EMPOWERMENT THROUGH EDUCATION Money FUN-damentals for Tweens Nancy Hudson OSU Extension Specialist,...
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Transcript of EMPOWERMENT THROUGH EDUCATION Money FUN-damentals for Tweens Nancy Hudson OSU Extension Specialist,...
EMPOWERMENT THROUGH EDUCATION
Money FUN-damentals for TweensNancy Hudson
OSU Extension Specialist, Family Finances
Objectives
• Gain knowledge of tweens as consumers
• Know about tween financial literacy standards
• Explore tween-targeted resources
• Consider program development and implementation opportunities
• Age 12-14: $25 billion in 2003
• Age 8-11: $13 billlion in 2003
• Influence billions more– Cell phones– Vacations– Automobiles
Tween Spending Power
Aiming at Tweens
• Retailers
• Brand marketers
• Food manufacturers
• Entertainment & media companies
• Categorized by marketers– Ages 8 to 14; 7 to 12– Grade school and Middle school
Tween Characteristics
• Rapid maturation from year to year
• Can’t drive
• Don’t date
• No job
• No credit or checking accounts
• Organized sports importance
The Tween Consumer
• Better educated consumer than previous generations
• Technology integral part of life– Media multi-taskers – Tremendous access to information– Social networking & self-created content– Pre-shop on-line then head to the mall
Parental Influence
• Tweens strive to be hipper and older, but parents draw the line– 72% of purchases are parent-child– 19% by parent on behalf of child– 8% by child only
• Clothing– Parents twice as likely to choose and
purchase for boys than for girls– Brands are child-driven (86% of
purchases)
Brands
• Critical to fit in with peers– Teens: fashion sense– Tweens: brands as indicators
• Localized– Brand popularity can vary in 15 mile
radius
• Gravitate to recognized brand…– Friends, older siblings, parents
• …yet not brand loyal
Tween Priorities
• Apparel (Parents’ money)• Shoes and sneakers• Entertainment• Books• Toys• DVD’s and videos• Accessories• Music CD’s
Genders Differ
• Girls– Clothing and accessories– Games, gadgets, phones
• Boys– Video games
What should tweens know?
National Standards in K-12 Personal Finance
EducationSee www.jumpstart.org
Benchmarks for Grades 4, 8 and 12
Overall Competencies
• Financial Responsibility & Decision-Making
• Income and Careers
• Planning and Money Management
• Credit and Debt
• Risk Management and Insurance
• Saving and Investing
Source: Jump$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 – 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– 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
Ohio 4-H ProjectAges 10-13 (Levels I and II)
Judy Villiard-Overocker at [email protected]
• Feelings about money• Wants and Needs• Where does my money
come from?• Where does my money go?• Impact of advertising• Goal setting
• Learn about yourself• Talk about and help set
goals• Sound decisions about
saving and spending money
• Communicating with others and solving problems
Money FUN-damentals
Ohio 4-H Project w/ Helper’s GuideAges 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; $15.40 Set of 4LuAnn Duncan at
Real Money. Real World.
• Build awareness of connections– Education– Occupation– Income– Lifestyle and Financial Choices
• Apply opportunity cost choices• Inspire attitude & behavior
adjustments
OSU Extension ProgramGrades 6-12
Nancy Hudson [email protected] Beth Bridgeman [email protected]
• Money Math– Search by title at www.jumpstart.org
• Allowance & Spending Games– Search title at www.extension.iastate.edu
• Payment Parliament– See Education Resources at
http://www.kansascityfed.org
A Few More Resources
www.ua.edu/features/tween
Where to go from here?
• Roles for Extension
• Program ideas– Shopping bag reincarnation– Money camp– What else?
References
• Jump$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 Spend-Happy, 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.