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Teach Kids the Value of Money John Lanza Chief Mammal Snigglezoo Entertainment

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We teach them… The ABCs To Eat Right Reading, ‘Riting, ‘Rhythmatic…

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What about the fourth “R”? “ Real World” -Robert Duvall National Council on Economic Education

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The Result

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We Can’t Afford Not To

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Catherine Pulley, American Bankers Association “ Financial literacy is a basic survival skill that is as important as teaching kids to look both ways before crossing the street.”

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We Must Teach Our Kids

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We Don’t Have A Choice

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What are two of today’s most precious commodities?

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The Time-Touch Balance

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Robert Reiher Consumer Psychologist

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Do you have enough TIME in the day for work & family?

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3 out of 4 people feel that they just don’t have enough TIME in a day.

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TOUCH Most people want to “CONNECT” more with their kids, their spouse and with themselves

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TOUCH “ Nobody on their deathbed ever said ‘I wish I’d spent more time at the office’.” -Wise Person

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Time-Touch BALANCE

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The Time-Touch Dilemma

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CHANGING CIRCLES OF INFLUENCE <ul><li>Outside Circles Of Influence </li></ul><ul><li>vs. </li></ul><ul><li>Inside Circles Of Influence </li></ul>

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business media entertainment government education technology politics OUTSIDE Circles of Influence economy TIME-TOUCH STRESS

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business media entertainment government education technology politics economy TIME-TOUCH STRESS OUTSIDE Circles of Influence

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KIDS CAN’T PROCESS MEDIA BLIND SPOTS

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parents trusted caregivers loving family members religious, spiritual & educational organizations trusted health professionals TIME-TOUCH BALANCE INSIDE Circles of Influence

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parents trusted caregivers loving family members religious, spiritual & educational organizations trusted health professionals TIME-TOUCH BALANCE INSIDE Circles of Influence

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INSIDE Circles = BEST INTERESTS

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TIME SCARCITY CREATES TOUCH SCARCITY

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INVISIBLE TRADEOFFS <ul><li>Values </li></ul><ul><li>Communication </li></ul><ul><li>Behavior </li></ul>

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MISMATCH = DANGER <ul><li>OUTER CIRCLES </li></ul><ul><li>OF INFLUENCE </li></ul><ul><li>vs. </li></ul><ul><li>THE HUMAN BRAIN </li></ul>

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RATIONAL Emotional Brain Reflex Brain Upshifting Downshifting Thinking Brain Think Feel React 3 BRAINS BEHAVIOR

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END RESULT Consuming / Materialistic Kids

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Importance of Touch: Focus on Family <ul><li>20-year study </li></ul><ul><li>450 families </li></ul><ul><li>Farm Belt recession in the 1980s </li></ul><ul><li>School-age children </li></ul><ul><li>Psychological impact on kids - significant and enduring. </li></ul><ul><li>Financial woes fuel: anxiety, depression, behavior problems </li></ul>

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Importance of Touch: Focus on Family <ul><li>Successful families </li></ul><ul><li>Focused on Family </li></ul><ul><li>“ Kids didn't seem to mind </li></ul><ul><li>that they lacked spending money.&quot; </li></ul>

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Financial Literacy

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The “Perfect Storm” <ul><li>Retirement Responsibility </li></ul><ul><li>Social Security </li></ul><ul><li>Retirement - 401Ks </li></ul><ul><li>No more employer-provided </li></ul><ul><li>defined benefit plans </li></ul><ul><li>Easily accessible consumer credit </li></ul><ul><li>Movement towards a cashless society </li></ul><ul><li>Increasingly sophisticated marketing </li></ul>Source: Learning Your Monetary ABCs, Martha H. McCormick and David Godsted (2006)

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Lack of Education “ While there are many causes to the economic problems facing the country, it is undeniable that a lack of financial literacy is a contributing factor.” -Charles Schwab Chairman President’s Financial Literacy Task Force

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Children are already a major target audience for advertisers. American companies currently spend _______ a year on marketing and advertising to children under the age of 12—twice the amount they spent just 10 years ago.

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$15 billion Source: Children Now Study on Advertising (2005)

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Each year, the average child sees about _________ ads on television alone.

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40,000 Source: Children Now Study on Advertising (2005)

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Children under the age of eight do not recognize the persuasive intent of ads and tend to accept them as accurate and unbiased. In fact, 30-second commercials have been found to influence brand preferences in children as young as ______ years old.

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Two Years Old! Source: Children Now Study on Advertising (2005)

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Two Young??

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We Must Establish Money Smarts Younger!

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Early Chilhood Financial Literacy “… it is widely recognized that literacy, as the foundation for virtually all other subject areas, needs to be taught from the very earliest ages; this focus on early childhood literacy is known as emergent literacy.” Source: Learning Your Monetary ABCs, Martha H. McCormick and David Godsted (2006)

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The Result

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What about the Schools ?

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Reality Check Jump$tart 2007 Survey, High School Seniors Mean Score = 52.4% Proportion failing exam = 62%

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Reality Check In most cases, economics and personal financial literacy programs are elective classes so “ only 12% of Americans graduate from high school having learned anything about money at all. ” Source: Learning Your Monetary ABCs, Martha H. McCormick and David Godsted (2006)

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<ul><li>It’s up to Parents </li></ul>

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What percent of parents believe that schools provide classes on money management and budgeting to their students?

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80% Source: Learning Your Monetary ABCs, Martha H. McCormick and David Godsted (2006)

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Are Parents up to the task? 71% of teens report learning about money management from parents yet…

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Are Parents up to the task? only 26% of parents with children 5 or older feel well prepared to teach their kids about basic personal finances.

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A financial literacy “buck” is being passed from parents to teachers and back to parents again. Parents assume that schools are teaching financial literacy, but schools, by and large, are not teaching it. Teachers, like parents, don’t feel comfortable teaching it. -John Clow, Jump$tart Source: Learning Your Monetary ABCs, Martha H. McCormick and David Godsted (2006)

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Parents need help!

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Strong Forces Working Against Financial Literacy

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M.A.R.V.E.L. TM Time-Touch Solution

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M.A.R.V.E.L. ™ To Evoke Admiration And Wonder

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M odel – Mirror Positive Values A ttune – Be “tuned in” & present R eflection – Develop higher thinking skills V alues – Establish key priorities in life E ngage – Create involvement L imit – Build strong foundation and structure The M.A.R.V.E.L. Map A Blueprint For Time-Touch Solutions

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A Better Brand <ul><li>Three-pronged approach </li></ul><ul><li>Share </li></ul><ul><li>Save </li></ul><ul><li>Spend Smart </li></ul><ul><li>Engage Enrich Entertain </li></ul>

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Bonus Benefit! Parents Get It!

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M odel – Share & Save & Spend Smart A ttune – Simple Message / Dialogue R eflection – Teaching Guide V alues – Needs vs. Wants + E ngage – Fun + Action Steps L imit – Making Choices The M.A.R.V.E.L. Map A Blueprint For Time-Touch Solutions

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REMEMBER THOSE KIDS?

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<ul><li>Needs vs. Wants </li></ul><ul><li>Making Choices </li></ul><ul><li>Sharing, Saving, Spending Smart </li></ul><ul><li>Allowance </li></ul><ul><li>Money Spent = Money Gone </li></ul><ul><li>Saving is Good </li></ul><ul><li>Delayed Gratification </li></ul>What Can Kids Learn?

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Delayed Gratification

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Marshmallow Experiment <ul><li>Walter Mischel </li></ul><ul><li>4-year-olds </li></ul><ul><li>Receive marshmallow </li></ul><ul><li>Wait 20 minutes & get a SECOND </li></ul>

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Marshmallow Experiment <ul><li>Followed into adolescence </li></ul><ul><li>Those who waited for SECOND: </li></ul><ul><li>More dependable </li></ul><ul><li>Better adjusted </li></ul><ul><li>210 points higher on SATs </li></ul>

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Saving Money IS Delayed Gratification

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financial ILLITERACY OUTSIDE circles time-touch BALANCE INSIDE circles BEST INTERESTS EARLY childhood F.L. M.A.R.V.E.L.

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BUILDING A KIDS CLUB CU’s Perfectly Positioned

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CU PHILOSOPHY Time – Touch Balance Financial Education Social Responsibility Concern for the Community Member Service

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Building a Kids Club Start With The FOUNDATION

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The YOUNGEST members!

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TIME & TOUCH

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LOYALTY

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You can’t just THROW out a club and expect it to stick.

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Making Noise

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Get into Schools

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EVENTS Media coverage Internet Television Print Media

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Be CONSISTENT and PRESENT with your BRAND !

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Newsletter is THE CORE

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CHALLENGE REFER-A-FRIEND

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The Incentive Loop newsletter punch card deposit incentive branch

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Encourage, Incentivize Key Traits Delayed Gratification

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Using The WEB

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PlayJoe’s CU Game

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PlayNeeds vs. WantsGame

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More Ideas Game nights Incentive Contests Low-cost activities Branches

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Video & Television

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In Branch Marketing

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You can’t just be good .

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Be Different!

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Making the case: Getting to Yes

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More than 22% Growth in 2008

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Increase core deposits New Club Starts Deposits Rise.

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Parent balances up! New Club Starts Deposits Rise.

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Decrease member age 47 to 44!

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LOYALTY

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Nurture them and they’ll become profitable Future borrowers First car First credit card First loan

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M odel – Mirror Positive Values A ttune – Be “tuned in” & present R eflection – Develop higher thinking skills V alues – Establish key priorities in life E ngage – Create involvement L imit – Build strong foundation and structure The M.A.R.V.E.L. Map A Blueprint For Time-Touch Solutions

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Reach Gen X

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… and Gen

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Focus Groups

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Did you like it? Would you recommend it to a friend? What would you change? Simplify to get results

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Downturn Not the time to cut back

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Be Different!

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THRIFT SHIFT

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What do you think?

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Thank You.

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www.themoneymammals.com Blog

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The following images were used under Creative Commons Licenses: License details: http://creativecommons.org/licenses/by-sa/2.0/deed.en http://www.flickr.com/photos/narciss/844589858/ http://www.flickr.com/photos/theritters/511298198/ http://www.flickr.com/photos/dtchristner/2243569889/ http://www.flickr.com/photos/johnmarchan/562116408/ http://www.flickr.com/photos/dno1967/2981180591/ http://www.flickr.com/photos/au_tiger01/2829431704/ http://www.flickr.com/photos/kevincollins/26249105/ http://www.flickr.com/photos/dvdmerwe/2728282041/ http://www.flickr.com/photos/alistairmcmillan/35747688/ http://www.flickr.com/photos/ahmedrabea/2154811923/ http://www.flickr.com/photos/blackdenimgumby/432498443/ http://www.flickr.com/photos/sravishankar/3462731/ http://www.flickr.com/photos/patdavid/208230592/ http://www.flickr.com/photos/abbot45/81766440/ http://www.flickr.com/photos/e-coli/2919452693/ http://www.flickr.com/photos/pshan427/1358194906/

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The background image of the chalkboard is used under license from Glen Jones through the website dreamstime.com. The following images were used under Creative Commons Licenses: License details: http://creativecommons.org/licenses/by-sa/2.0/deed.en http://www.flickr.com/photos/papalars/2763115977/ http://www.flickr.com/photos/der_makabere/1635241685/ http://www.flickr.com/photos/houseofsims/2965024421/ http://www.flickr.com/photos/grumpychris/167928164/ http://www.flickr.com/photos/jamesjordan/660583916/ http://www.flickr.com/photos/raylopez/867883420/ http://www.flickr.com/photos/magical-world/2984862832/ http://www.flickr.com/photos/21804434@N02/2228247553/ The background images for the”Two Young??” and “Emergent Literacy” slides are licensed courtesy of Eileen Lanza Photography. The Money Mammals logo and characters are used courtesy Snigglezoo Entertainment. ©2008. All Rights Reserved. The image of the South Branch of Rogue Federal Credit Union is used with permission from Rogue Federal Credit Union.