Money FUN-damentals for Tweens

1. Money FUN-damentals for Tweens Nancy Hudson OSU Extension Specialist, Family Finances

2. Objectives • Gain knowledge of tweens as consumers • Know about tween financial literacy standards • Explore tween-targeted resources • Consider program development and implementation opportunities

3. Tween Spending Power • Age 12-14: $25 billion in 2003 • Age 8-11: $13 billlion in 2003 • Influence billions more • Cell phones • Vacations • Automobiles

4. Aiming at Tweens • Retailers • Brand marketers • Food manufacturers • Entertainment & media companies • Categorized by marketers • Ages 8 to 14; 7 to 12 • Grade school and Middle school

5. Tween Characteristics • Rapid maturation from year to year • Can’t drive • Don’t date • No job • No credit or checking accounts • Organized sports importance

6. The Tween Consumer • Better educated consumer than previous generations • Technology integral part of life • Media multi-taskers • Tremendous access to information • Social networking & self-created content • Pre-shop on-line then head to the mall

7. Parental Influence • Tweens strive to be hipper and older, but parents draw the line • 72% of purchases are parent-child • 19% by parent on behalf of child • 8% by child only • Clothing • Parents twice as likely to choose and purchase for boys than for girls • Brands are child-driven (86% of purchases)

8. Brands • Critical to fit in with peers • Teens: fashion sense • Tweens: brands as indicators • Localized • Brand popularity can vary in 15 mile radius • Gravitate to recognized brand… • Friends, older siblings, parents • …yet not brand loyal

9. Tween Priorities • Apparel (Parents’ money) • Shoes and sneakers • Entertainment • Books • Toys • DVD’s and videos • Accessories • Music CD’s

10. Genders Differ • Girls • Clothing and accessories • Games, gadgets, phones • Boys • Video games

11. What should tweens know? National Standards in K-12 Personal Finance Education See www.jumpstart.org Benchmarks for Grades 4, 8 and 12

12. Overall Competencies • Financial Responsibility & Decision-Making • Income and Careers • Planning and Money Management • Credit and Debt • Risk Management and Insurance • Saving and Investing Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

13. Financial Responsibility & Decision Making By 4th grade • Limited resources force choices • Reach goals by ranking wants and needs • Use systematic decision-making for financial choices • Compare benefits and costs of spending options • Information comes from many sources • Every decision has opportunity cost Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

14. Financial Responsibility & Decision Making Added expectations by 8th grade • Financial choices have benefits, costs, and future consequences • A key is to spend less than your earn • Do not rely on advertising claims as the sole source of information • Comparison shopping helps get the best value for the money. Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

15. Selected Tween Resources Featured in June 2009 Elementary teacher in-service • LuAnn Duncan • Nancy Hudson • Sally McClaskey • Judy Villard-Overocker

16. Making ¢ents of It • 5 Lessons • History of Money and How Money is Made; • Wants and Needs and Setting a Savings Goal • Savings • Counting Money and Making Change • Consumer $ense • Take-home sheet for parents University of Nebraska-Lincoln ($14.95) Grades 2-3 http://4h.unl.edu/makingcentsofit/ Betsy DeMateo at dematteo.15@osu.edu Nancy Hudson at hudson.2@osu.edu

17. Reading Makes ¢ents 7 lessons • History of money • Managing money • Earning money • Spending money • Saving money • Sharing money • Borrowing and lending money National 4-H Curriculum ($17) www.4-hmall.org Grades 3-5 for camps, after-school settings, etc. Sally McClaskey at mcclaskey.12@osu.edu

18. Becoming Money Wise • Feelings about money • Wants and Needs • Where does my money come from? • Where does my money go? • Impact of advertising • Goal setting Ohio 4-H Project Ages 10-13 (Levels I and II) Judy Villiard-Overocker at villard.1@osu.edu

19. Money FUN-damentals • Learn about yourself • Talk about and help set goals • Sound decisions about saving and spending money • Communicating with others and solving problems Ohio 4-H Project w/ Helper’s Guide Ages 12-13 Judy Villiard-Overocker at villiard.1@osu.edu

20. Consumer Savvy Series • The Consumer in Me (grades 4-5) ▪ Basics ▪ Spending ▪ Saving ▪ Service • Consumer Wise (grades 6-8) ▪ Rights & Responsibilities ▪Decisions ▪Advertising ▪ Internet Safety • Helper’s Guide(grades 4-12) ▪ Discussions ▪Role-plays ▪Activities ▪Games National 4-H Curriculum www.4-hmall.org $3.95 each; $15.40 Set of 4 LuAnn Duncan at duncan.920@osu.edu

21. Real Money. Real World. • Build awareness of connections • Education • Occupation • Income • Lifestyle and Financial Choices • Apply opportunity cost choices • Inspire attitude & behavior adjustments OSU Extension Program Grades 6-12 Nancy Hudson hudson.2@osu.edu Beth Bridgemanbridgeman.7@osu.edu

22. A Few More Resources • Money Math • Search by title at www.jumpstart.org • Allowance & Spending Games • Search title at www.extension.iastate.edu • Payment Parliament • See Education Resources at http://www.kansascityfed.org

23. www.ua.edu/features/tween

24. Where to go from here? • Roles for Extension • Program ideas • Shopping bag reincarnation • Money camp • What else?

25. References • Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org • Read Tween the Lines. The University of Alabama. www.ua.edu • “Tween spending power totals $38 billion.” Youth Markets Alert. 2003 • “Tween Spending Report Guides Marketers to Spend-Happy, Influential Kids.” EPM Communications 2008. • “What a Tween Wants…Now: Market Research Experts Reveal What’s New With This Important Demographic,” Children’s Business. 2004.