The workbook, Teen Money 101 is centered on the basic concepts of money that all teenagers should be aware of. It provides a fundamental understanding of the economics of living that would be instrumental throughout a person’s life.
The basic concepts introduced in this workbook would be expanded upon as the teenager goes through life.
Many teenagers do not have parents who normally discuss the theories and practices of the economic and monetary world. Most grow up requesting the current ‘toy’ from their parents, without understanding the ability of the parents to purchase this ‘toy’ or the impact of the purchase on the parents’ budget.
Many ordinary parents do not live by a budget, and therefore may operate in a deficit situation as they provide for the needs of their children; often not realizing that they are operating in a deficit situation until it is too late.
Most teenagers grow up in single-family homes, where the single parent is often a mother. This mother very often works two or more jobs to make ends meet. Where is the time to educate teenagers about money? In many cases the mother herself had never attended a course on the basics of budgeting and most often operates by instinct.
Most parents operate by instinct, with no financial planning knowledge or educated experience. They know their income, may know how much it costs to live monthly; but spend no time documenting or planning for future major purchases.
Management of money is not often taught in schools as a separate topic. This is one of the most fundamental courses that should be taught, due to the fact that it pervades everyone’s life, forever.
Since the writing of this guide, many states have mandated that High School graduates should have courses in personal finance literacy.
Groups such as banking institutions, Junior Achievement etc. go into the classroom and run classes on various financial topics. But there is a definite lack of material, particularly material presented in a structured workbook format. Personal financial topics may be covered in silos and not integrated to show the integration and relationship of one topic to another.
Teen Money 101, the workbook is written in the format of a narrative of two teenagers in a family. It offers current and future generations of teenager’s keen insights into and understanding of their personal financial situations. Hopefully, it would open their eyes and give them a foundation to plan for their economic and financial futures.
This workbook is intended for teenagers (ages 13 to 18). However, it can be used by any age group, as long as there is an understanding of money and exchange.
This book would be primarily used as a workbook in a facilitated classroom setting, in schools or after-school programs. It is envisioned that the workbook be facilitated over a period of 10 plus weeks, with weekly 45 to 60 minutes long class. However, due to the narrative style, this workbook can be used by individual teens as a self-guided text.
The objective of this Teacher’s Guide is to provide teachers and educators with a guide to teaching this particularly important and life changing topic of financial literacy leading to financial wellness.
Objectives are to:
Familiarize teachers and educators with the Teen Money 101 narrated workbook and its use in the delivery of Personal Finance instruction to teenagers.
Provide teachers / educators with the knowledge to enable the dissemination of financial concepts.
Familiarize and increase knowledge of Personal Finance concepts, enforced through practical applications and exercises.
To develop a foundation of basic financial knowledge on which young adults can grow and develop.
MAIN OBJECTIVE:
To never hear anyone say: ‘Where was this knowledge when we were growing up?’