Teens Need Guidance When Planning Financial Health - By: Mary Fagan, Posted on: 2006-09-21

The problem of financial illiteracy in young adults has been recognized in many recent studies, and there have been some steps taken to help educate young adults in this area - but not enough. While many parents realize that they are the first financial teachers to their children, they are unsure where they should start. They wonder when to begin teaching them about money and parents need direction in finding exactly what topics need to be covered.

While many studies have been conducted nationally, to get a clear understanding of what high school students understand about personal finance, a recent survey was given to high school students in the Western New York area in grades 9-12, who were currently taking a business course. The bad news is there was little clear understanding by either sex. The 9th graders did about as well, or as poorly, as the 12th grade students, illustrating that not much financial knowledge is gained in this time period.

One of their own, a young adult herself, Theresa Fagan, who conducted the survey mentioned above, decided to help guide other young people in financial matters with the publication of an easy to use guide that addresses the 10 most needed to know topics identified in the survey.

Her guide, How to Get An A+ In Your Financial Future: In 10 Easy Lessons, takes young people through the basics from understanding their first paycheck, the good, bad and ugly about credit and debit cards, savings accounts and options, a stock market primer, offers tips on how to pay for college and even points out the need and benefits of saving for retirement.

Fagan was strongly inspired to write this guide after administering the survey and observing her friends, high school and college students, make serious mistakes that had long-term financial impact for them and in some cases, their parents.

Each lesson in the guide presents the financial basics in clear and easy-to-understand terms. The graphics provided clarify what may be confusing to teens, for example, how to write a check. In addition, lists of related websites and books are provided for further information after each lesson.

She feels that young people often have difficulty imagining the future and how making poor financial decisions today can cause harm, even in the distant future. According to Fagan, "Most young people have not been taught enough about finance. Because of their lack of skilled financial judgment, 18-to 24-year-olds have now become the fastest-growing group of bankruptcies according to a study by Goldberg-Goff. "It is clear that this lack of education is becoming a problem," she states.

“In many cases, young people are left to learn about finance through their own mistakes, if they learn at all. My book will help them avoid making mistakes and provide a good foundation for their personal finances.”

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A preview of the ten lessons presented for teens and young adults in How To Score an A+ In Your Financial Future is available at www.lulu.com/motherwise. The author, Theresa M. Fagan, graduated Suma Cum Laude from Niagara University, Niagara, New York and is an Accountant at one of the top four national accounting firms.

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