The 2019 Teens & Personal Finance Survey revealed that 74% of U.S. teens ages 13–18 believe they will own a car by the time they are 30, with 60% believing they will own a home, 44% believing they will begin saving for retirement and 43% believing they will have paid off student loans.
While teens think they have it all figured out already, the 2021 Consumer Financial Literacy and Preparedness Survey found that three-quarters of U.S. adults (75%) agree they could benefit from advice and answers to everyday financial questions from a professional.
The good news is, it’s never too late (or early!) to start fostering financially responsible behaviors. After all, marketers begin targeting kids with toys, fashion and other must-haves at young ages. These efforts are impactful, especially when teens reach high school and college and begin making decisions that will influence their future earning potential for the rest of their lives. Not to mention after college, they are expected to care for themselves whether they’re ready or not.
“Financial literacy education can help people navigate the alluring waters of personal finance and separate fact from fiction,” said Nona Carroll, Maryland Business Roundtable for Education chief strategy officer and Next Generation Scholars program director. “Specifically for students and their families, having knowledge about loans, grants, credit scores and interest can help set them up for future success.”
That’s why MBRT has been meeting with seniors during their second engagement to help Next Generation Scholars understand the difference between loans and credit. College-bound students learn about various types of loans and how they work within the college financial aid process. For those who are not college-bound, general knowledge of loans and credit gained during this engagement can be applied to major purchases in life, including cars and homes.
Whenever possible, MBRT includes volunteers to assist with the financial literacy education such as Crystal Terhune, MSW, a University of Maryland Extension family and consumer sciences educator for Maryland’s Mid-Shore Region. Ms. Terhune focuses her community education on financial wellness and teaching underserved populations about needs-based benefits, programs and services that are available to them.
In addition, MBRT is hosting a virtual financial aid night February 9 at 6 p.m. Chesapeake College Assistant Director of Financial Aid Laura Shahan will present what financial aid is; cost of attendance; expected family contribution; financial need; the FAFSA; categories, types and sources of financial aid; and special circumstances. She will be ready to answer live questions from participation.
Students and their families are encouraged to register for the virtual session with their local coordinator.
