Posts Tagged "children"

Graduating in Era of Low Opportunity

Philip Seymour Hoffman playing the washed-up salesman, Willy Loman, in “Death of a Salesman,” is all the rage on Broadway. But when I saw the play recently, it was Biff who got me thinking about young adults today.

In the Arthur Miller classic, Willy anguishes over son Biff’s failure to hold down a job in the city. But the irony is that Biff, played by Andrew Garfield, probably did very well for himself after leaving Brooklyn for Texas. I imagine he became an oil baron or wound up owning substantial real estate in downtown Houston.

Young people graduating from high school or college today don’t have the virtually unlimited opportunity that existed in the 1940s when Miller wrote the play: the personal drive to find a job and establish a career is not enough anymore. Young graduates who sign up for unpaid internships and double up on college degrees are well aware of this.

Last year, 54 percent of adults ages 18 to 24 were employed – that was the lowest level since the government started tracking the data, in 1948 – according to a February report by the Pew Research Center. Despite an improving job market, it was only 55 percent in March. Job creation – 115,000 were added in April – is below the pace that will open up meaningful opportunity for young people. …Learn More

Pennsylvania Strong in Fin Ed – For Now

Talking to teenagers taking personal finance at Panther Valley High School in Pennsylvania made me wonder why these classes aren’t a top priority everywhere.

These kids are even teaching their parents a thing or two about money. Jordan Kulp saved her mother $30 by finding a scooter for a cousin’s baby that her mother had wanted to buy on a shopping channel. Now that Jake Gulla’s mother sits in on his personal finance class, she is “spending [money] a little more wisely.”

And William Digiglio’s father wanted to sell a shield for $100 that Chris Evans apparently carried in the “Captain America” movie. William put it up for sale on eBay and snared $20,000 for the shield, which his father had won in a contest. For class projects, “we had to research rather than taking them for face value,” he explained.

statesThese Panther Valley students have helped make Pennsylvania, for a third year running, the state with the highest number of students scoring in the top 20 percent on the federal government’s 2012 test for the National Financial Capability Challenge (NFCC), according to Mary Rosenkrans, financial education director for the state’s Department of Banking.

Pennsylvania also had the highest number of students who took the test (7,404) and the highest number of participating schools (123). (Oregon had the highest average test score: 79.5 percent, compared with 69 percent nationwide.)Learn More

chimp2

Marriage Negotiation: Of Chimp and Man

We human beings are close evolutionary cousins of the apes, closest of all to the chimpanzee and the bonobo. But economist Paul Seabright explains in his new book, “The War of the Sexes,” that male-female relationships differ from ape relationships. Squared Away asked Seabright to explain how evolution shapes financial negotiations between marriage or other partners. It all comes down to competition and cooperation, he says.

Q: Human behavior is determined by evolution?
Seabright: Yes. When Charles Darwin wrote “Origin of Species,” he was very, very cautious about saying too much about human behavior, because it was such a big thing to get people to swallow [that] we’d descended from animals. To talk about how human behavior was physically shaped, he didn’t do that until he wrote “The Descent of Man.” My book takes up the question of how much relations between men and women in modern society are shaped by our great ape inheritance.

Q: What is our evolutionary connection to the chimpanzee?

Seabright: The chimpanzee and the bonobo are like our two cousins. We share grandparents with them, a species that no longer exists, and all of us share great grandparents with gorillas. But we [humans] did this funny thing, which is we went into having kids who took much longer to raise. That’s relevant to financial behavior, because we have to look out for the future including the future of our kids, and there’s something especially human about that. Other species look after their kids, of course, but it’s a much bigger deal for us. …
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Middle Schools Vie in Video Contest

The Massachusetts Financial Education Collaborative (MFEC) had one big reason for targeting its video contest to middle school kids: advertising.

“Hey, you gotta have a cell phone. You gotta have these jeans. The contest seemed like a great way to bring awareness” to the issue of kids and our consumer culture, said Andrea Wrenn, mother of five, education consultant, and the MFEC volunteer who oversees the contest.

Two Massachusetts middle schools submitted videos exploring kid consumerism in the first year of MFEC’s contest: the Norwell Middle School and the Hill View Montessori Charter Public School in Haverhill.

Squared Away encourages readers to support the new effort by clicking here to vote for your favorite video! The voting deadline is April 27.

The contest is among the creative ways communities are encouraging children and teenagers to learn about the money issues they deal with – a play recently staged by Cambridge high school students was another.Learn More

Father and son cooking together

The Family That Dines Together…

New research adds a dash of spice to our understanding of how people handle their personal financial matters: families who dine together grow wealthy together.

Three professors at the University of Georgia have discovered that families who commit to gather regularly around the dinner table – or, presumably, dine out or cook together – are better prepared financially and will accumulate more wealth faster.

As with any statistical analysis, their research can’t prove cause and effect.  Is it that dining together causes wealth to go up, or is that families who know how to handle their finances also tend to be the type of people who enjoy meals together?…Learn More

Three pictures depiciting various scenes from the play "Money Matters"

Teen Play about Money is “Eye Opening!”

“Money Matters,” a play that opened last weekend in Cambridge, Mass., demonstrated the financial wit of its teenage actors at the same time that they – and the audience – embraced the complexities of money.

Credit versus debt, income differences among classmates, money and relationships, certificates of deposit, needs versus wants – this only scratches the surface of the subject matter in the Youth Underground theater production, which begins touring the Boston area in February.

The actors clearly were having fun, but their performance served as an educational tool that might be replicated. For example, the screenplay was based on the actors and other teenagers’ 80-some interviews of community residents about their financial viewpoints and mishaps. The stories generated ideas for the vignettes that were stitched into a screenplay.

“Very eye-opening!” audience member Cameron Netland, 16, said after the performance.

“I learned the difference between saving and spending and between debit and credit!” said Aaliyah Nathan, 14, who, wearing black suede boots to the performance, admitted a weakness for new shoes. …Learn More

Pieces and the board of The Game of Life, a popular boardgame.

Money Games Are Great Gifts for Kids

The Boston Globe is providing a cool list of holiday toys for your children, to help them learn early and often about handling money – while it can still make a difference. In July, Squared Away wrote about another idea that would make a fine gift – call it “not your average piggy bank.” A May blog post was about a great book to teach children about what bank accounts are all about.Learn More