Youth Finance

This paper examines how financial education significantly influences individuals' ability to make informed decisions, enhancing their economic stability and social mobility in today's economy. By reviewing literature, such as Anderson (2023) and Walstad et al. (2017), the paper highlights the benefits of early financial education for young people in managing adult financial responsibilities. Despite progress, the study notes persistent limitations in financial education accessibility across states, leaving many households vulnerable due to inadequate financial literacy. Key goals of financial education include understanding personal finance, recognizing good and bad debt, and acquiring practical budgeting skills. The paper emphasizes the need for educational leaders to implement robust financial programs and mandate financial literacy classes in high schools. By developing benchmarks for measuring financial education effectiveness, the study underscores the necessity of widespread financial education to foster a financially savvy population capable of tackling economic challenges. Author: Troy Anthony Anderson; Title: The Concept of Financial Education (FS-2024-0704).

Budgeting for college students presents unique challenges due to variations of income and expense. Combining a cash flow budget with a yearlong monthly financial plan allows planning for the variations of income and expenses that college students experience. Author: Jesse M. Ketterman, Ph.D.; Title: Budgeting 101 for College Students (FS-1194)

Children, teens, and young adults learn their money management skills from a variety of sources, such as school, media, and peers. But parents have the greatest influence on their children’s financial decisions. In fact, 56 percent of young adults say they rely on their parents for financial guidance. Money management must be learned and practiced. It’s important for children to learn about the value of money before they actually have any. Start early in your child’s life to instill habits and build on them as your child grows and learns.