The recent government shutdown brought to light how many Americans don't have emergency savings. According to a recent report from the Federal Reserve 40% of adults say they couldn’t produce $400 in an emergency without sliding into debt or selling something. In addition, according to a 2017 report by employment website CareerBuilder, almost 80 percent of Americans say they are living paycheck-to-paycheck. Consider the worker in this video below who said she had $1.06 cents left in her bank account.
Now, check out the article that appeared in the Tampa Bay Times on January 2, 2019. Why are so many people living paycheck-to-paycheck? Start a discussion in the classroom about saving. Before your students go out on their own, have them consider some ways they can plan to save for the future. For example, on college campuses the Starbucks line is always long. Have students calculate how much money students spend in a year on fancy beverages if they spend an average of three dollars a day. Have students brainstorm other ideas they could save money. You might also want to share some of the interactive financial literacy interactive, including budget generators, like PlaySpent.org that are highlighted on Next Gen Personal Finance.
Financial Literacy Standards
SS.8.FL.3.7.Discuss the different reasons that people save money, including large purchases (such as higher education, autos, and homes), retirement, and unexpected events. Discuss how peoples tastes and preferences influence their choice of how much to save and for what to save. SS.912.FL.3.1Discuss the reasons why some people have a tendency to be impatient and choose immediate spending over saving for the future. ......... Comments are closed.
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January 2022
CategoriesAuthorDeborah Kozdras, Ph.D. |