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Many recent studies have reported that young adults need to learn more about money management. Over and over, teens average a failing grade on tests of knowledge about personal finance topics such as auto insurance and the wise use of credit. The "What Young Adults Need to Know About Money" project is an attempt to bridge this knowledge gap and enhance financial literacy levels. It includes information about five financial issues that young adults need to know more about to make future financial decisions. Topics covered include credit cards, buying a car, identity theft, predatory lending practices, and the time value of money. This web site is an extension of this project that contains additional links to resources available online to further study these topics.
This project was funded with a grant from the J.P. Morgan Chase Foundation to the New Jersey Coalition For Financial Education. The authors are Melissa Chase and Dr. Celia Hayhoe, CFP, Virginia Cooperative Extension, and Dr. Barbara O'Neill, CFP, Rutgers Cooperative Extension. Special appreciation is also extended to Phil DeFalco, Coalition Treasurer, and Maryann Evanko, Coalition President, and Cynthia Forester, Newspaper in Education Director for The Record of Hackensack, NJ.
There is a popular phrase that "knowledge is power." Use this information to arm yourself with information to navigate today's increasingly complex economy. Make compound interest work for you, by saving and investing, rather than against you by borrowing more than you can afford to repay. Today is the first day of the rest of your financial life. Make the most of it.
For more information about this project or ideas for additional activities, contact:
Dr. Celia Hayhoe
Department of Apparel, Housing, and Resource Management (0410)
Virginia Tech
Blacksburg, VA
Phone: 540-231-3497
Email: chayhoe@vt.edu
** Please note on page 9 of the Roanoke Times newspaper insert "What Young People Need to Know About Money," in the second paragraph under the heading "Calculating Interest," $432 should be changed to $508. On page 9, in the table "Cost to Borrow Money at Three Different Interest Rates and Loan Terms," $2,538 should be changed to $2,914.
