On Tuesday morning I had the honor of addressing more than 200 area high school teachers at the 8th annual WISE National MoneyPOWER Conference for Financial Literacy. It was Election Day – and for many of these teachers, also their day off. I didn’t want to disappoint, especially since I knew I was being prejudged.
Take this blog post written by one teacher in the audience a few days prior to the event (I discovered it while admittedly Googling myself): “When I first learned that the opening session of the workshop I will attend in Manhattan this Tuesday would include a lecture by Farnoosh Torabi, I silently prepared myself for a bland speech by an elderly economics professor from India.”
I get that a lot.
Clearly, I read that anonymous blog post aloud at the top of my speech. It won enough chuckles in the audience for me to feel confident that the rest of my keynote address – an overview of teens’ issues with money – wouldn’t be a complete snooze fest.
But let’s be real, it’s pretty hard to fall asleep to these facts:
- High school seniors recently failed a basic test on financial literacy, scoring a 48%, the lowest ever recorded, according to the JumpStart Coalition. College students are graduating with an average $4,000 in credit card debt and another $20,000 in student loans.
- Half of college grads are moving back home with their parents indefinitely after failing to find work.
- Young adults age 18-25 are the fastest group of bankruptcy filers in the country.
As I explained to teachers, what makes it particularly difficult today to educate young adults about money is that it’s a highly emotional time. The down economy has brought on tremendous pressure for families to keep their head above water financially. And while much of the hardship is affecting working adults, teens are also emotionally drained. I worked on a national survey last year with Bank of America and Seventeen Magazine. We polled 2,000 teens in this country and found:
- Nearly half (45%) of teens say their parents are worrying or fighting a lot more about money.
- And 85% of teens are stressed about money.
Pages: 1 2
Pages: 1 2
Farnoosh Torabi Personal Finance Contributor, Farnoosh is a nationally recognized author, expert and television host. Her first book, You're So Money, is an acclaimed tell-all for young adults searching for financial independence. Her new book Psych Yourself Rich, gives readers the mindset and discipline to build their financial life. Reach Farnoosh at creditexperts@credit.com.
Follow Us
