How to Talk with High School Students About Money
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H2TLKW/HSSA$ How to Talk With High School Students About Money Presented by: Ava Doyle OKMM High School and College Outreach Specialist What Are They Saying??? Figure out the meanings of the following text or SMS (short message service) acronyms. Text Acronyms ASAP LOL As Soon as Possible Laugh out Loud B2B CUL8R Business to Business See you Later XOXOXO QT Hugs and Kisses Cutie YOLO You only live once Text Acronyms AITR CB Adult In the Room Coffee Break TITR DYOR Teacher In the Room Do Your Own Research P911 YG2BKM Parents Coming Into the Room You’ve Got To Be Kidding Me. CD9 Code 9 = “Parents are around” YCCBWYCID You Can’t Do Business When Your Computer Is Down. Text Acronyms for “I Love You” ILY ILU I<3U (“I”, sideways heart, “you”) 831 (8 letters, 3 words, 1 meaning) 143 (1 letter, 4 letters, 3 letters) 459 (The numbers on a phone keypad for ILY) Text Acronyms in Other Languages Spanish tas OK? = ¿Estás bien? (“Are you OK?”) tq = Te quiero (“I love you.”) Thai 55555 = laughing (The number 5 is pronounced “ha”.) American Sign Language in text ImL = “I love you.” Generations Generational Theory Created by historians William Strauss and Neil Howe. Theory of American generations in Anglo-American history. Wrote a book titled “Generations”. Theory states people share: • an “age location in history.” • key historical events and trends. • common beliefs and behaviors. • perceived membership within the generation. Source: Howe, N. and Strauss, W. (1991) Generations: The History of America’s Future 1584-2069. New York: William Morrow and Company. p. 58-68 Generations: GI Generation Characteristics: – Achievers – Believers – Inventors Values: – Simplicity – Uniformity – Cooperation – Leadership – Saving the world Communication Preferences: – Face to face communication – Rotary dial telephone – Hand written letters Communication Obstacles: – E-mail – Fax Source: “A Company Divided: Bridging the Generation Gap at Work Through the Power of Communication” Bea Fields – Cell phones – Text – Social networking sites Generations: Traditionalists Born during the Great Depression Saw and fought significant wars Characteristics: • Waste not, want not • Loyal • Patriotic • Faith in institutions • Hierarchical thinking Values: • Logic • Loyalty • Discipline • Tradition • Family • Leaving a legacy Communication Preferences: • Face to face communication • Formal typed or hand-written letters Source: “A Company Divided: Bridging the Generation Gap at Work Through the Power of Communication” Bea Fields Generations: Baby Boomers Boom in births after World War II Social, gender, economic, racial and geographic shift occurred. Characteristics: Communication Preferences: • Hard-working • Telephone • Keeping up with the Joneses • Face to face • Idealistic • Fax • Questioning authority • E-mail (and a lot of it!) • Climbing the corporate ladder • Group/team meetings (and a lot of them!) • Highly competitive • Cell phones for talking (not necessarily for • The first “me” generation texting) • Neighborhood street parties Values: Communication Obstacles: • Hard work (70 hour work weeks) • Social networking sites • Getting ahead • Blogging • Being noticed, becoming famous • Texting • Money • Technophobia • Freedom • Being “me” Source: “A Company Divided: Bridging the Generation Gap at Work Through the Power of Communication” Bea Fields Generations: Generation X Known as “13th Generation” or “Lost Generation” Characteristics: Communication Preferences: • “Reality Bites” • Let “me” choose my communication and how often I • Skeptical of higher institutions do it • Cynical about marriage and life • E-mail • Fiercely independent • Cell phone • Questioning everything • Text • Tech savvy • Blogging • Globally concerned • Instant message • Online forums Values: Communication Barriers: • Independence • Freedom • Face to face communication • Friends • Formal letter writing • Mobility • Team discussions (better one on one or alone) • Difficulty with communicating up or down a • Security generation • Some barriers with social networks Source: “A Company Divided: Bridging the Generation Gap at Work Through the Power of Communication” Bea Fields Generations Who are the high school students? High School Students: Who Are They? • Older high school students are called “Millennials”, “Generation Y.” • Younger high school students are called “Plurals”, “Generation Z”, “Gen Wii” or “Homeland Generation”. Generations: Millennials • Called in “Generation Me” in Dr. Jean Twenge’s 2006 book titled the same name. • Viewed as the “boomerang” generation. Likely to live with again or be extremely close to parents. • Delaying rites of passage (marriage, moving out on own, careers, etc.) due to watching mistakes of parents. Want to get it right the first time. • Current technology introduced during their childhood: internet, cell phones, online games. Generations: Millennials Characteristics: Communication Preferences: • Open and accepting of diverse backgrounds • Text • Very concerned about social and global issues • Online social networks • Worldly • E-mail (but only for work or school) • Knowledge workers • Instant message • Team players • Multi-taskers Communication Obstacles: • “Me” • Face to face conversations • Impatient • Telephone conversations • Need for speed and thrill • Professional or even casual letter writing Values: (what’s that?) • Live first, work second • Speed • Information/knowledge • Friends • Fun • Saving the world • Creativity Source: “A Company Divided: Bridging the Generation Gap at • Simplicity Work Through the Power of • Balance Communication” Bea Fields Generations: Plurals Named by Frank N. Magrid Associates in 2012 meaning a lack in American majority. More fragmentation in families, media and etc. Very similar to Millennials with a few different traits. The first generation born entirely in digital technology. – Have more of an online presence because of parents. (Example: sonogram or baby pictures posted on Facebook or Instagram.) – Know more consumer-centric Internet rather than informative. Born completely in an era of postmodernism, multiculturalism and globalization. More likely to engage in non-traditional education (online education, entrepreneurs, skip college) More on-Demand than previous generation Source: Millennials Aren’t Kids Anymore; Plurals Are” MediaPost.com, “Generation Z”, Wikipedia.com How Does The Characteristics Affect Money Management? Purchasing Power Harris Interactive YouthPulse 2012 poll found: Tweens (8 – 12 years old) spend money on: Candy (61%) Toys (55%) Books (28%) Clothing (19%) Teens (13 – 17 year olds) Candy (51%) Clothing (42%) Entertainment (33%) Purchasing power: $211 Billion Source: 2012 Harris Poll YouthPulse℠ study Teens and Money Charles Schwab/Koski Research produced the “2011 Teens & Money Survey Findings” – 16-18 year olds – Conducted in 2007 and 2011 Financial Literacy = Smart Money Management “…the ability to use knowledge and skills to manage one’s financial resources for a lifetime of financial security.” (National Standard for K-12 Personal Finance Education/National Jump$tart Coalition) “…the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing.” (President’s Advisory Council on Financial Literacy 2008) Source: National Jump$tart Coalition, www.jumpstart.org/faq Core Concept Knowledge Action/Behavior Earning Gross versus net pay Understand your paycheck. Benefits and taxes Learn about potential benefits and taxes. Education is important Invest in your future. Spending The difference between needs and wants. Develop a spending plan. Track spending habits. Live within your means. Understand the social and environmental impacts of your spending decisions. Saving Saved money grows. Start saving early. Pay yourself first. Know about transactional accounts (checking) Understand and establish a relationship with the financial system. Know about financial assets (savings accounts, Comparison shop. Balance risk and return. bonds, stocks and mutual funds) How meet long-term goals and grow your Save for retirement, child’s education, and wealth other needs. Plan for long-term goals. Track savings and monitor what you own. Borrowing If you borrow now, you can pay back more later. Avoid high cost borrowing, plan, understand, The cost of borrowing is based on how risky the and shop around. Understand how information lender thinks you are (credit score) in your credit score affects borrowing. Plan and meet your payment obligations. Track borrowing habits. Analyze renting versus owning a home. Protect Act now to protect yourself from potential Choose appropriate insurance. Build up an catastrophe later emergency fund. Shop around. Identity theft/fraud/scams Protect your identity. Avoid fraud and scams. Review your credit report. (Source: Federal Register’s “Financial Education Core Competencies: Comment Request, Department of Treasury”, Financial Literacy and Education Commission 2010) In Your Opinion What Are Benefits to Financial Literacy Education? Financial Literacy Education Benefits for High School Students Helps to recognize and set smart money management goals. Prevents falling into financial traps and mistakes (overspending, identity theft vulnerability, “Keeping up with the Joneses”) Gives self-confidence and stability hope in the present and the future. Helps to pursue higher education = employment and retirement stability and possibly success. How Do We Do It? Step 1: Know Thyself What is your education about money management? Ask yourself