choice survey, which tests basic personal finance knowledge, was administered to 6,856 12th graders in 40 states.
The results show that, on average, respondents answered just 48.3% of the questions correctly - a failing grade on any scale. This average score is down from 52.4% in 2006. Clearly, our nation’s young people have a lot to learn about money.