In light of the findings of our 2014 Survey of the States, a recent US News article offers a crash course in personal finance education. The survey revealed only 17 states in the nation require high schoolers to take a personal finance course, meaning many students graduate without basic money management skills. This article provides 6 basic personal finance concepts that all high school graduates should know.
In This Issue:
- High School Economics, 3rd Edition – Pre-Order Now and Save $10!
- National Economics ChallengeSM
- Gen i Revolution Search for the Sweet 16th Contest – Winners Announced!
- Save Lessons and Build Custom Quizzes with myEconEdLink
- Annual Conference Registration Now Available
- Double Your Dollars during our Challenge Grant
If you thought Keurigs have made paper coffee filters a thing of the past, think again. From filtration systems and custom hand-held fans to lampshades and taco holders, students participating in this year’s Meaningful Economics (ME*) Competition came up with creative new uses for Melitta Bentz’s 106-year old patented product.
The ME* Competition, produced by the University of Delaware’s Center for Economic Education and Entrepreneurship with support from the Delaware CEE, was held recently in May, inviting Delaware elementary students to design products or services which solved an economic problem—this year’s being to help producers clear leftover inventories in a post-Keurig world.
Participating teams gave their designs catchy names, determined target markets, priced products, and planned modes of distribution. The resulting plans were then pitched to a panel of judges.
Teams were also judged in written test and production activity rounds. For the latter, students assembled a card game, matching idioms related to the use of money with their meanings. Students cut and pasted while learning about team management and job specialization, ultimately being judged by the quality and quantity of their output.
This year marked the ME* Competition’s 28th run, involving 550 students throughout Delaware. It is produced annually in partnership with Bank of America and Discover with the help of judges from Capital One and JPMorgan Chase.
College seems to have many costs everyone forgets to mention, especially at orientation. Going in, everyone has ideas what their four years will cost: tuition, room and board, and money for other essentials. Now add the fees for that prestigious fraternity/sorority that you have been eying, paying for plane tickets and everything else when you take a summer or semester abroad, and finding some fantastic internship where you realize what it is that you are going to do (or not do) with your life, which is also usually unpaid. On top of this, there’s the possibility of extra semesters because remediation, a failed class, switch of majors, or transfers and there are even costs for graduating. All this isn’t to say that college is expensive so you should skip out on it, as college graduates with a Bachelor’s Degree earn on average $800,000 more in a lifetime compared to those who don’t have degrees. This is here, however, to open your eyes to the potential costs that lay ahead of you. Hopefully this list will help you plan so you can do all that you desire to do and come out with a degree in hand, a couple years of great memories, and a little less debt.
Written by Fisher Derderian, a rising junior at The King’s College in downtown Manhattan studying Politics, Philosophy, and Economics. He is currently a marketing intern at the Council for Economic Education.
On May 13, CEE held another exciting discussion in the Vantage Point series, covering the Economic Outlook from the Boardroom: Perspectives from Women of the Board. Held over breakfast at the Harvard Club of New York, an esteemed panel of leaders shared their insight and their own personal experience while discussing the challenges of women in the boardroom and beyond.
CEE’s CEO and President Nan J. Morrison opened the program, while Ellen Hughes-Cromwick, Director and Chief Economist of the Ford Motor Company, moderated the panel.
The Hon. Mary Schapiro, 29th Chairman of the SEC, Former Chairman and CEO of FINRA, and a 2008 CEE Visionary Award winner, presented first, noting that only 18% of corporate board seats are held by women—and yet, when women make up a larger percentage of a board, it’s more likely to see a higher return on capital and sales.
Mellody Hobson, President of Ariel Investments, followed up by addressing the importance of both gender and racial diversity, and how it creates real value for companies.
Rounding out the panel, Ms. Cathy Minehan discussed some of the ways that gender disparity is being addressed, like the 2020 Women on Boards, an initiative to increase the percentage of women serving on corporate boards.
One of the most important initiatives to bridging the inequality gap is early financial education. And given our mission here at CEE, to promote financial and economic literacy in K-12 students, we couldn’t agree more.