NGPF Podcast: Tonya Van Court of Goalsetter focused on creating savings habits in young people
All research points to the importance of developing savings habits when you are young. We can all attest to the importance of goal-setting in helping us accomplish things. Tanya Van Court founded Goalsetter with those two research findings in mind. It's not enough in Tanya's mind that kids save, she wants them to LOVE saving. By gamifying that process she hopes to create that life-long savings habit. Enjoy
Details:
0:00~1:38 Introduction
1:38~6:50 Early money lessons from her...
QoD: What percent of households led by someone 55 or older have NO money saved for retirement?
Answer: 48%
Note: DB is a defined benefit retirement plan or pension.
Questions:
What income can seniors receive in retirement if they have no savings?
Why do you think almost 1/2 of Americans households headed by someone 55 and over have no retirement savings?
What is one huge disadvantage for those who start saving for retirement in their 50s?
Will this information influence how you think about saving?
Here's the ready-to-go slides for this Question of the Day that...
QoD: Which banks have higher interest rates on savings accounts: online banks OR banks with physical locations?
Answer: Online banks
Questions:
What is the difference in average savings account interest rates between online banks and "brick and mortar" or physical banks?
How much MORE would you earn in a year if you had $1,000 saved at an online bank compared to a “bricks and mortar” bank?
Despite offering much higher interest rates, online banks only have about 8% of bank deposits. Why do you think they don't get more deposits?
Would you ever bank with an online bank? Why or why not?...
QoD: Can you name ONE of the top 3 financial goals for millennials?
Answer:
Earning a grad/Master's Degree
Buying a car
Getting married
Questions:
Do you think that financial goals are important?
What are three of your immediate financial goals that you want to achieve in the next five years?
Pick ONE of those three goals and spend 5 minutes brainstorming the steps you need to take to accomplish it.
How do you think your financial goals might be different 10 years from now?
Click here for the ready-to-go slides for this Question...
FinCap Friday: Pay Day But No Paycheck
This FinCap Friday explores the effects of the recent federal government shutdown on the 800,000 federal employees who were required to work without pay from December 22, 2018 to January 25, 2019. Not knowing when your next paycheck will come can cause major financial stress so it's important to understand the strategies that can be used to prepare for times of emergency. Play this week's FinCap Friday to dive into this hot topic!
If you're short on time, try this FinCap Friday (No...
Question of the Day: What is most cited reason people give for not having a bank account?
Answer: Do not have enough money to keep in account
Cited = named as a reason for not having an account
Main = percent of respondents that listed the reason as the main reason for not having an account.
Questions:
What's the minimum amount you think you need to have a bank account?
Do you think it’s important to have a bank account? Explain.
The number 2 item cited for not having a bank is "don't trust banks." What do you think leads to this distrust?
Respondents also indicated...
Question of the Day: Which savings strategy is most effective: a) Saving $5/day b) Saving $35/week or c) Saving $150 per month?
Answer: Saving $5/day.
Questions
Do you think that setting goals is important when it comes to saving money? Why or why not?
Why do you think setting the $5/day goal was more effective than the others?
Have you ever set a savings goal?
If so, what was it and did you accomplish it?
If not, what savings goal would you set?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from Business Insider): ...
Question of the Day: Which country had the highest household savings rate in 2017: U.S., Korea or Switzerland?
Answer: Switzerland
Top 5 in OECD Countries in 2017:
Switzerland 18.7%
Sweden 15.9%
Luxembourg 14.3%
Germany 9.9%
Korea 8.9%
Curious about the U.S.? It had a household savings rate of 3.4% in 2017.
Questions:
Why do you think that some countries have persistently higher savings rates than other countries? Name at least two reasons.
Why do you think the savings rate in the U.S. is so low when compared to these other developed economies?
What are ideas you have to boost your...
Question of the Day: What is the most popular New Year's resolution for 2019?
Answer: Exercise more
Here are the top five:
Questions:
Do you think that making New Year's resolutions are a good idea? Explain.
Do you have any New Year's resolutions? If so, what are they? If not, why not?
What are some strategies that you can use to make resolutions stick? Have you had success with these in the past?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from the Denver Channel): ...
FinCap Friday: Do We Have Your Interest Yet?
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Dec 20, 2018
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FinCap Fridays, Savings, Credit Cards, Student Loans, Stocks
The Federal Reserve hiked interest rates earlier this week which provided an awesome opportunity for a FinCap Friday focused on that event. How do the decisions of this august body percolate through the economy? Check out this FinCap Friday including Yanely's awesome explainer video to learn more:
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Looking for more FinCap Fridays? There's more where this came from! Check out the other seventeen here. ...
Question of the Day: What financial habit do almost 2 out of 3 senior citizens wish they had done more of when they were younger?
Answer: Save money
Questions:
Why do you think so many seniors wished they had saved more?
Without savings, what income does a retired senior citizen have to live on?
Are you a good saver? If not, do you have any ideas that can help you become one?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (National Bureau of Economic Research):
We asked persons aged 60 to 79 whether, if they were given the chance to...
Question: How many times were baby boomers unemployed between the ages of 18-48?
Answer: 5.6 periods
A great question demonstrating the importance of having an emergency savings account.
Questions:
What do you think are some of the reasons that people have periods of unemployment?
Do you think it's easier to be out of work when you are in your 20s or 40s? Explain.
How do people support themselves when they don't have a job?
What do you think are steps that you can take to reduce the odds that you are out of a job?
Here's the ready-to-go...
How Can I F.I.R.E. Up My Students About Retirement?
Looking for ways to get your students thinking about retirement? Introduce them to the F.I.R.E. Movement! That is the Financial Independence Retire Early Movement.
Why do I think this movement is important:
It's a counter-narrative to our consumerist society by focusing on extreme savings. We read so many stories about maxed out credit cards, why not expose your students to tales of young people saving 60-70% of their income?
It helps students understand the concept of passive income and...
Question of the Day; What is the median savings account balance for Americans under 35?
Answer: $2,000
Questions:
Explain why there is such a big difference between the median and average for each age group?
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 2016 Survey of Consumer...
Chart of the Week: How do banks react to increases in interest rates? (Hint: You don't want to be a borrower!)
I have noted this trend before but to see it all on one graph makes it even more powerful. As the Federal Reserve has increased the Federal Funds rate target, the cost of borrowing has risen in lockstep while interest earned from savings accounts still hovers close to zero. In other words, costs to borrow typically have variable rates which automatically adjust upwards in a rising interest rate environment while interest on savings accounts are extremely slow to adjust upwards as banks seek to...
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