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Financial Education for Teens

March 18, 2010

ST. LOUIS, Mo. - Understanding finances is essential to the well-being of our nation’s young people as well as the economic future of our country. The necessity of this type of education has been spotlighted more during the recent economic downtown than perhaps any other time in our memory.

Thanks to a $25,875 grant awarded by the State Farm Youth Advisory Board, Lutheran Family & Children’s Services of Missouri (LFCS) is providing financial education to approximately 1,500 elementary, middle school and teenage students participating in the LFCS Mentoring Program. “We want to prevent younger people and adults from repeating the cycle of making poor financial decisions. We want to prevent young people from being victimized by predatory lending. And for young children, it is important that we start early teaching about the basic financial principles,” said Trisha Gordon, Program Coordinator for LFCS.

The project known as the Financial SIM project will consist of financial education, with emphasis on credit reports, credit cards and loans. A simulation workshop and the opportunity for participating teens to advocate for comprehensive financial education in area schools are also part of the curriculum. The teens will facilitate financial education sessions for other youth, implement community workshops for teens, and create an advocacy message promoting the importance of financial education within schools. Throughout the project, teens will use various opportunities to embark on reflection activities, garner input and feedback from participants of all ages, and evaluate the project as a whole.

“State Farm supports service-learning because it combines service to the community with classroom curriculum in a hands-on approach to mastering subject material while fostering civic responsibility,” said local State Farm Agency Vice President, Brent Wroten. “The State Farm Youth Advisory Board is a prime example of State Farm’s commitment to education, our community and our youth.”