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...
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...
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...
Question of the Day: In the 1950s and 60s about ____ in 10 Americans moved to new places while in 2019, ____ in 10 Americans moved.
Answer: In the 1950s and 60s, about 2 in 10 Americans moved to new places while in 2019, 1 in 10 Americans moved.
Questions:
Has your family moved at all since you were born? If yes, how many times?
Why do you think that people move so much less than they did 60-70 years ago?
Given the current economic challenges, do you think that people will be more willing to move to find work?
Do you think that young people (18-24) move at higher or lower rates than this national...
Question of the Day: Americans saved ____ % of their disposable income in March 2020, highest since ____.
Answer:
Americans saved 13.1% of their disposable income in March 2020, highest since 1981.
Questions:
What do you think are the reasons that Americans are saved more of their income in March?
Do you think this trend will continue in the next few months? Why or why not?
Consumer spending makes up about 70% of GDP. What impact do you think a higher savings rate will have on an economic recovery?
Click here for the ready-to-go slides for this Question of the Day that you can use with your...
NGPF Podcast: Carly Urban on her recent research showing positive impact of financial education
Details:
0:00~1:16 Introduction
1:16~4:19 Analysis of the causal effect of financial education
4:19~6:42 Discussion of interesting past studies regarding the effects of financial education
6:42~8:28 Why this study outweighs the results from the earlier studies
8:28~11:32 Considering the opportunity cost and return on investment from offering financial education classes
11:32~13:01 Measuring the return of teaching financial literacy
13:01~13:46 Examining the outcomes of improved...
Question of the Day: How many transfers or withdrawals can a savings account holder make in a month?
Answer: Unlimited (as of 4/24/20)
Questions:
Why do you think the Fed wants to give people greater access to their personal savings at this time?
Most people have two accounts at a bank: a checking account and a savings account. Do you think that people think about these accounts differently in how they use them?
Do you think it will be difficult for the Fed to change the rules back to only allowing 6 withdrawals per month from a savings account?
Click here for the ready-to-go...
Question of the Day: What's the probability of an American coming up with $2,000 in case of an unexpected need in February 2020?
With talk of federal stimulus which including a $1,000 to every adult over the age of 18, this question collected from survey data in February measures the level of financial fragility pre-Coronavirus slowdown.
Answer: 71.6%
Questions:
What types of unexpected needs might cost $2,000?
How do you think that most adults would manage $1,000 check from the U.S. Government at this time?
What’s the best way to prepare for an unexpected expense?
How do you think this percentage...
Question of the Day [Updated]: What percent of tax returns are audited by the I.R.S.?
Questions:
Why do you think the percentage of returns that get audited is so low? Explain your reasoning.
Why do you think that taxpayers are so afraid of being audited? Is their fear warranted?
Do you think that low audit rates can contribute to more taxpayers "cheating" on their tax returns? Why or why not?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Accounting Today)
Most taxpayers envision Internal Revenue...
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