Making Financial Literacy Count

Teaching youth financial literacy is a skill that is often overlooked, but in today's society, could not be more important. Giving kids the education and tools they will need to make sound financial decisions when they get their first job, start paying for college, and investing in their families is critical. With many of our youth coming from families that live in poverty and are often unemployed, learning how to set goals and manage their finances is not something they usually learn at home.

Boys & Girls Clubs of America has a program called Money Matters that is designed to promote financial responsibility and independence in teens. From October through November of last year, our Director of Finance and Administration, Chris West, ran Money Matters at our Mt. Pleasant Club. For five weeks, participants learned:

• How taxes affect your paycheck;
• Writing a check;
• Assessing needs vs. wants when making purchases;
• The importance of having and sticking to a budget;
• Using credit;
• Why saving is important;
• Investing in the stock market;
• Saving for and financing college, including navigating the dreaded financial aid process; and
• Starting your own business- both the advantages and the drawbacks.

I think we could probably all use some more guidance in these areas! Teaching kids how to become successful does not end with just having book-smarts. To be a productive, responsible citizen, they also need to learn how to be a financially sound contributor to their communities!

The kids perhaps most enjoyed managing the class' actual budget of $210. In an attempt to most effectively utilize the funds, the group decided they would forgo purchasing pizza for every meeting, and instead use the money for incentives that would be given to those kids that had attended 4 out of the 5 classes!

The class culminated with an exciting tour of the Federal Reserve. At no cost, the field trip fit into the kids' budget!