EMPOWERMENT THROUGH EDUCATION

Money FUN-damentals for TweensNancy Hudson

OSU Extension Specialist, Family Finances

Objectives

• Gain knowledge of tweens as consumers

• Know about tween financial literacy standards

• Explore tween-targeted resources

• Consider program development and implementation opportunities

• Age 12-14: $25 billion in 2003

• Age 8-11: $13 billlion in 2003

• Influence billions more– Cell phones– Vacations– Automobiles

Tween Spending Power

Aiming at Tweens

• Retailers

• Brand marketers

• Food manufacturers

• Entertainment & media companies

• Categorized by marketers– Ages 8 to 14; 7 to 12– Grade school and Middle school

Tween Characteristics

• Rapid maturation from year to year

• Can’t drive

• Don’t date

• No job

• No credit or checking accounts

• Organized sports importance

The Tween Consumer

• Better educated consumer than previous generations

• Technology integral part of life– Media multi-taskers – Tremendous access to information– Social networking & self-created content– Pre-shop on-line then head to the mall

Parental Influence

• Tweens strive to be hipper and older, but parents draw the line– 72% of purchases are parent-child– 19% by parent on behalf of child– 8% by child only

• Clothing– Parents twice as likely to choose and

purchase for boys than for girls– Brands are child-driven (86% of

purchases)

Brands

• Critical to fit in with peers– Teens: fashion sense– Tweens: brands as indicators

• Localized– Brand popularity can vary in 15 mile

radius

• Gravitate to recognized brand…– Friends, older siblings, parents

• …yet not brand loyal

Tween Priorities

• Apparel (Parents’ money)• Shoes and sneakers• Entertainment• Books• Toys• DVD’s and videos• Accessories• Music CD’s

Genders Differ

• Girls– Clothing and accessories– Games, gadgets, phones

• Boys– Video games

What should tweens know?

National Standards in K-12 Personal Finance

EducationSee www.jumpstart.org

Benchmarks for Grades 4, 8 and 12

Overall Competencies

• Financial Responsibility & Decision-Making

• Income and Careers

• Planning and Money Management

• Credit and Debt

• Risk Management and Insurance

• Saving and Investing

Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

Financial Responsibility & Decision Making

By 4th grade• Limited resources force choices• Reach goals by ranking wants and needs• Use systematic decision-making for

financial choices• Compare benefits and costs of spending

options• Information comes from many sources• Every decision has opportunity cost

Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

Financial Responsibility & Decision Making

Added expectations by 8th grade• Financial choices have benefits, costs,

and future consequences• A key is to spend less than your earn• Do not rely on advertising claims as the

sole source of information• Comparison shopping helps get the best

value for the money.

Source: Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

Selected Tween Resources

Featured in June 2009

Elementary teacher in-service•LuAnn Duncan•Nancy Hudson•Sally McClaskey•Judy Villard-Overocker

Making ¢ents of It

• 5 Lessons – History of Money and How Money is Made; – Wants and Needs and Setting a Savings Goal– Savings– Counting Money and Making Change– Consumer $ense

• Take-home sheet for parents

University of Nebraska-Lincoln ($14.95)Grades 2-3

http://4h.unl.edu/makingcentsofit/Betsy DeMateo at dematteo.15@osu.edu

Nancy Hudson at hudson.2@osu.edu

Reading Makes ¢ents

7 lessons– History of money– Managing money– Earning money– Spending money– Saving money– Sharing money– Borrowing and lending money

National 4-H Curriculum ($17) www.4-hmall.org Grades 3-5 for camps, after-school settings, etc.

Sally McClaskey at mcclaskey.12@osu.edu

Becoming Money Wise

Ohio 4-H ProjectAges 10-13 (Levels I and II)

Judy Villiard-Overocker at villard.1@osu.edu

• Feelings about money• Wants and Needs• Where does my money

come from?• Where does my money go?• Impact of advertising• Goal setting

• Learn about yourself• Talk about and help set

goals• Sound decisions about

saving and spending money

• Communicating with others and solving problems

Money FUN-damentals

Ohio 4-H Project w/ Helper’s GuideAges 12-13

Judy Villiard-Overocker at villiard.1@osu.edu

Consumer Savvy Series

• The Consumer in Me (grades 4-5)▪ Basics ▪ Spending ▪ Saving ▪ Service

• Consumer Wise (grades 6-8)

▪ Rights & Responsibilities ▪ Decisions

▪ Advertising ▪ Internet Safety

• Helper’s Guide (grades 4-12) ▪ Discussions ▪ Role-plays ▪ Activities ▪ Games

National 4-H Curriculum www.4-hmall.org

$3.95 each; $15.40 Set of 4LuAnn Duncan at

duncan.920@osu.edu

Real Money. Real World.

• Build awareness of connections– Education– Occupation– Income– Lifestyle and Financial Choices

• Apply opportunity cost choices• Inspire attitude & behavior

adjustments

OSU Extension ProgramGrades 6-12

Nancy Hudson hudson.2@osu.edu Beth Bridgeman bridgeman.7@osu.edu

• Money Math– Search by title at www.jumpstart.org

• Allowance & Spending Games– Search title at www.extension.iastate.edu

• Payment Parliament– See Education Resources at

http://www.kansascityfed.org

A Few More Resources

www.ua.edu/features/tween

Where to go from here?

• Roles for Extension

• Program ideas– Shopping bag reincarnation– Money camp– What else?

References

• Jump$tart National Standards in K-12 Personal Finance Education www.jumpstart.org

• Read Tween the Lines. The University of Alabama. www.ua.edu

• “Tween spending power totals $38 billion.” Youth Markets Alert. 2003

• “Tween Spending Report Guides Marketers to Spend-Happy, Influential Kids.” EPM Communications 2008.

• “What a Tween Wants…Now: Market Research Experts Reveal What’s New With This Important Demographic,” Children’s Business. 2004.