Category: Savings

Question of the Day (Updated): What percentage of Americans can not cover a $400 emergency with cash/savings account emergency fund*?

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Oct 14, 2020
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Question of the Day, Savings
Answer: 37% *Ways of payment include cash, funds from savings account, or credit card transaction paid off next statement. Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.   Behind the numbers (Federal Reserve Board): "Relatively small, unexpected expenses, such as a car repair or a modest medical bill, can be a hardship for many families. When faced with a hypothetical expense of $400, 63 percent of adults in 2019...

Virtual Adaptation - COMPARE: Types of Savings Accounts

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Sep 21, 2020
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Teaching Remotely, Savings
There are multiple types of savings accounts that can help you meet your savings goals. In the activity COMPARE: Types of Savings Accounts, students will explore and compare four different types of savings accounts by first researching the basics of the accounts, then comparing those accounts at a specific bank or credit union, and finally applying what they have learned about those accounts to various savings goal scenarios.    At a time where many schools have transitioned to...

What's New With Savings (2020)

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Aug 20, 2020
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Savings
Covid Impacts the US Savings Landscape Back in April, the Federal Reserve Board has temporarily lifted the six transaction (withdrawal) limit on savings accounts so that people could more readily access their savings if they needed to during the pandemic. However, there were no rules issued to prevent banks from charging fees for transactions in excess of six per month. Bottom line, for those lucky enough to have savings stashed, it is better to access those savings than to hit a retirement...

Question of the Day (UPDATE): What is the personal savings rate in the United States?

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Aug 19, 2020
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Savings, Question of the Day
Answer: 19% (as of June 2020) View the current Savings Rate Questions:  How does the personal savings rate today (about 19%) compare to the rate during other periods of time? (In other words, is the rate lower, higher, or around the same?) In our current historical moment, what would be your explanation of a 19% personal savings rate? What has been the general trend for personal savings rate in the U.S. from 1960-2019?  What has happened to the personal savings rate during recessions...

NGPF Podcast: Jean Chatzky on personal finance in age of pandemic

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May 29, 2020
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Podcasts, Personal Finance, Budgeting, Savings, Investing
It was a great honor to host Jean Chatzky recently on the NGPF podcast. Author, analyst, commentator, columnist, entrepreneur, educator and if you listen to the podcast...there's even more. Jean shares why she is so passionate about financial education, how her mother influenced her attitude about gender roles when it came to money and what happened when she traveled to Vegas to talk mutual funds with basketball star Dennis Rodman. In a lightning round of Q&A, Jean shares her insights on...

Question of the Day (Updated): What is the median savings account balance for Americans under 35?

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May 17, 2020
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Question of the Day, Savings, Research
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: What percent of teens started saving money by age 12?

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May 12, 2020
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Question of the Day, Savings, Research
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: For the two-thirds of kids who get an allowance, what's the average weekly amount they receive?

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May 10, 2020
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Question of the Day, Budgeting, Savings
Answer: About $30/week Questions:  If you currently receive an allowance... Do you have to do chores to earn it? Do you save any of it? For a larger purchase or save in a bank?  How long have you been receiving it? If you don't receive an allowance currently... Did you ever receive one? Do you have a job and earn money that way? What experiences do you have with earning and spending money?  Click here for the ready-to-go slides for this Question of the...

NGPF Podcast: Dwayne Hendricks on his path from the NFL to the classroom

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May 08, 2020
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Podcasts, Investing, Savings
From a storied college career at the U (University of Miami) to several seasons at the NY Giants (which included a Super Bowl Championship), Dwayne Hendricks has seen it all. He's also a humble and giving person who, if you don't ask the right question, would never let on about his athletic accomplishments. So when it came time to determine his life path at the end of his career, it should come as no surprise that he chose to impact young people as an educator and a coach. in this podcast,...

EdPuzzle Thursday: Emergency Funds & Side Hustles

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May 06, 2020
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EdPuzzle Thursday, Savings
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  This week we have two EdPuzzle videos; one focusing on saving and one focusing on side hustles.  The first EdPuzzle video is titled "Emergency Fund Bootcamp" & reviews practical reasons for having an emergency...

Question of the Day: Consumers were invited to sign up for an automatic savings program...

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May 06, 2020
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Behavioral Finance, Question of the Day, Savings
What percentage enrolled when given the option to save $5/day?  What percentage enrolled when given the option to save $150/month?  Answer: Consumers were invited to sign up for an automatic savings program:   30% enrolled when given the option to save $5/day  7% enrolled when given the option to save $150/month Questions: Have you ever set a savings goal? What were you saving for? What helped you achieve the goal?  Saving $5 per day or $150 per month results...

Question of the Day: Americans saved ____ % of their disposable income in March 2020, highest since ____.

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May 04, 2020
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Question of the Day, Savings, Research
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...

EdPuzzle Thursday: Economic Stimulus (COVID-19) & Pay Yourself First

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Apr 29, 2020
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EdPuzzle Thursday, Current Events, Savings
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos. In light of the current pandemic, we will be also adding current event videos from Two Cents when relevant. So, on Thursday over the next few weeks, look for a combination of unit specific and current event EdPuzzle videos!  This...

Question of the Day: How many transfers or withdrawals can a savings account holder make in a month?

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Apr 26, 2020
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Savings, Question of the Day, Research
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...

EdPuzzle Thursday - SAVING: Compound Interest & The Rule of 72

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Apr 22, 2020
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EdPuzzle Thursday, Compound Interest, Savings
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  This week's videos are both related to SAVING.  The first EdPuzzle video titled "Understanding Compound Interest" teaches students the benefits of starting to save and invest as early as possible to reap the benefit of compound...