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Money Craze

Situation:
Money Management Skills for Youth was identified as a priority need during Future Talk discussions in 2000 with Extension Councils and Committees in Southwest Iowa. Data shows young people have access to money and spend billions of dollars per year. Financial literacy tests and experiences indicate young people often lack knowledge and skills when it comes to making decisions about money.

Response:
Building on the success of the youth development programs, Career Craze and Food and Fitness Craze, Money Craze was developed by a team of Extension Youth and Families staff in SW Iowa. The program is targeted to youth age 8-18 and can be used with 4-H community clubs, youth groups, camps, and school programs. The Money Craze publication includes Discussion Starters, Group Program Ideas, Leadership Development Activities, Successful Fundraising Tips, and More Resources (websites and publications). A Resource CD includes detailed lesson plans for the group program ideas, directions for setting up a Consumer Skill-a-thon, Quiz Bowl questions and answers, money games and puzzles, resources for club finances, and newsletter articles. A Consumer Judging Contest developed in NW Iowa is also included.

Impact:
A pilot training and testing of the resources was completed in SW Iowa in 2005 with a $750 grant from Excellence in Extension. Representatives from 24 counties attended the training and chose a particular activity to pilot test and were given a form to provide feedback on. Boone, Greene and Story Counties used the materials extensively and carried out many activities during this pilot effort (see related Success Story). Materials were then revised by the development team and a statewide training was held in September 2006 with 56 participants. The materials were also share with 35 middle and high school teachers attending the Jump$tart Personal Financial Literacy Conference in July 2006. Approximately 300 youth participating in the State 4-H Clothing Events during the 2005 and 2006 Iowa State Fair experienced activities on Advertising and Shoplifting Costs from the Money Craze program.

An evaluation completed by 20 participants at the pilot training in May 2005 and 47 participants at the statewide training in September 2006 indicated the following:

  • 56 planned to promote Money Craze through leader training
  • 37 planned to share with school staff
  • 25 planned to share with community organizations/groups
  • 59 now know how to implement some of the activities in Money Craze

Responses to question, Why is it important to educate young people about consumer skills, included:

  • These are skills needed now and for all your life, skills not taught in school and some parents are not able to teach.
  • Necessary life skill – start sooner the better.
  • To help improve the way that those who will be adults learn how to spend efficiently and save as well.
  • Because we all saw the percentage of people in debt kept rising.
  • So they grow up to be responsible adults who can teach their children
  • To make it easier to understand how to prevent debt, time to practice when the mistakes are less costly.
  • It’s an important life skill, help them avoid financial pitfalls.


Contact:
Mary Beth Kaufman
ISU Extension Field Specialist
Family Resource Management
906 6th Street Harlan, IA 51537
Phone: 712-755-3104
E-mail mbkaufma@iastate.edu

..........more stories....................!

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Last update: January 31, 2007 
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