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Building Financial Literacy and Awareness for Young Adults with Dara Duguay

In Session 47, Dara Duguay from the Jump$tart Coalition discusses the significance of financial literacy for young adults. With alarming statistics showing inadequate savings and high debt among youth, the session emphasizes the importance of foundational financial education. Duguay highlights strategies to improve money management skills through targeted instruction, demonstrating that as little as 10 hours of education can yield positive behavioral changes in students. Resources like the Money Matters Interactive CD-Rom and the Jump$tart Clearinghouse are available to aid students in securing their financial futures.

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Building Financial Literacy and Awareness for Young Adults with Dara Duguay

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  1. Session 47 Programs for Building Early Awareness & Financial Literacy By Dara Duguay Jump$tart Coalition Session 47

  2. Financial Literacy Defined Financial literacy refers to the basic skills people need to manage money and make financial decisions. Session 47

  3. Statistics • 61% of 24- 64 year-olds have no retirement savings account of any kind • 21% of undergraduates owe between $3,000- $7,000 on their credit cards • Mortgage delinquencies have surged to their highest level since 1992 • Teens spent $173 billion in 2001, equal to Mexico’s yearly exports Session 47

  4. Statistics • College students borrowed in the 90s what they did in the 60s, 70s & 80s combined • Graduating students owe an average of $20,402 in student loan & credit card debt • Bankruptcies filed by those under-25 rose 96% from 1991- 1999 to 118,000 • 2001 Personal Savings Rate was 1.6% • Non-secured consumer debt= 1.65 trillion Session 47

  5. Jump$tart Coalition Personal Finance Survey Results • 2002 National Benchmark Study • 4,024 High School Seniors • Average Score was 50.2%-a Failing Grade • 65% said they felt “very sure” or “somewhat sure” about ability to manage their finances Session 47

  6. The Good News • As little as 10 hours of classroom instruction can affect how teens handle their money • 58% of students improved their spending habits • 56% of students improved their savings habits NEFE Financial Literacy Study Session 47

  7. More Good News • Adults, age 30-49, who studied personal finance in high school had: • A greater net worth – by about • 1 year of income • More personal savings! • Education and Savings: The Long-Term Effects of HS Financial Curriculum Mandates, • Bernheim, B.D., Garrett, D.M., and Maki. 1997. Session 47

  8. Major Jump$tart Activities • Standards and Benchmarks • Clearinghouse • State Coalitions Session 47

  9. Personal Finance Standards & Benchmarks What students need to know and be able to do. • Income • Money Management • Spending and Credit • Saving and Investing Session 47

  10. Search the Clearinghousewww.jumpstart.org You will find: • Personal finance materials • teaching guides, videos, CDs • textbooks, web sites and more • Many free and low-cost sources Session 47

  11. State Coalition Status Map Session 47

  12. Partnership Please Send Money: A Financial Survival Guide for Young Adults By Dara Duguay American Education Services (AES) A Division of the Pennsylvania Higher Education Assistance Agency (PHEAA) Session 47

  13. Project Specifics • Money Matters Interactive CD-Rom. • One component of AES/PHEAA’s public service campaign. • Provide students with the information to plan for their financial futures now. • Distributed at no cost to financial aid administrators. • Selected content from Please Send Money. • Interactive worksheets. Session 47

  14. Content Examples • Understanding Your Student Loans • Tax Deductions • Seven Easy Steps to Creating a Budget • Determine Your Financial Priorities • Managing Your Debt Session 47

  15. Content Examples • Paying Off Credit Balances • The Hidden Dangers of Interest • How to Avoid Debt • Consequences of Default • Money Motivators • Millionaire by 65 Session 47

  16. What Can You Do? • Request copy of Money Matters- CD-Rom • Become familiar with content • Encourage students visiting financial aid office to utilize the CD-Rom • Organize workshops Session 47

  17. Resources • YouCanDealWithIt.com • Money Matters CD-Rom • Jump$tart Clearinghouse- http://www.jumpstart.org • Workshops Session 47

  18. Contact Us I appreciate your feedback and comments. I can be reached at: Dara Duguay Phone: 202-466-8610 Fax: 202-223-0321 Email: dduguay@afsamail.org Session 47

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