Foster Money Management Training for Young Adults
Money management training for young adults is garnering increased attention amid today’s fiscal complexities. It’s no secret that young people need to learn how to manage money in order to succeed in the rapidly evolving financial environment. Resources for developing such financial literacy training programs for youth can be found on this page.
Best Subjects in Money Management Classes for Young Adults
Car-buying
There are three topic content segments that represent best practices for teaching money management classes for young adults: buying a car, paying for college, and moving out on your own.
College Funding
This training topic is designed for teens who are approaching driving age (16-17). When they obtain driver’s licenses, they’ll be ready and anxious to get their own vehicles. These classes should cover the expenses involved, techniques for getting a good deal, how a car fits into a budget plan, and how to get the right insurance coverage.
Moving Out
Living on one’s own is a dream for many young people. This piece of money management training for young adults could usefully incorporate ways to set goals, budget, meet expenses, obtain insurance, and handle credit wisely. Even a personal finance training course for college students could help in this regard.
Money Management Classes in High School Must Figure in Students’ Backgrounds
Each high school student will have gone through a unique set of background influences that have shaped his or her financial practices, so financial literacy classes for youth groups should address them. These influences come from family, friends, geographic locale, urban vs. rural residence, and advertisers.
Every child is born into a certain family, and that family has a unique way of dealing with money-related decisions. Parents teach by example, and their socioeconomic standing will have an effect on their kids’ SES and financial behaviors later on.
These behaviors related to money include whether kids have a savings plan and/or know how to set up financial institution accounts like checking, savings, and retirement. Knowledge about such systems forms one of the keys to a person’s financial future. More resources, including books and activities, can be found at the Consumer Financial Protection Bureau site.
How adolescents feel about money is another important force at play. Money management training for young adults should help them develop positive emotional relationships with personal finances, in order to help them move toward financial health and self-efficacy.
The amount of financial education they’ve received also carries weight. It’s not very likely that youth have been exposed to any money management training and, if they have, the lessons probably weren’t of the highest quality. Seizing opportunities for teaching young adults and teens about money represents an excellent way to support the next generation of contributing society members.
