Teaching Teens How to Avoid "Burning Money"
Without parental guidance or classroom instruction, teenagers can sometimes lack the basic financial skills that lead to spending less then they earn. FoolProof, a consumer education agency dedicated to increasing financial literacy through the use of multi-media learning modules, has released new video series Burning Money to rectify this situation.
While the free program is designed for use in classrooms, the series strives to tackle teenage financial issues like the twin forces of pointed advertising and peer pressure. This video addresses how much a teenager actually needs to buy designer jeans.
Burning Money tries to introduce students to the potential bad decisions that they make which may hurt their financial health further down the line. The films explain how a late payment now can adversely effect jobs, apartments, and loans in the future. The videos emphasize that it doesn't take a millionaire to save, just someone who knows how to spend and how to save.
Students keep a spending diary and complete labs about their spending habits as they simulate living on their own for a month. The series culminates in a 45-minute test. While designed for the classroom, this video series could be used by any parent to educate a child, or even learn a thing or two themselves.
Though the format borders on the hokey, the message is a worthwhile one. The videos provide an interactive learning experience about the many ways it is possible to burn money without even realizing it. Providing a sound financial education early on can prove the difference between solvency and debt in an economy not prone to giving second chances.