Teens Learn Money and Saving Tips at Little Rock Workshop

Ashley, a vivacious 16-year-old, has a debit card, and she knows how to use it. She has no clue where the money in the ATM comes from, however. It’s just there for her when she needs money for clothes or movies.

To help explain such concepts, the Little Rock Branch of the Federal Reserve Bank of St. Louis partnered with the Arkansas Jump$tart Coalition on July 27 to host a day-long workshop for 12- to 18-year-olds on “Financial Smarts for Students.” Participants were recruited from central Arkansas youth programs and congregations. Chaperones for the students participated in a separate workshop on financial literacy in the morning and then joined the students in the afternoon for presentations on the stock market and planning for the future.

Billy Britt, economic education specialist at the Little Rock Branch, is a member of Arkansas Jump$tart and organized the event with Regina Norwood from the Social Security Administration. Britt and Fed community affairs specialist Lyn Haralson gave presentations on the Federal Reserve and financial behavior. This was the Fed’s first event of this type for students in partnership with Arkansas Jump$tart. Next year, the two organizations hope to extend invitations statewide.

“There is a great need for financial literacy for all ages,” Haralson said. “The adults who participated were as pleased with the event as the students. I look forward to expanding the event next year.”

As for Ashley, she now knows where money comes from when she goes to the ATM. “I learned how to budget money, which was something I really needed to learn,” she said.