Question of the Day (Updated): What percent of branch banks offer "free" student checking accounts?
Answer:
Questions:
Do you think there are ANY fees with "free" checking accounts? If so, can you think of any examples?
Why do you think that so many banks offer "free" checking accounts to students?
What do you think happens to the account fees after you leave school and no longer qualify for a student account?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (WalletHub):
Student checking accounts, which...
Question of the Day: How many math errors did taxpayers make on tax returns in 2019?
Answer: 1.9 million
Over 50% of the errors are with tax calculations/other taxes.
Here are the top 10:
[2] Includes all errors associated with the calculation and assessment of income taxes, as well as other taxes, such as self-employment tax, alternative minimum tax, and household employment tax.
Source: IRS data
Questions:
Does it surprise you that taxpayers make so many errors on their tax returns?
What are strategies that you can use to avoid making mistakes on your own tax...
Question of the Day (REPEAT): A recent research study found that _________ of stock day traders made money over a 12 month period.
Given the events that have transpired over the past week with GameStop, this QoD provides great opportunity to discuss the perils of day trading.
Answer: 3%
Questions:
Why is day trading so popular despite the difficulty of making money consistently?
Why do you think it's so difficult to make money day trading?
Do you know anyone who has actively traded stocks? Were they successful for more than a few days?
What's the difference between investing and speculating? ...
A Worrying Trend for High School Seniors
As of January 15th, 2021, only one out of three high school seniors have filed a FAFSA -- which is down about 10% from this time last year, according to the FAFSA Tracker which uses data from the U.S. Department of Education. And the numbers are even worse for seniors who qualify for free and reduced lunch (FAFSA completions are down by 13%) and students of color (down by 15.4%).
Here is what makes this such a worrying trend: NerdWallet estimated that students who are Pell Grant-eligible missed...
Best of 2020: Top 10 Countries Using NGPF Website (outside the U.S.)
The great thing about the internet is that websites are accessible to users throughout the world. Create something of value and that Field of Dreams line comes to mind, "if you build it, they will come." Well, about 5% of visits to the NGPF website come from countries outside the U.S.
Here are the top 10:
Canada (#3 in PISA 2018 Financial Literacy Exam results)
India
United Kingdom
Philippines
Australia (#6 in PISA 2018 Financial Literacy Exam results)
Germany
China (#1 in PISA 2018...
FAFSA filings down 15.5%; Interactives to Nudge Students to File the FAFSA
FAFSA filings are down 15.5% on year over year basis. We all know the consequences of students failing to file a FAFSA and the importance of filing early. Some awards have limited resources, and those who wait until the last minute to file could be out of luck as funding dries up.
Here are three interactives you can use to nudge your students to file a FAFSA now.
FAFSA Tracker - The #FormYourFuture FAFSA Tracker is an interactive data dashboard that tracks and ranks states’ progress...
Question of the Day: You purchase a new TV with a store card offering 0% APR (pay no interest) for 18 months. What happens if you don't pay in full within 18 months?
Answer: 53% of store cards have deferred interest features meaning you will pay interest going back to the date of the purchase which can be quite costly.
Questions:
Black Friday is right around the corner..why do you think these 0% APR offers are so popular at this time of the year?
How often do you think consumers forget to pay off the full balance and get hit with these deferred interest surprises?
Do you think offers like are a good idea for consumers? Why or why...
Question of the Day: What percent of 14-17 year olds think it is likely that they will ever purchase/own a home?
Answer: 93%
Here's reasons given for wanting to own a home:
Questions:
Do you want to own a home at some point in the future? Why or why not?
If so, is there a specific age that you would like to own a home?
What are the biggest challenges you see in being able to buy a home?
What would you be looking for in that first house that you buy? What factors matter most to you?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Gen...
Research Report (from FLEC): U.S. National Strategy for Financial Literacy 2020
Last week, the U.S. Financial Literacy and Education Commission released their U.S. National Strategy for Financial Literacy 2020. We thought that of particular interest to many of our teachers would be their recommended Best Practices:
“Based on an extensive review of academic research, consultations with experts, and discussions with members of the FLEC, a number of themes regarding effective financial literacy and education have crystalized. The best practices are crosscutting,...
Question of the Day: How many paid media and entertainment subscriptions do Gen Z consumers have?
Answer: 14
Questions:
How many paid media and entertainment subscriptions do you have? Have you added/dropped subscriptions since March of this year?
How much do each of them cost?
With the subscriptions you have, prioritize them from most to least important.
Are there any that you have signed up for that you forgot you had?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Deloitte Digital media trends...
Question of the Day: What percent of workers with a college degrees have jobs that could be done from home?
With lots of talk about how the coronavirus may have long-lasting effects on the workplace (for more check out last week's FinCap Friday), the answer to this question highlights how workers with a college education have more options when it comes to where their work gets done.
Answer: 62%
Questions:
What types of jobs can be done from home?
Do you think that the workplace changes that came about due to the coronavirus will persist enabling more people to work from home?
What do you...
Question of the Day (Updated): What is the median savings account balance for Americans under 35?
Answer: $1,000
Questions:
Explain why the the median savings for each age group is lower than the average savings by age as indicated in the article?
What is the relationship between age and savings accounts balances? Explain why you think the relationship exists.
How much will you need to have in a savings account to feel secure (sleep well at night)?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from 2019...
Question of the Day: Does a worker's level of education become MORE or LESS important during an economic slowdown (recession)?
This sharp and sudden economic downturn demonstrates how impacts on employment are felt differently based on the level of education.
Answer: More important
In just two months between February and April 2020, watch how unemployment rates varied dramatically based on level of education:
Unemployment analysis (source: FRED)
Questions
What is the relationship between level of education and unemployment rates?
Why do you think this relationship exists? Why does more education tend to...
Question of the Day: What percent of teens started saving money by age 12?
Answer: 56%
From Lexington Law & TD Ameritrade Summer Jobs and Internships Survey:
"Teenagers are smart and they’re learning from the struggles of those that came before them. With this in mind, we can see they’re opening their financial horizons by both earning and saving earlier in their lives."
Questions:
What do you think are some of the benefits of saving?
Are you currently saving? Why or why not?
Do you have any savings strategies or habits that work for...
Chart of the Week: What industries are most impacted by the economic shutdown due to coronavirus?
Questions:
What 3 industries had the largest NUMBER of unemployed persons in April?
What 3 industries have the LOWEST unemployment rates in April? Why do you think those industries were least impacted by the coronavirus?
In analyzing the change in unemployment rates between March and April, do you think this pandemic has impacted narrow sectors of the economy or had more widespread impact?
The report indicates that about 80% have identified themselves as being...
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