It was Sammyriffic to be back speaking with Rotarians on a topic we thrive on “youth financial literacy.”
As you may know, Rotary is one of the world’s outstanding service organizations. Rotarians are known as “people of action.” Their slogan – “service above self.” That ethos was evident throughout the lunch meeting as members of the Covina chapter shared a variety of projects the club was leading or contributing to throughout Los Angeles county and the world.
We want to express our gratitude to the Covina Rotary for a fantastic afternoon and providing us an opportunity to have a conversation about kids and money.
Key Presentation Points
- Dr. Lewis Mandel. A look back. Youth Financial Literacy in 1999
- Dr. Annamaria Lusardi. A look today. Youth Financial Literacy in 2017
- Primary Sources Influencing Kids Money Mindsets
- Environment is Challenging for Kids and Families
- Language Contributes to Challenge
- Saving Has Enormous Benefits Beyond Earning Interest
- Strategies to Improve
Debilitating debt, clumsy money management, poor retirement planning and even bankruptcy-this is what the financial future holds for many American teenagers because they were never given proper, if any, instruction in the basics of personal finance.
…the latest PISA financial literacy assessment is extensive, showing a disappointingly high proportion of teenagers who struggle to understand money matters…
Family member and friends
Many parents want to give kids everything they did not have when they were growing up. But is that really beneficial for kids’ long term success? The key question for parents – is whether or not they are teaching their kids about money with intention and purpose. Kids are learning about money all the time. They soak in everything. Their minds are like sponges. (See what kids under age 7 are saying about money in videos below)
The word save has multiple meanings. And, it has two different meanings with respect to money. It begs the question – Is your child a “saver spender” or a “saver depositor”?
Delayed gratification and discipline
Goal setting and planning
Time to consider spending choices
No silver bullets or magic solutions
Conversations, experiences, and education can change lives. (See program highlight video below)
Start early. Build from there – womb to tomb
Rotary Glendale Financial Education and Reading Program a Success
What kids under age 7 are saying about money. Interview #1
What kids under age 7 are saying about money. Interview #2
Dream Big Financial Education Experiences program highlights