For the second consecutive year, we’re partnering with Money Smart Week® to bring engaging financial education to investors across the Chicagoland area. Founded by the Federal Reserve Bank of Chicago in 2002, Money Smart Week is a national, public awareness campaign devoted to helping consumers better manage their personal finances through public seminars covering a variety of topics — from credit management to budget-building to Social Security.
Here at OneBite, we firmly believe that financial education can fundamentally change people’s lives for the better. This core belief is what fuels our passion and purpose every day — the ability to empower others with the confidence they need to take control of their financial future, on their own terms.
That’s why we’ve decided to extend the impact and mission of Money Smart Week to you, our OneBite readers. Over the next few days, you can tune into the blog to see exclusive highlights from our Money Smart Week sessions, plus powerful resources and tools you can use to make progress on your own goals.
Without further ado, here’s a quick look at our first session of the week: “Smart Teens, Smart Money.”
Main Lesson: Financial education doesn’t come with an age requirement. Young investors can and should establish healthy financial habits early on, starting with a few basic steps: set defined goals, save diligently to achieve them, and when it comes to investing, don’t put all your eggs into one basket.
The Low-Down: While the Great Recession ended in 2009, its economic and emotional impact still haunt much of the world. The crisis also serves as a cautionary tale for next-generation consumers — more than ever, educators and parents are being proactive in preparing youth to make informed financial decisions. As financial professionals, we believe it’s our duty to help carry the torch and make financial education accessible in our own communities.
What better way to start spreading the word than with a presentation to 300 middle-school students?
As part of Money Smart Week, we recently visited Chicago’s Walt Disney Magnet School to provide students with an interactive lesson on short- and long-term goal-setting, smart saving, budgeting and investing.
“It’s important for our students to gain sophistication in finance, as it is an integral part of everyone’s life. The more knowledgeable they become, the more likely that they will make good choices as they relate to money in the future.” – Kathleen Hagstrom, Principal, Walt Disney Magnet School
The real fun came during the second half of the presentation, in which a few lucky volunteers honed their investing chops! Students were asked to allocate their “investments” among three mock companies. Through this exercise, the group received more than just a glimpse into the Shark Tank; they also discovered why it’s important to diversify risk across a variety of investments to help them achieve the best-possible reward.
After the session, we also challenged students to put their financial prowess to the test by participating in a contest. To be considered, contestants must submit a creative video, presentation or piece of art that expresses a key concept or piece of knowledge gathered from the “Smart Teens, Smart Money” session. The winner will receive an individual award and a fun prize for their classroom — in addition to eternal bragging rights, of course.