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## Other Youth Topics

## Breadcrumb

            -  Youth Topics 
            -  Financial Capability & Literacy 
            -           Facts About Youth Financial Knowledge & Capability      

# Facts About Youth Financial Knowledge & Capability

Teaching financial capability is important because youth are increasingly facing higher levels of debt:
                      - The average loan student debt for students graduated from college in 2022 was $37,5746. 1
                      - The average college student has approximately $3,100 in credit card debt. 2
                      - For up-to-date information on the federal student loan portfolio including Direct Loans, Federal Family Education Loans (FFEL), and Perkins Loans with outstanding balances review the  Federal Student Loan Portfolio .

Unfortunately, many youth have not received either formal or informal guidance on financial matters. Individuals in low-income households can lack access to financial services. Absent suitable consumer protection and school-based K-12 financial education, youth in low-income households as adults can fall victim to scams, high-interest rate loans, and debt. Educating low-income individuals in financial management can be an effective way to improve their knowledge in five areas:
                      - predatory lending practices,
                      - public and work-related benefits,
                      - banking practices,
                      - savings and investing strategies,
                      - and credit use and interest rates. 3

Young people often learn about money informally through socialization, such as observing and listening to their caregivers, influential adults, and peers. Youth are not consistently introduced to instruction on money matters—for example, through a classroom curriculum or other education on saving, spending, allowances, and the importance of focusing on short-term goals (i.e., purchasing an item, saving money, paying off a debt) to be able to get to long-term financial goals (i.e., saving for college, buying a house).4

Understanding what youth do not know about financial topics is important. It is also beneficial to identify the specific concerns that youth have when it comes to money.

A survey of a diverse group of youth and adults regarding what they wanted to learn about finance, found that concerns among youth varied depending on their background.5 The survey also found a disconnect between what adults thought youth should learn and what youth ranked first, for example:
                      - Pregnant or parenting teens and teens in the juvenile justice system or on probation were most concerned about learning how to save money for a home; whereas migrant teens and teens in school were most interested in learning how to save money for college.
                      - Almost 70 percent of adults in the survey felt that teens should learn about how to complete and file a tax return form, but only 39 percent of the teens were interested in learning about this topic.	                         - However, more than half of the teens in the juvenile justice system or on probation and almost half of the migrant teens showed an interest in learning how to complete and file a tax return.
                      - Although a majority of teens wanted to learn about money, more than half wanted to learn in an easy way. This could include strategies that are convenient, that use technology, and are not time consuming for youth.

## Resources

**Money as You Grow**Parents and caregivers can use the tips, conversation starters, and activities to help their children gain the “building blocks” that lead to strong money skills, habits, and attitudes in adulthood. Features the Money as You Grow Bookshelf, for parents of children ages 4 to 10.

**Meet the Money Monsters!**The Money Monsters are a group of creatures who are new to our universe who need to learn about many important things like school, friendship, and financial literacy. Parents and caregivers can use the free publications and reading guides to help their children gain the “building blocks” that lead to strong money skills, habits, and attitudes in adulthood.

****Your Financial Path to College Graduation****Have a college financial aid offer? Use this tool to help you:
                      - Understand your financial aid offer
                      - Plan to cover the remaining costs
                      - Estimate how much you’ll owe and if you can afford that debt
                      - Compare offers from different schools
                      - Decide what to do next

****Map Your Money Journey Survey****CFPB has developed youth financial capability self-assessment tools to help young people understand their own financial capability including their areas of strength and areas for growth. They can use this information to reflect on what they may to do improve their financial capability.

******Teaching Young People About Money: Tips for Parents and Caregivers******The FDIC provides tips and tools that parents can use to teach their children facts about earning, spending, and saving money at any age.

******What's in Your Piggy Bank? Motivating Young First-Time Workers to Save******This recorded webinar highlights the First-Time Workers program, a pilot project from Young America Saves, which promotes saving at work for young adults, ages 16–24, as one effort to increase overall workplace saving.

******Hit the Road — A Financial Adventure******Hit the Road takes users on an interactive, virtual road trip across the country, but the journey is not easy. They must save and spend money wisely to complete challenges along the way.

## References

1 Student Loan Debt Statistics (Best Colleges), 20232 Norvilitis & Linn, 20213 Zhan, Anderson, & Scott, 20064 Shim, Serido, Bosch, & Tang, 2013; Kim & Chatterjee, 2013; Danes, Rodriguez, & Brewton, 20135 Varcoe et al., 2001

## Other Resources on this Topic

### Announcements 

                          - Report: A Retrospective Look at U.S. Education Statistics
                          - Report: Financial Literacy of 15-Year-Olds: Results from Program for International Student Assessment (PISA) 2015
                          - Report: Food Insecurity and Health-Related Concerns Among Elementary Schoolteachers During the COVID-19 Pandemic
                          - Report: High School Counseling and College Financial Aid
                          - Report: Lessons from a Historic Decline in Child Poverty
                          - Report: Outcomes of 2015–16 Bachelor’s Degree Earners in 2020
                          - Report: Reducing Intergenerational Poverty
                          - Report: Revenues and Expenditures for Public Elementary and Secondary School Districts, 2021
                          - Report: The Financial Literacy of 15-year-olds in the U.S. and Abroad
                          - Resource: 2019–20 National Postsecondary Student Aid Study: First Look at Student Financial Aid Estimates for 2019–20
                          - Resource: 5 Student Benefit Programs You Need to Check Out
                          - Resource: Addressing the Long-Term Effects of the COVID-19 Pandemic on Children and Families
                          - Resource: Annual Survey of School System Finances
                          - Resource: Economic Empowerment for People Who Have Experienced Human Trafficking: A Guide for Anti-Trafficking Service Providers
                          - Resource: Engaging People with Lived Experience: Resources from Division X Technical Assistance
                          - Resource: Fact Sheet on Student Loan Relief
                          - Resource: Federal Student Aid and Homeless Youth
                          - Resource: Financial Literacy Activities
                          - Resource: Fostering Financial Empowerment for Youth and Young Adults with Disabilities
                          - Resource: Future Self Tool
                          - Resource: Guide to Help Organizations Connect Individuals with Stimulus Payment
                          - Resource: Helping Consumers Claim the Economic Impact Payment Guide
                          - Resource: Information for Student Loan Borrowers
                          - Resource: John H. Chafee Foster Care for Successful Transition to Adulthood Program Resource List
                          - Resource: Medicaid in Schools
                          - Resource: Money As You Grow: Help for Parents and Caregivers
                          - Resource: National Postsecondary Student Aid Study: First Look at Student Financial Aid Estimates for 2019–2020
                          - Resource: Options That May Help Survivors of Sexual Violence Continue Their Education and Manage Federal Student Loans
                          - Resource: Rural Development Institutions of Higher Education Funding and Resource Guide
                          - Resource: Social Determinants of Health
                          - Resource: Statement from Secretary Miguel Cardona: District Court Ruling on the Biden-Harris Administration Student Debt Relief Program
                          - Resource: Strengthening Information Accessibility for Consumers with Limited English Proficiency
                          - Resource: Student Loan Debt Relief
                          - Resource: Supplemental Nutrition Assistance Program (SNAP): Preparing for Changes in Student Eligibility Following the End of the COVID-19 Public Health Emergency
                          - Resource: Supplemental Security Income (SSI) for Children
                          - Resource: Tip Sheets on Everyday Parenting Topics
                          - Resource: Toolkit for Embracing a "Youth Welfare" System: A Guide to Capacity Building
                          - Resource: Updated Youth Financial Education Website
                          - Resource: Using Federal Funds for Summer Learning and Afterschool: A Guide for Providers, School Districts, and Intermediaries
                          - Resource: Youth Financial Education Publications
                          - Share with Youth: Create a “my Social Security” Account
                          - Share with Youth: Don’t Fall for These Scams: Phishing and Vishing
                          - Share with Youth: How to Get a Scholarship in Six Simple Steps
                          - Share with Youth: Resources for Transfer Students
                          - Share with Youth: Your Financial Path to Graduation
                          - Student Loan Debt Relief Program Is Blocked
                          - The Student Loan Payment Pause Has Been Extended (Share with Youth)
                          - Webinar Series: Better FAFSA, Better Future
                          - Webinar: College Planning Made Easy
                          - Youth Voices Have Moved to YE4C

### Feature Articles 

                          - Building Financial Capability: A Planning Guide for Integrated Services
                          - Financial Empowerment Toolkit
                          - Just Launched! Redesigned YE4C
                          - MyMoney.Gov: Expanding Financial Education and Access
                          - Recovering from Identity Theft
                          - Student Loan Forgiveness Scams

### Programs 

                          - John H. Chafee Foster Care Program for Successful Transition to Adulthood

### Resources 

                          - How Kids Develop Money Skills
                          - Money As You Grow Book Shelf
                          - Personal Finance Teaching Tool
                          - Share with Youth: Financial inTuition Podcast
                          - Supplemental Security Income (SSI) for Children
                          - Youth Financial Education:  Building Money Habits and Values
                          - Youth Financial Education:  Money Habits and Values Activities
                          - Youth Financial Education:  Practicing money skills and decision-making
                          - Youth Financial Education: Executive Function Activities
                          - Youth Financial Education: Practicing Money Skills and Decision-making

### Tools & Guides 

                          - Building Financial Capability: A Planning Guide for Integrated Services
                          - Curriculum Review Tool
                          - Expanding K–12 Financial Education
                          - Money As You Grow: Facilitator's Guide
                          - Parent Guide:  A Bargain for Frances
                          - Parent Guide:  Curious George Saves His Pennies
                          - Parent Guide: A Chair for Mother
                          - Parent Guide: Alexander Who Used to Be Rich on Monday
                          - Parent Guide: Count on Pablo
                          - Parent Guide: Just Shopping with Mom
                          - Parent Guide: Lemonade in Winter
                          - Parent Guide: Lemonade in Winter
                          - Parent Guide: My Rows and Piles of Coins
                          - Parent Guide: The Berenstain Bears Trouble with Money
                          - Parent Guide: The Berenstein Bears and Mama's New Job
                          - Parent Guide: The Ox Cart Man
                          - Parent Guide: The Purse
                          - Parent Guide: The Rag Coat
                          - Youth Financial Education: Developing Executive Function

### Websites 

                          - Share with Youth: MyCreditUnion.gov

### Youth Topics 

                          - Financial Capability & Literacy

## Youth Briefs

How Individualized Education Program (IEP) Transition Planning Makes a Difference for Youth with Disabilities
Youth who receive special education services under the Individuals with Disabilities Education Act (IDEA 2004) and especially young adults of transition age, should be involved in planning for life after high school as early as possible and no later than age 16. Transition services should stem from the individual youth’s needs and strengths, ensuring that planning takes into account his or her interests, preferences, and desires for the future.

Youth Transitioning to Adulthood: How Holding Early Leadership Positions Can Make a Difference
Research links early leadership with increased self-efficacy and suggests that leadership can help youth to develop decision making and interpersonal skills that support successes in the workforce and adulthood. In addition, young leaders tend to be more involved in their communities, and have lower dropout rates than their peers. Youth leaders also show considerable benefits for their communities, providing valuable insight into the needs and interests of young people

How Trained Service Professionals and Self-Advocacy Makes a Difference for Youth with Mental Health, Substance Abuse, or Co-occurring Issues
Statistics reflecting the number of youth suffering from mental health, substance abuse, and co-occurring disorders highlight the necessity for schools, families, support staff, and communities to work together to develop targeted, coordinated, and comprehensive transition plans for young people with a history of mental health needs and/or substance abuse.

Young Adults Formerly in Foster Care: Challenges and Solutions
Nearly 30,000 youth aged out of foster care in Fiscal Year 2009, which represents nine percent of the young people involved in the foster care system that year. This transition can be challenging for youth, especially youth who have grown up in the child welfare system.

Coordinating Systems to Support Transition Age Youth with Mental Health Needs
Research has demonstrated that as many as one in five children/youth have a diagnosable mental health disorder. Read about how coordination between public service agencies can improve treatment for these youth.

Civic Engagement Strategies for Transition Age Youth
Civic engagement has the potential to empower young adults, increase their self-determination, and give them the skills and self-confidence they need to enter the workforce. Read about one youth’s experience in AmeriCorps National Civilian Community Corps (NCCC).

## Main navigation

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- Facts About Youth Financial Knowledge & Capability
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Student Loan Forgiveness Scams

Just Launched! Redesigned YE4C

Building Financial Capability: A Planning Guide for Integrated Services

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Supplemental Security Income (SSI) for Children

Share with Youth: Financial inTuition Podcast

Money As You Grow Book Shelf

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