Ice Breaker
Name
2. Affiliation with Be A
Mentor
3. If mentoring, the
age of child(ren)
you mentor
4. If money were no
object, what one
thing would you
buy?
1.
2
What is Financial Literacy?

The President's Advisory Council on Financial Literacy defines
personal financial literacy as "the ability to use knowledge and skills
to manage financial resources effectively for a lifetime of financial
well-being." (2008 Annual Report to the President).

Personal financial literacy is more than just being able to balance a
checkbook, compare prices or get a job. It also includes skills like
long-term vision and planning for the future, and the discipline to
use those skills every day.

In the US, we make great efforts to teach children to read and
write, but we don't give their financial literacy the same attention.
As a result, few young people know how to manage their personal
financial lives.
3
Did You Know…?

Young people 18 and under will spend and influence the spending of more than $1
trillion dollars this year.

Young adults (25 and under) are now one of the fastest growing segments filing for
bankruptcy.

Average credit card debt per U.S. household is nearly $9,000.

Average after tax U.S. savings rate has plummeted to 0.2%.

College students have on average 4 credit cards and $3,000 of credit card debt.

Children today spend FIVE times more money (adjusted for inflation) than their parents
did at the same age.
Source: ShareSaveSpend

69 percent of people cite money as a top stressor.

College graduates today are averaging nearly $30,000 in student debt.

32 percent of U.S. adults recognize their lack of financial knowledge has led them to
make poor financial decisions, 43 percent feel they have missed out on good financial
opportunities for this reason.
Source: Bank of America/Harris Interactive 2013 Poll
4
What can we do?
Where do we start?
Elementary School
School-Aged Children
Elementary

Economic Way of Thinking
◦ Ask what he/she plans to do
with his/her money

Money Management
◦ Talk about what it takes to
prepare a personal budget

Saving
◦ Discuss the value of saving
◦ Deliberate some savings goals
◦ Help your mentee develop a
plan to accomplish his/her
savings goals
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Middle School
School-Aged Children
Middle School





Financial Planning
◦ Examine short, mid and long term
goals
Budgets
◦ Discuss budgeting deficits/surpluses
Accounts & Services
◦ Review different banking accounts and
services
Risk vs. Reward
◦ Talk about risks and rewards (your
mentee lends you $25, what are the
risks and rewards for him/her?)
Spending
◦ Help your mentee understand his/her
consumer rights and responsibilities
◦ Discuss ways to prevent identity theft
10
High School
School-Aged Children
High School

Credit
◦ Discuss the importance of building a
good credit history, it is an essential part
of sound financial planning.

Philanthropy
◦ Make a list of 3 ways that you and your
mentee could give time, money, or
something else to help people in your
community

Insurance Needs
◦ Consider the various types of insurance
that you and your mentee might need

Career Planning:
◦ Discuss career goals
◦ Consider the financial impact of going to
college versus getting a high school
diploma, over the course of a lifetime
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Better
16
17
Bank of America Better Money Habits

School-Aged Children – This program was created in partnership with Network for Teaching Entrepreneurship
(NFTE) to build a strong foundation of better money habits among school-aged children. It’s designed to provide the
basics of personal finance.

Young Adults – Financial choices that young adults make today directly affect their future opportunities and success in
school, career and beyond. This program emphasizes to young adults the importance of making the right choices about
money.
◦ Banking
◦ Smart Credit
◦ Budgeting
◦ Investing
◦ Identity Theft
◦ Borrowing Money
◦ Paying for College
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Bank of America Better Money Habits
Adults – Journey to Financial Security provides advanced financial-management skills for adults — a roadmap for
consumers in their journey to become financially secure.
•

◦
Building Savings
◦
Creating Wealth
◦
Credit Reports and Credit Scores
◦
Identity Theft
◦
Important Papers
◦
Keeping Debt Under Control
◦
Managing Income and Expenses
◦
Managing Student Loan Debt
◦
Setting Goals and Priorities
◦
Using Credit Wisely
◦
When the Income Decreases, but the Bills Don’t
Seniors – Savvy Saving Seniors provides older adults with money-management skills that further their economic
security. The three modules of this lesson plan were developed in partnership with the National Council on
Aging.
◦
Becoming Resource-FULL
◦
Steps to Avoiding Scams
◦
It’s in the Cards
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Additional Resources

Financial literacy is an incredibly important skill for your mentee’s future.
Mentoring Partnership Minnesota’s site is filled with resources for teaching
financial literacy to children of all ages.

Mint is a free online resource that allows you to track your budget and
create a savings plan.

Practical Money Skills has free online games that teach money management
skills.

Mortgage Calculator and Finance In the Classroom have financial literacy
lesson plans for grades K-12. These can easily be adapted or serve as a
guideline for use with your mentee.

Hands on Banking created interactive online curricula for both teenagers
younger children to learn the basics of finance and money management.
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Questions
and/or Comments