Money
Awareness
Program, LLC
A MAP for Building (and Sustaining) Financial Confidence and Well-
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For more information, contact
Jude Gilford, Owner
Money Awareness Program, LLC
P.O. Box 31022, Tucson AZ 85751
520-400-8304
Jude@MoneyAwarenessProgram.com
"We do not share customer information with third parties. Ever."
Jude Gilford, Owner
Money Awareness Program, LLC
P.O. Box 31022, Tucson AZ 85751
520-
"We do not share customer information with third parties. Ever."
The Agony of Financial Illiteracy and its associated financial wreckage is not an issue unique to any one population. It affects everyone – men and women, young and old, across all racial and socio-economic lines. With this being said, the reasons for financial illiteracy often take predictable paths.
Some argue that money management is a family matter that is best learned at home. The reality is that many parents are not willing or able to teach their own kids everything they need to know about financial matters. Charles Schwab Research shows that teaching children about money management is not a priority for many parents. In fact, the research found that while 70% of parents taught their teens how to do laundry, only 34% taught their teens how to balance a checkbook and only 29% taught them about how credit card fees and interest work.
Charles Schwab’s 2007 Teens & Money Survey finds that teenagers are very optimistic about their chances for financial success and believe themselves to be financially savvy about money management. Almost 75% believe they will be earning “plenty of money” when they are out on their own. Boys expect to learn about $173,000, while girls expect to earn more than $114,000. About 63% of the teens surveyed described themselves as knowledgeable about money management, including saving, budgeting and investing. But when probed for specifics, the teens reveal startling gaps in their financial knowledge. Only 51% know how to write a check and only 34% can balance a checkbook. Just 26% know how credit card fees work and only 24% know whether a check-cashing service is a good thing or a bad thing to use.
A survey by Harris Interactive, commissioned by KeyBank in 2006, found that only one in five college students consider themselves “very well prepared” for managing their money in college, while 32% consider themselves “not at all” or “not very well prepared.” The survey also found that 75% admit to having made mistakes with their money since arriving on campus, including overspending on food and entertainment, and putting too many purchases on their credit cards.
These discrepancies between the level of teen money management skills and the supposed level of financial savvy often carry over into determining the depth and agony of adult financial illiteracy.
A survey by Harris Interactive, commissioned by KeyBank in 2006, found that only one in five college students consider themselves “very well prepared” for managing their money in college, while 32% consider themselves “not at all” or “not very well prepared.” The survey also found that 75% admit to having made mistakes with their money since arriving on campus, including overspending on food and entertainment, and putting too many purchases on their credit cards.
These discrepancies between the level of teen money management skills and the supposed level of financial savvy often carry over into determining the depth and agony of adult financial illiteracy.
The Internet is littered with tools for individuals to measure how much credit they should carry, how large a mortgage they can afford, how much their savings will compound over time, and countless other calculators and tools. But there are few options for individuals to assess their understanding of these concepts and tools, or to get a comprehensive overview of their financial skills.
Americans are inundated with financial information and overwhelmed into inaction. They don’t even know where to start when it comes to learning about their own financial situation because there is too much to absorb. The desire for privacy prevents many from seeking outside help, especially when their financial situation is deteriorating. Others choose to hide themselves from accessing a body of knowledge they perceive to be difficult and intimidating.
Most people believe if they only earned another $10,000 per year, their problems would be solved. In your own experience, think of the times you have gotten a big increase and you found this was not true. Wasn’t your increase quickly absorbed into everyday spending? Soon whatever you are earning is what you are spending again and perhaps even more.
When overwhelmed by debt, people may seek any means available to ease the anxiety and help eliminate the problem. Many people and organizations are willing to take advantage of their plight. There are thousands of “debt solutions” that can cost $400 to $7,500, and in the end, individuals may find the whole process a fraud and that they are even more in debt.
Most people believe if they only earned another $10,000 per year, their problems would be solved. In your own experience, think of the times you have gotten a big increase and you found this was not true. Wasn’t your increase quickly absorbed into everyday spending? Soon whatever you are earning is what you are spending again and perhaps even more.
When overwhelmed by debt, people may seek any means available to ease the anxiety and help eliminate the problem. Many people and organizations are willing to take advantage of their plight. There are thousands of “debt solutions” that can cost $400 to $7,500, and in the end, individuals may find the whole process a fraud and that they are even more in debt.
Money Awareness Program will never tell you how to spend your money, but MAP will show you how to become debt-FREE while repairing your credit and saving for the future. Finally, you can STOP WORRING about your intimidating mountain of credit card debt and unpaid bills. You will sleep better, start an emergency savings fund and even have money left for fun stuff. MAP shows you how to reallocate what you already have. You may already have everything you need!
No one can take better care of your money than you!
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MAP Gives Back to the Community
Community Justice Boards
Financial Education Collaborative of Southern AZ
Community Justice Boards
Financial Education Collaborative of Southern AZ
