Financial Literacy for Youth: Your Money Your Future

Summary

McIntosh County Extension 4-H staff provide financial literacy programs for local youth.

Situation

In a recent national study, high school seniors correctly answered less than half (48.3%) of questions designed to measure financial literacy (Jumpstart Coalition for Personal Financial Literacy, 2008). Georgia is one of 14 states where less than two-thirds of public high school students graduate from high school (Public High School Graduation Rates, 2006). Financially literate individuals are more likely to plan for retirement and to have an emergency savings fund, and less likely to engage in credit behaviors that generate high interest payments and fees (Financial Capability in the United States, December 2009).

Response

The County Extension Agent and Program Assistant in McIntosh County piloted the Program, entitled Your Money Your Future. A team of UGA Cooperative Extension agents and specialists developed the series of six, interactive basic financial management lessons for middle school youth. Lessons included: You & Money, including how you obtain money and introduction of the concepts of spending, saving and sharing money wisely; Your Money Personality, assessing spending habits and how to make good decisions; SMART Goals, stressing the importance of planning for certain purchases; Saving Matters, showing how to save strategically for the future; Using Credit Wisely, how credit purchases work and how to avoid pitfalls; Invest in Yourself, put needs before wants, add to savings, and earn extra to save.

Impact

A total of 943 matched pre- and post-tests were received from participants in 20 counties. McIntosh County returned 60 matched pre- and post-tests accounting for 6.36 % of the total in the state wide pilot group. Locally the program reached more girls (65.0%) than boys (35.0%). Participants ranged in age from 12 to 20 years of age as follows: 12 (1.7%), 13 (54.2%), 14 (37.3%), 15 (5.1%) and 20 (1.7%). Analysis showed from the conclusion of the Your Money Your Future lessons significant increase in knowledge post- over pre-tests in several key areas. __ 26.7% reported they would save for goals __ 89.8% would never think of quitting school __ 55.9% increased their desire to earn extra money for goal purchases __ 84.7% recognized the importance of going to college

State Issue

Financial Literacy for Youth

Details

• Year: 2010
• Geographic Scope: County
• County: McIntosh
• Program Areas:
  • 4-H Youth
  • Family and Consumer Sciences