Inside the Foundation  
 
Teens Trust Parents, Teachers When it Comes to Learning about Money
Tuesday, April 01, 2014 8:00 AM

In an era of being constantly “plugged in” and with advice coming from all directions and channels, an H&R Block Dollars & Sense survey finds that 75 percent of teens still say their parents are their most important source of financial information. In fact, 62 percent of teens view their parents as good money management role models; only 4 percent say that they are bad examples. Additionally, almost half (47 percent) turn to their teachers for money knowledge.

“It’s so important for young people to be able to turn the people they trust when it comes to learning how to manage money,” Cornerstone Credit Union Foundation Executive Director Courtney Moran. “With the right financial skills and knowledge, young people can avoid financial mishaps in adulthood.”

With April being National Financial Literacy Month, Moran is encouraging credit unions to continue their financial education outreach. Credit unions interested in taking financial education into their local schools and communities should take advantage of the Foundation’s free FOCUS “train the trainer” workshops. This one-day workshop is designed to arm credit unions, educators, non-profit organizations and community leaders with the skills they need to motivate young people into adopting positive savings and spending habits.

Workshop participants will learn about BizKid$ and the National Endowment for Financial Education High School Financial Planning Program (NEFE HSFPP). Following is a list of workshops scheduled in 2014:

  • April 30, Dallas, Texas
  • June 6, Oklahoma City, Okla.
  • June 27, Houston, Texas
  • July 11, Arkansas
  • Sept. 19, Austin, Texas
  • Oct. 10, San Antonio, Texas

Other highlights from the H&R Block Dollars & Sense survey of young adults, ages 13-17 include:

  • Eight of every 10 teenagers are worried about finding a good job.
  • More than half are concerned about being worse off financially than their parents.
  • A whopping 78 percent are anxious about potential student loan debt, yet 97 percent still plan on attending college.
  • A vast majority of teens (78 percent) worry about borrowing too much in student loans, fearing crippling debt after leaving college.