Current California Jump$tart News & Press Releases

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Preident's Advisory Council FL Youth Report=Common Core & PFL

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President's Adivosry Council is working on connecting PFL and Common Core:

From the July meeting minutes:

"We also are doing a deep dive into ways that we can promote the creation of pilots that align common core objectives and basic financial education concepts. In addition we are looking at how the two major consortiums created to assess common core learning's can help support this effort. We are having discussions with several organizations including the American Federation of Teachers as well as the Jump$tart Coalition to look for ways that we can encourage others who share our concern to work together to create opportunity"

Notes from the July PACFL meeting are at:

http://www.treasury.gov/resource-center/financial-education/Documents/Youth Report.pdf

Teens Vote Financial Institutions 'Most Unpopular'

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Teens Vote Financial Institutions 'Most Unpopular'
How parents can turn cynicism into teachable moments.

Pamela Yellen, Huffington Post  07/27/2012 7:04 pm

It's no surprise. Many adults are wary of banks and credit card companies in the wake of the economic crash and many fear another cataclysm is around the bend. Now a new study shows banks and other financial institutions are losing the popularity contest with teens.

Many youth now view the financial sector as a bully laying in wait to snatch their lunch money through predatory lending tactics and high interest charges. That's the view one gets from reading a national opinion poll of high school students recently commissioned by the University of Arizona's Take Charge America Institute for Consumer Financial Education and Research and conducted by The Financial Literacy Group.

"A healthy skepticism about financial institutions has soured into cynicism, where teenagers almost expect to be victimized by financial firms," economists Michael E. Staten and Dan Iannicola Jr. say in an article titled Warm and Fuzzy Financial Ed Doesn't Cut It Anymore.

The poll of 878 students at 18 high schools in 11 states "shows that the majority strongly distrusted financial institutions even while expressing great confidence in other things like their likelihood to find employment and to achieve financial security."

"For example, 60 percent of students polled firmly believe that credit card companies often entice people into taking on more debt that they can handle, while 70 percent believe that businesses try to 'trick' young people into spending more than they should," the article states. "Only 25 percent of students disagreed with the statement, 'the stock market is rigged mostly to benefit greedy Wall Street bankers,' and only 17 percent disagreed with the statement, 'banks are mostly interested in getting my money through hidden fees.'"

The study also found teens lacking in some basic knowledge when it comes to personal finance. For instance, 68 percent did not know that owning stocks is a riskier form of investment than owning government bonds, and more than half didn't know that a high credit score is better than a low score. MORE

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