MSU Extension 4-H Youth Money Management

Being involved in a financial literacy program can prepare youth for lifelong financial success. According to Next Generation Personal Finance (NGPF), high school graduates with guaranteed financial education are 21% less likely to carry a balance on a credit card while in college, use subsidized student loans 13% more often, and are 3.5% more likely to submit the free application for federal student aid (FAFSA). Students who receive financial education are also less likely to fall prey to high-cost predatory loans than their peers who don’t have access to a personal finance curriculum.

A national study by the Financial Industry Regulatory Authority (FINRA) also found that nearly half of Americans (49%) who have received more than 10 hours of financial education report spending less than they earn, compared with 36% of those people who received less than 10 hours of financial education. According to the National Institute of Food and Agriculture, a national evaluation of a teen financial education program showed that young people who were involved in a financial education curriculum for as little as 10 hours not only significantly increased their understanding of money management, but also improved their financial behavior in the ensuing months.

Michigan State University Extension and Michigan 4-H have embraced providing online financial literacy education. The 4-H Financial Fitness and Fun program offers youth the opportunity to learn about setting financial goals, saving, budgeting, banking basics, credit and much more through 11 financial education modules packed with fun lessons, activities and games. Online modules are offered through an interactive self-guided course using Nearpod. Topics include:

• Do you have a plan? Money goals
• Paying for post-secondary education
• Keep yourself out of debt 
• Credit craze: Managing credit wisely
• Grow your money: Investing and risk
• Budgeting: Understanding income and expenses
• They took what? Your first paycheck and taxes
• Avoiding money mishaps: Tips to avoid fraud
• Pay yourself first: Start a saving habit
• Keeping your money safe
• Deposit slips made simple

Funding for the 4-H Financial Fitness and Fun program was provided by a grant from the Michigan Department of Licensing and Regulatory Affairs.

MSU Extension and Michigan 4-H youth development help prepare young people for successful futures. As a result of career exploration and workforce preparation activities, thousands of Michigan youth are better equipped to make important decisions about their professional future, ready to contribute to the workforce, and able to take fiscal responsibility in their personal lives. For more information or resources on career exploration, workforce preparation, financial education or entrepreneurship, contact 4-HCareerPrep@msu.edu.