Financial Education Speech Outline PDF

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final assignment - speech outline on financial education...

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Financial Education is essential for students today. INTRODUCTION 

“I wish someone would’ve told me”

Today’s students are faced with big financial pressures once they are in post-secondary, but they are not capable of making smart decisions because they have little understanding of finances. 

The average student graduates post-secondary school with about $25,000 of debt.

 Financial education should be standardized School is supposed to prepare students for the real world  We need a focused, consistent curriculum  Yes, part of it is the parents who need to transmit lessons in day-to-

day life

 86% of teens indicate they’d rather learn about money management in a class before making mistakes in the real world.  If we teach teens the skills they need to manage their money tomorrow, we stand to improve their lives, our lives as parents and teachers and the economy of our country.  What is financial literacy o Financial literacy means having the knowledge and skills to make responsible economic and financial decisions with confidence.  Throughout high school, we take set courses based on Math, English, History, etc. to learn what we need to know to get through these years and college. Once we graduate, sure we’ll know how to graph a hyperbola question or how to write a rhetorical précis but what we won’t know is the basics of handling money.  I think we should make it necessary to make it a requirement to take a financial literacy class before we graduate high

school. This would help us tremendously like the other classes we are required to take.

Point 1: What it can help students with Specific Topics and why they should be covered related to me Argument 1: Considering financial choices, budgeting Argument 2: Basic money management, and staying financially stable and healthy throughout life Argument 3: Perspectives on financial matters (interest rates, mortgages) Saving up for buying cars, houses early on • It

is easy to end up making bad decisions if you do not know how to manage your funds.

• Topics such as insurance, budgeting, credit cards, loans, earning potential, saving, and investing  I know its probably irrelevant teaching all these topics to teenagers but it will pay off once they get to that stage. It’s an opportunity for them to learn beforehand, instead of learning when they get stuck. Concepts including goalsetting, comparison-shopping, saving strategies, compound interest.  Teens have jobs and pay taxes, they need to know how to fill out basic tax forms and file for themselves  They have money from an allowance or a job and can open savings and checking accounts  Many high school students purchase automobiles and automobile insurance on their own.  Teens are considering how to pay for college.  Teens pay routine bills such as cell phones

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1. You’ve got to have a plan  People get in trouble when they don’t have a plan  Budget Emergency savings instead of relying on credit   Income and expenses  Secret to success is to spend less than you make  Don’t be willing to go into debt for something you want  Find the difference between what you need and what you want  Pay for what you need first then want  Starbucks and going out by the end of the year you would have enough for a vacation or something you want  Your financial situation still stayed the same except you used it better 2. Don’t borrow  You’re paying more  You want to borrow money for things that will appreciate in value – house  Bureaus are scoring you right away  If you’re not spending the right way, you have too much debt, you will not be able to buy anything  You don’t want to end up with bad credit and not being able to buy a house  They are watching all your bill payments for 7 years  Don’t go more than a certain number of days  For 7 years you’ll have to explain why you couldn’t manage your money

Point 2: Why is it important Argument 1: We improve their lives     

Liberating to have money Take responsibility for yourself financially so that you don’t have to live struggling Live life like no one will help you – take ultimate responsibility for yourself Save, invest, make sure you can stand on your own two feet If teens don’t learn how to handle their personal finances early on, they can end up huge financial trouble because they dont know what theyre doing

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Argument 2: We improve the lives of parents  Instead of teaching financial literacy in schools, teens have to rely on their parents or simply their own research and experience to pick up these lessons, or never get them at all.

 This is problematic because so many students take loans to attend post-secondary.  For more than a decade, students studying in Ontario have had the highest average debt loads, averaging more than $28,000 Argument 3: We improve the economy of our country  Decisions about what you buy affect not only you, your family, your community, but Canada and the world. For example, choices to buy certain locally made products, such as locally grown food, can have a positive impact on the local economy. 

Canadian households owe nearly $1.65 for every dollar of disposable income.

  Financial education supports not only individual wellbeing, but also the economic health of our nation.  Consumers who can make informed decisions about financial products and services not only serve their own best interests, but collectively, they also promote broader economic stability.  Point 3: What I have learned and wish I learned in school (TIPS Argument 1: Saving. Argument 2: Credit Cards Argument 3: Credit Scores • Debt

rates are very high with students and graduates • We are faced with big decisions so we need to learn how to make smart decisions • Today cash is rarely used - it has become virtual - so the way we use money should be taught to us better • Online shopping - easy to accumulate debt fast • Today’s students are faced with big financial decisions once they are

in post-secondary, but they are not capable of making smart decisions because they have little understanding of finances how to save money, how to balance a budget and how credit works.

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Little knowledge leads to bad decisions o Anytime you make money, save a percentage o You have time, you’re young you can become rich  Rule of 72  Take money put into savings what ever rate is divide by 72 that’s the amount of years your money will double  Compounding interest

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generally as we get older and have to pay for things ourselves, be it a cell phone, apartment, credit cards. If we get a cell phone, we sign a contract saying we are going to pay our bills. If we pay our bills completely and on time, that becomes part of our credit history. If we are late, that is reported too. Not only does the phone company keep track of that information, but they share it with credit bureaus who keep tabs on all our credit spending, from utility bills to loans to credit cars, and just about everything else you use money for, except for cash.

Credit Card Tips For Teens Here are some credit tips for teens that can keep you out of trouble and help you maintain a high credit score. • Don’t take out too many credit cards or loans (the fewer the better) • Make your payments on time • Pay as much as you can • Keep your borrowing below the maximum • Don’t apply for several credit cards at one time Manage your credit wisely and you will improve your score

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CONCLUSION  If you ordered one less $4 latte a week, you could save over $200 per year! 

In Ontario, only 40% of high school students felt somewhat or very prepared to manage their finances after graduation

 No matter what you do in life, it all comes down to personal finances  Exposing teens to strategies to better themselves financially is a 21st century survival skill.  How to balance a budget, how to save money, and how credit works is something everyone can learn.  Start NOW!    

Life comes at us really fast WE have to take money seriously We have to teach ourselves and be responsible...