Nevada County Picayune and Gurdon Times Newspaper Archive

Living Well

U. S. teens spent an estimated $141 billion during 1998 up 16 percent from 1997.

Of this total amount, $94 billion was money of their own, received through jobs, allowances, gifts, etc. The remaining $47 billion was family money entrusted to teens for the purchase of groceries, family errands, etc.

These figures are among the findings in a survey conducted by Teenage Research Unlimited (TRU). The firm, which polled 2,044 teens between the ages of 12 and 19, also found that on the average teens spend an average of $84 a week.

Sixty-nine percent of the teens surveyed by TRU reported having a savings account; 32 percent of the teens aged 18 to 19 have a credit card in their own name; 20 percent have checking accounts; 17 percent of teens own stocks or bonds; and nine percent report having access to a parent's credit card.

Financial experts warn that having and owning financial services and products does not necessarily mean they are being managed and used wisely. Money management is generally the farthest thing from most teenagers' minds. What they do not realize is that poor spending habits developed early in life may carry over to adult years when money must be used for necessities food, clothing and housing and not discretionary items, such as meals at fast food restaurants, Nike shoes, the latest compact disc and designer jeans.

Parents, educators and school policy makers should be concerned about students' roles as consumers. Far too many of today's teens are graduating high school with a basic comprehension of what it takes to manage money in today's world.

Initiated in 1984, the High School Financial Planning Program (HSFPP) may be the answer. Since its beginning, the program has been presented to hundreds of thousands of students in high schools in all 50 states. In Arkansas, more than 4,000 students were introduced to the program in 1998.

The Denver-based National Endowment for Financial Education, through its Public Education Center, developed and distributes the program. I's partner, the Cooperative State Research, Education and Extension Service, USDA, promotes and conducts the program on state and local levels.

The HSFPP is a seven-unit course that acquaints students with basic financial planning concepts and illustrates how these concepts apply to everyday life. The program addresses topics such as the time value of money, earning an income, protecting assets, wise use of credit, budgeting and saving money.

Available to public and private schools, church groups, 4-H, scouts and other youth groups, the program can be obtained free of charge by teachers or volunteer leaders who are willing to commit a minimum of 10 hours to the curriculum.

To find out more about the HSFPP, as well as other financial management programs for teens available through the Extension service, contact the Nevada County Cooperative Extension Service office.

Interested persons may also visit the following web site to learn more about teaching youth about money using the high school financial planning program: http://www. uaex.edu/money/HSFP/hs1.htm