Transcript Money FUN-damentals for Tweens

Money FUN-damentals for Tweens
Nancy Hudson
OSU Extension Specialist, Family Finances
EMPOWERMENT THROUGH EDUCATION
Objectives
• Gain knowledge of tweens as
consumers
• Know about tween financial literacy
standards
• Explore tween-targeted resources
• Consider program development and
implementation opportunities
Tween Spending Power
• Age 12-14: $25 billion in 2003
• Age 8-11:
$13 billlion in 2003
• Influence billions more
– Cell phones
– Vacations
– Automobiles
Aiming at Tweens
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Retailers
Brand marketers
Food manufacturers
Entertainment & media companies
Categorized by marketers
– Ages 8 to 14; 7 to 12
– Grade school and Middle school
Tween Characteristics
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Rapid maturation from year to year
Can’t drive
Don’t date
No job
No credit or checking accounts
Organized sports importance
The Tween Consumer
• Better educated consumer than
previous generations
• Technology integral part of life
– Media multi-taskers
– Tremendous access to information
– Social networking & self-created content
– Pre-shop on-line then head to the mall
Parental Influence
• Tweens strive to be hipper and
older, but parents draw the line
– 72% of purchases are parent-child
– 19% by parent on behalf of child
– 8% by child only
• Clothing
– Parents twice as likely to choose and
purchase for boys than for girls
– Brands are child-driven (86% of
purchases)
Brands
• Critical to fit in with peers
– Teens: fashion sense
– Tweens: brands as indicators
• Localized
– Brand popularity can vary in 15 mile
radius
• Gravitate to recognized brand…
– Friends, older siblings, parents
• …yet not brand loyal
Tween Priorities
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Apparel (Parents’ money)
Shoes and sneakers
Entertainment
Books
Toys
DVD’s and videos
Accessories
Music CD’s
Genders Differ
• Girls
– Clothing and accessories
– Games, gadgets, phones
• Boys
– Video games
What should tweens know?
National Standards in K-12
Personal Finance
Education
See www.jumpstart.org
Benchmarks for
Grades 4, 8 and 12
Overall Competencies
• Financial Responsibility & DecisionMaking
• Income and Careers
• Planning and Money Management
• Credit and Debt
• Risk Management and Insurance
• Saving and Investing
Source: Jump$tart National Standards in K-12 Personal
Finance Education www.jumpstart.org
Financial Responsibility
& Decision Making
By 4th 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$tart National Standards in K-12 Personal
Finance Education www.jumpstart.org
Financial Responsibility
& Decision Making
Added expectations by 8th grade
• Financial choices have benefits, costs,
and future consequences
• A key is to spend less than your earn
• Do not rely on advertising claims as the
sole source of information
• Comparison shopping helps get the best
value for the money.
Source: Jump$tart National Standards in K-12 Personal
Finance Education www.jumpstart.org
Selected Tween Resources
Featured in June 2009
Elementary teacher in-service
•LuAnn Duncan
•Nancy Hudson
•Sally McClaskey
•Judy Villard-Overocker
Making ¢ents of It
• 5 Lessons
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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 [email protected]
Nancy Hudson at [email protected]
Reading Makes ¢ents
7 lessons
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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.org
Grades 3-5 for camps, after-school settings, etc.
Sally McClaskey at [email protected]
Becoming Money Wise
• Feelings about money
• Wants and Needs
• Where does my money
come from?
• Where does my money go?
• Impact of advertising
• Goal setting
Ohio 4-H Project
Ages 10-13 (Levels I and II)
Judy Villiard-Overocker at [email protected]
Money FUN-damentals
• Learn about yourself
• Talk about and help set
goals
• Sound decisions about
saving and spending
money
• Communicating with
others and solving
problems
Ohio 4-H Project w/ Helper’s Guide
Ages 12-13
Judy Villiard-Overocker at
[email protected]
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
• Helper’s Guide (grades 4-12)
▪ Discussions ▪ Role-plays ▪ Activities ▪ Games
National 4-H Curriculum
www.4-hmall.org
$3.95 each; $15.40 Set of 4
LuAnn Duncan at
[email protected]
Real Money. Real World.
• Build awareness of connections
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Education
Occupation
Income
Lifestyle and Financial Choices
• Apply opportunity cost choices
• Inspire attitude & behavior
adjustments
OSU Extension Program
Grades 6-12
Nancy Hudson [email protected]
Beth Bridgeman [email protected]
A Few More Resources
• Money Math
– Search by title at www.jumpstart.org
• Allowance & Spending Games
– Search title at www.extension.iastate.edu
• Payment Parliament
– See Education Resources at
http://www.kansascityfed.org
www.ua.edu/features/tween
Where to go from here?
• Roles for Extension
• Program ideas
– Shopping bag reincarnation
– Money camp
– What else?
References
• Jump$tart National Standards in K-12 Personal Finance
Education www.jumpstart.org
• Read Tween the Lines. The University of Alabama.
www.ua.edu
• “Tween spending power totals $38 billion.” Youth Markets
Alert. 2003
• “Tween Spending Report Guides Marketers to SpendHappy, Influential Kids.” EPM Communications 2008.
• “What a Tween Wants…Now: Market Research Experts
Reveal What’s New With This Important Demographic,”
Children’s Business. 2004.