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Making Wise Financial Decisions
Saving. Investing. Managing money wisely. Most teens - let
alone adults - have a hard time with all three. With an uncertain economy, managing money is a skill no one can afford to be without. Yet many of our nation's teenagers continue to advance into adulthood without learning the skills that lead to financial independence and fiscal well-being.
To address these issues, Boys & Girls Clubs of America partnered with the Charles Schwab Foundation to create a financial literacy program for teens called Money Matters: Make it Count. The program promotes financial responsibility among teens by building basic money management skills, such as maintaining a checking account, saving and paying for college.
The program was field tested at 20 Boys & Girls Club sites in late 2003. The response from Club staff and members has been overwhelmingly positive. Club staff report that the program materials are simple, straightforward and easy for teens to understand.
Teens themselves say they would recommend Money Matters to their friends because the program:
- teaches us how to save and spend wisely;
- stresses the importance of saving money for things you need;
- is a great program to keep young adults out of debt; and
- is fun and easy, but you learn at the same time.
Further, teens say the program has influenced them to:
- Be careful with money.
- Manage money more responsibly.
- Start a savings account.
- Think differently and make smart choices.
- Learn how to save money and budget.
With data from the Federal Reserve showing that consumer debt totals more than $1.67 trillion, it's clear that financial education is needed to help both teens and adults understand how debt affects their financial well-being. Thanks to the generosity of the Charles Schwab Foundation, the Money Matters program is helping Boys & Girls Club members avoid financial pitfalls and begin the journey to financial freedom.
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