New Survey shows teens hear a lot about the economy, but they don’t feel they know enough – they want to learn more and Junior Achievement, The Allstate Foundation and the state of Colorado are responding!
During these tough economic times, 48 percent of Denver teens say they’re willing to skip eating out and 44 percent will hold off on buying a video game, according to the 11th Annual “Teens and Personal Finance Survey” conducted by Junior Achievement (JA) and The Allstate Foundation. But perhaps more surprising, a majority of them say they need and want more information about how the economy works and their role in making it better.
There’s solid proof that teens need more financial literacy, over half (56 percent) of Denver teens said they felt unsure about how to invest, and nearly a quarter (24 percent) said they don’t budget. The local findings mirror the national results which show nearly half of the 1,000 U.S. teens surveyed (45 percent) say they are unsure about how to effectively invest their money, and nearly a quarter of teens (22 percent) said they do not budget their money.
And there’s solid proof that teens want more financial literacy. The survey found that an overwhelming portion (87 percent) of teens feel that the best time to learn about money management is in K-12. Well, Colorado is responding. A new law that takes effect in 2011, requires Personal Financial Literacy (PFL) be taught to all K-12 students in Colorado schools.
“Teens admit that they don’t have knowledge of some of the basic money management skills around investing, budgeting and using credit, but they overwhelmingly have high hopes for future financial stability,” said Robin Wise, Junior Achievement – Rocky Mountain, Inc. President & CEO. “The poll shows we need to do a better job of ensuring our youth are financially literate.”
Junior Achievement and The Allstate Foundation have partnered to create Junior Achievement, $ave USA, a financial literacy initiative comprised of free, downloadable money management exercises for parents and their children to do together—and free, downloadable classroom lessons for students at the elementary, middle, and high school levels. In addition, JA volunteers reach more than 95,000 students in 525 schools in metro Denver, Northern Colorado and Wyoming – by teaching financial literacy courses, in-person, free of charge, in the classroom.
“One thing we’ve learned during the recent financial crisis is the importance of ensuring all Americans have the money skills to make responsible decisions about credit and savings. By arming younger generations with financial skills, we may be able to help avoid some of the difficult lessons people learned in the recent recession,” said Nicole Alley, Senior Communication Consultant, The Allstate Foundation.
“Before taking a Junior Achievement course, I never really thought about learning how to manage money. I thought I could figure it out when I grew up,” said Franki Zinke, a student at CEC Middle College. “Now I know that I need to learn how to deal with money now, and my JA classes have helped me figure it out.”
The Allstate Foundation
Established in 1952, The Allstate Foundation is an independent, charitable organization made possible by subsidiaries of The Allstate Corporation. The Allstate Foundation partners with non-profit organizations on community initiatives that promote “safe and vital communities,” “tolerance, inclusion, and diversity” and “economic empowerment.” Teen driving and empowering victims of domestic violence have been major initiatives for the Foundation since 2005. For more information visit www.ProtectTeenDrivers.com or www.clicktoempower.com.