For youth who attend this program, ‘money rocks’

 

Youth crowd around to learn about finances at Money Rocks.

According to one study, nearly three-quarters of parents to feel “reluctant” to discuss financial topics with their children. And yet, money has ranked as Americans’ No. 1 source of stress for six years running, according to the American Psychological Assn. If that latter result is going to be reversed, the former will have to change as well.

“We’ve taught financial capability for a long time as part of our homeownership division,” says Jenna Johnson, marketing and development director for Family Services in North Charleston, SC. “But for years, we kept hearing from the adults we see that they wished they had learned this or that when they were younger, like in high school or middle school even.”

So Family Services has taken its financial education to the schools. This year, it sponsored its sixth annual Money Rocks, a youth financial literacy conference targeting schools in a tri-county area. Funded by a combination of individual donations from events and contributions from banks, the local university and the NBC TV affiliate. The event attracted about 100 students in 2011, and has grown to an average of 400-500 each year. In fact, for the past two years, the event has had to be closed to further sign-ups due to lack of space, and a larger venue is being sought for 2017.
 

Exhibitor at Money Rocks

The day begins with a community-resource fair, including hiring companies, organizations looking for volunteers, banks offering financial services, etc. The students then are split into three age groups: 12-14, 15-16, 17-21 and 22+ (including parents).

The focus is on educational entertainment for the younger students, explains Johnson. The 12- to 14-year-olds play a stock market game and the 15- to 16-year-olds participate in a “real-life” simulation in which they have to live off of a budget. “We now incorporate more workforce development curriculum to prepare high school-aged attendees for post-school planning. We’ve brought in representatives from several different industries to speak on jobs in their respective sectors, and what type of skills and education are required.”

In the “How to Pay for College,” older students discuss student loan repayment. “We talk about real student-default stories and various scenarios for managing through them,” says Johnson. “Our goal is to show they have options, and default isn’t one of them.”

In recent post-event surveys, nearly 80 percent of participants said they plan to open a bank account as a result, and 90 percent reported they were likely or very likely to create a budget.

“Two of the lessons we’ve learned is that it’s important to work with the schools early, and to know your audience,” says Johnson. “That has meant that we take a holistic approach, offering more than just strict financial education – buying a car, resume skills, social media etiquette, etc.”