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Financial Literacy Transitions from High School

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Financial Literacy Transitions from High School OHIO ASSOCIATION TEACHERS OF FAMILY AND CONSUMER SCIENCES (OATFACS ) Natala K. (Tally) Hart Ohio State University – PowerPoint PPT presentation

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Title: Financial Literacy Transitions from High School


1
Financial Literacy Transitions from High School
  • OHIO ASSOCIATION TEACHERS
  • OF FAMILY AND CONSUMER
  • SCIENCES (OATFACS )
  • Natala K. (Tally) Hart
  • Ohio State University
  • www.hart.149_at_osu.edu

2
Financial Literacy Timeline
  • 4th/5th grades concepts of savings and
    investment
  • Steps to college as second largest investment
  • 6th-8th grades investment steps
  • Power of compound interest, saving
  • Taking the right classes
  • Use of time
  • Building personal portfolio

3
Financial Literacy Timeline contd
  • 9th/10th grades beginning financial decisions
  • Jobs what comes out of a paycheck
  • Organizations financial management of others
    money
  • Insurance
  • Steps to college
  • 11th/12th grades
  • Understanding credit and credit cards
  • Credit scores
  • Comparing financial aid awards

4
Background for OSU Financial Literacy
  • Initial study regarding student loan defaults
  • Led to information about consumer debt
  • Determined problem with consumer finance for all
    income and academic achievement levels
  • OSU Student Affairs Spending Habits Study
  • Lumina Foundation study of impact of resultant
    financial aid packages in increase retention

5
What Can/Should Happen in High School for
Long-Term Results?
  • Working as key investment
  • Wide variety of what qualifies as work
  • How paychecks are determined
  • Role of work in classroom toward college future
  • Organizations
  • Time invested
  • Role of finances in organizations
  • Insurance
  • Lessons for new drivers
  • Steps to college and programs beyond high school
  • Math
  • Good grades in the right subjects

6
What Can/Should Happen in High School for
Long-Term Results? Contd.
  • Credit
  • Understanding APR
  • Review of credit card applications
  • Lessons on minimum repayment
  • Number of credit cards may be critical
  • Credit scores
  • What gets counted and why
  • Why score is important to educational future
  • Understanding financial aid
  • Compare sample award letters
  • Relationship of good grades to admission and money

7
Most Important Learning Outcomes from High School
Years
  • How you invest time in high school is critical to
    future
  • Limit credit card use, if at all
  • Know deadlines as key to getting money for
    college and programs beyond high school
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