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ASSETS MATTER Your Financial Road Trip High School Financial Education Training March 14-15, 2011 Washoe County School District

Your Financial Road Trip High School Financial Education Training March 14-15, 2011

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Your Financial Road Trip High School Financial Education Training March 14-15, 2011 Washoe County School District. Assets Matter. Assets enable families to: Weather economic crisis Make choices Invest in their futures Plan for retirement Transfer wealth to future generations. - PowerPoint PPT Presentation

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Page 1: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Your Financial Road Trip

High School Financial Education Training

March 14-15, 2011

Washoe County School District

Page 2: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Assets Matter

Assets enable families to: Weather economic crisis

Make choices

Invest in their futures

Plan for retirement

Transfer wealth to future generations

Bottom Line: Income helps people get by, assets help people to get ahead.

Page 3: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Assets Build Better LivesFamilies without savings and assets are more likely to experience:

• Divorce• Increased health problems for themselves and

their children• Less stable housing• Greater job turnover• Higher drop-out rates for their children• Less connection to their community

Page 4: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

What is Asset Poverty?

• A household is asset poor if it has insufficient net worth to support itself at the federal poverty level for three months in the absence of income.

• Federal poverty line for a family of four is $22,350 year (or, $430 per week)

• In Nevada, 34% of those earning $44,801-$68,800 are asset poor.

Page 5: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Asset Poverty by Race/Ethnicity

56.5

43.5

26.3

19.4

34

27

12

16

0

10

20

30

40

50

60

AfricanAmerican

Latino Caucasian Asian PacificIslander

Asset Poverty

Income Poverty

Source: http://scorecard.cfed.org/

Page 6: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Asset Poverty by Education

37.3

29.6

19.221.3

0

5

10

15

20

25

30

35

40

HighSchool

SomeCollege

BachelorDegree

AdvanceDegree

Asset Poverty 33%

Source: http://scorecard.cfed.org/

Page 7: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Financial Education Matters

• Nearly one-third of teens owe money to a person or company, with an average debt of $230.

• Average debt of young adults ages 22-29 is $16,120.

• People in the 18 to 24 age bracket spend nearly 30% of their monthly income just on debt repayment - double the percentage spent in 1992 (10% of net income is a recommended amount for debt obligation).

• The number of 18 to 24-year-olds declaring bankruptcy has increased 96% in 10 years.

Page 8: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Financial Education Matters

• While 71% agree that the best way for teens to learn about money is from guided, hands-on experience or their own example, only 20% involve their teen in the family’s budgeting and spending decisions.

• Americans shelled out more than $24 billion in credit card fees in 2004, an 18% increase over the previous year.

• In 2005, savings rates dipped to minus 0.5 percent, something that hasn't happened since the Great Depression in 1932 and 1933. A negative savings rate means that Americans spent all their disposable income and dipped into past savings or increased their borrowing.

Collected from Jumpstart Coalition as of April 2010

Page 9: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Teacher Survey

Source: www.nefe.org

Page 10: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Questions for Me?

Page 11: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Question for You

Do you think financial education is a stand-alone subject (like a physics course), or is it like reading – a skill to be learned and applied throughout life?

Page 12: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

1. Review NEFE HSFPP material2. Review Recommended Curriculum Flow3. Walk through a lesson4. Review additional supplemental materials,

including tests5. Brainstorm – ideas, tips, deficits,

outstanding issues to be covered.

Roadmap of Today’s Trip

Page 13: Your Financial Road Trip High School Financial Education Training March 14-15, 2011

ASSETS MATTER

Recommended Resources

Building Wealth – Federal Reserve Bank of Dallashttp://www.dallasfed.org/ca/wealth/index.cfm

Practical Money Skills for Lifehttps://www.practicalmoneyskills.com/foreducators/lesson_plans/teens.php

Money Guide for Teenshttp://moneytalks4teens.ucdavis.edu/

Hands On Banking – Wells Fargohttp://www.handsonbanking.org