Youth Financial Wellness Workshops
WORKSHOPS CAN BE TAILORED TO SPECIFIC TOPICS & KIDS OF ALL AGES
Mission
Our financial wellness workshops for youth are designed to break down the complicated concepts of money and empower kids with the knowledge they need to start building a healthy and successful relationship with money. When you
Why Start at an Early Age?
It's never too early to start teaching kids about the basics of money management and how financial concepts work in general. Exposing kids to the concept and value of money at an early age can help create a foundation for a successful financial future — one that can be built upon as they continue to go through stages of life that require an understanding of money and how it works.
Lacking the skills needed to make informed financial decisions hurts both individuals and the economy. Financial literacy is an important tool to improve the financial capability and stability of our adults, youth and communities. This is why it’s crucial that we start teaching people about money at a young age.
Kids develop most of their understanding of money by watching, and listening to, their own parents or guardian at home. Kids begin to mimic what they see at home, whether you realize it or not. “I believe the number-one behavior children learn from their parents is spending habits,” Mac Gardner, certified financial planner and author of “The Four Money Bears,” tells Select. “It’s one of the first financial behaviors children pick up at an early age.”
When it comes to money, a child’s first instinct is most often to use it to consume something. I have this money, so I should buy something with it.
What we do is teach kids that when you come into some money (any amount), there are other options than simply just spending it. And most importantly, we teach them why considering these options is important.
Teaching kids about finance at an early age allows them to develop a confident and successful relationship with money. Grasping even the most basic concepts gets kids considering all the available options before making important decisions at all stages in life, improving their chances of achieving self-sufficiency and financial security.
In our current education system, we teach kids how to be physically safe, like the importance of wearing a seatbelt. We teach kids how to be digitally safe, helping them make smart decisions on the internet. But what we don’t teach kids is how to be financially safe, like the dangers of too much debt or the blessing of compound interest. As a result, young people are entering adulthood without the skills and knowledge they need to succeed financially, and it’s costing them.
Teaching kids about money is crucial if you want them to grow up financially responsible and independent.
Sample Topics Covered in Our Workshops
Student Loans
One of the first serious financial decisions many Americans have to make is how much debt they are willing to take on to go to college, and unfortunately, most people aren’t equipped to make an informed decision and understand the impact that decision will have on their future. In other words, many students don’t consider the ramifications of that debt until it’s too late. As a result, the average college debt per student has doubled over the past decade to more than $30,000, and student loans are the most common form of consumer debt to become delinquent. And that’s just one example.
Student loans can be a great investment — you’re investing in your education in order to get a better, higher-paying job down the road. But if you don’t know exactly what you’re getting into, that investment could end up costing you more than it’s worth. One of the biggest problems with student loan debt in America is the lack of understanding around how the process works from start to finish. When many people graduate college, they are in for a big surprise when those student loan payments start coming in.
It’s crucial that you actually understand your loans — for two primary reasons:
• You don’t get buried in debt that you can’t pay off;
• and so you can make the best choices for you and your situation, including which loans you choose and the best ways to get the debt paid off.
To help you get a better grasp on student loans and how it all works, here are a few things this workshop covers:
• Types of schools to consider
• The types of student loans available and how they work
• Which loans are the best for your situation
• The 3 rules of student loan borrowing
• Student loan debt worksheets
• Options for paying off student loans
A Few Other Topics Our Workshops Cover
(More available upon request and topics can be combined.)
How Money Works
The value of money as a medium of exchange
Types of money (cash vs. credit)
The role money plays in your overall life
Debt
The basics of how debt works
The difference between good debt and bad debt (When it’s safe to use debt to improve your financial life).
The dangers of debt
The price of debt
Strategies for paying off debt
How credit cards work; how to choose the best one for you
Credit vs. Debit
When to use credit vs. debit
How to choose the right credit card
How to track your spending
Credit
What is a credit score?
How is it calculated?
Why it’s important; How it affects your financial life
How to improve your credit score
Banking Basics
Checking vs. savings accounts
How to read and understand statements
How to set up accounts
Using apps to track your money
Budgeting/Creating a Spending Plan
The concept of spending less than you make
Wants vs. needs
How to set money goals (and a plan to reach them)
Creating a budget/spending plan
How to easily track your spending
Apps that keep you on track
Creating and keeping good money habits
Everyday vs. Emergency Savings
How saving money creates more choices in your life
The importance of emergency savings and how to build it
Everyday saving tips
Apps that help you save more
Setting up a savings account
Identity Protection
How to safely spend and track your money
How to protect yourself online
What and where information is safe to share
Investing
What is compound interest and why It’s important
Different types of investing
Why investing is important for building a successful financial future
How to get started with small, attainable goals
How to start investing; different options available
Opportunities to Make Money
How to create an allowance plan
Creating a list of easy ways to make money in free time
What to do with that money
The Value of Giving Back
How and when donating a portion of your money to charity is safe and effective
How to choose where to give
How to save for this part of your spending plan
Creating a Culture of Financial Wellness
Financial Wellness is a constantly evolving state of well-being in which all aspects of your financial life are positively working together to maintain and improve your overall quality of life. It is not one destination; it’s a lifestyle – one that offers financial security and stability, freedom of choice, and the ability to live the life you want! What many people don’t realize is that achieving financial wellness and stability has nothing to do with how much money you make — it’s about spending and living within your means. It’s about understanding the financial decisions we face on a daily basis and having the knowledge to make informed choices.
Security means being able to cover day-to-day and month-to-month expenses without worry. It means having enough money coming in to cover all of your necessities as well as a few extra things you want.
Future security involves being able to cover emergency expenses or unanticipated bills.
Freedom of choice refers to being able to choose where you want to live, where to raise your children, what you want to eat and wear, within reason. It means having enough money for more than just the absolute bare necessities.
Future freedom of choice means getting on track toward future financial goals like buying a home, sending a child to college or covering your retirement. It’s having a plan for the future and understanding how you can reach your goals.