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Hands-On Banking Classes
Submitted by Mary Weinand and Teresa Perry

Problem:
According to Teenage Research Unlimited, teens between the ages of 12 and 19 spend an average of $103 per week and spent $159 billion last year alone, and many teens have their own credit card.

Response:
During the 2004/2005 school year Iowa State University Extension worked with a local financial institution and Evans middle school in Ottumwa to teach a series of five financial classes to 323 7th graders through their life skills class. Topics included comparison shopping, budgeting, checking and savings accounts, and credit.

Impact:
A pre-post test was given to evaluate students' financial knowledge and behavior. Pre-tests were returned by 292 students and post-tests by 295. The most noticeable changes in knowledge occurred in correct responses to the following statements:

  • Financial institutions pay you for keeping money in a savings account - 69% on the pre-test vs. 88% on the post-test.
  • Paying the minimum payment on a credit card is the cheapest way to pay it off 60% on the pre-test vs.68% on the post-test.


In measuring behavior changes, students indicated these actions on the post-test:

 
I have started
I definitely will
I might
Shop around for the best deal
18%
6%
24%
Set specific financial goals
16%
23%
29%
Think about needs and wants
23%
12%
19%
Use a budget
16%
17%
26%
Track my spending
20%
22%
21%
Save money
21%
18%
8%
Have a savings account
10%
10%
16%

Some other actions students indicated they have taken included:

  • If the product is new I will wait until it’s older and the price goes down
  • I am going to set financial goals and track my money
  • I’m going to ask myself if I really need this. Also, I’m going to look for the best deal I can find
  • I am going to set specific financial goals
  • I’m not buying as much stuff
  • I will probably save for something I really want instead of buy something that I have enough money for
  • Put 10% in the bank
  • I am now putting 10% of the money I make away

Comments about the classes:

  • I learned that credit cards can put you into bankruptcy
  • I like the class, especially the computer time with the talking T.V.
  • I liked it, I learned a lot.
  • It was fun and educational. I learned a lot.
  • I had fun. It was an awesome experience
  • I thought it was weird but in a good way, I loved it!!!!
  • I thought this was a very fun experience, and I learned a lot from it.
  • It was fun, nice people
  • I really liked this unit it helped me get more involved with money and now I will track my spending
  • This class really taught me about using money. I never knew there was so much
  • It was really fun! I liked it and helped me with different money choices
  • I learned a lot more, especially about the 10% of your money to put away
  • Take 10% of what I make and put it in a savings account to be a millionaire

Contact:
Mary M. Weinand
Family Resource Management Field Specialist
Iowa State University Extension
2606 W. Burlington Ave
Fairfield, IA 52556
Phone 641/472-4166; Fax 641/472-2591
Email mweinand@iastate.edu

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Last update: September 26, 2006  
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