Winter 2022 Newsletter

UChicago Financial Education Initiative

Winter 2022 newsletter - female student at desk

NEWSLETTER | WINTER 2022

TEACHER SPOTLIGHT
Real-World Connections

Adrienne Morales discusses how she uses finEDge.

"Students tap into entities related to financial education early on in their lives without realizing it. When students are cooking, building things, or just passing time, they don't see math, they see enjoyment in what the task is. This course also has the ability to tap into many careers that pique students' interest."
— Adrienne Morales

WATCH NOW
New Video on the Importance of Objective, High-Quality Financial Education

Dollar sign with play button on top

Would we want our students to learn about health from a soft drink company? Would we want them to learn environmental science from an oil company? Of course not.

Yet, in the United States today, our students are learning financial education from financial institutions and for-profit corporations, like banks and credit card companies. These organizations have identified an opportunity to groom future customers. They are flooding this space with free resources positioned as financial education but designed to influence financial decisions. A clear conflict of interest exists.

How is this happening?

We invite you to watch our new video that explains why we need to prioritize objective, high-quality financial education for our high school students.

IN REAL LIFE
Student Takeaways

Garon Bach shares how finEDge impacted his financial decision-making.

What is the most important thing you learned about financial education?

"To have money saved for emergencies and to invest wisely depending on your goals. Be smart with your money!" — Garon Bach

PROJECT UPDATE
Talking Cents in the News

Image Talking Cents Card with question text

Time for a couple of conversation starters with your kids: What is something you really want to buy but don’t need? And this one: If you suddenly received $1 million, would you save it, spend it, or do something else with it? For many parents, posing questions like these to your teens around the dinner table just might break the ice to help them become more money savvy. A recent article featured Talking Cents conversation cards.

WHAT WE'RE READING
Financial Literacy and Well-Being in a Five Generation America

Quiz question asking the area of personal finance knowledge that adults struggle with most. Answer is D: risk and uncertainty.

A recent report from the Global Financial Literacy Excellence Center (GFLEC) and the TIAA Institute looks at data from the 2021 TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), which measures personal finance knowledge and examines the connection between financial literacy and financial wellness across five generations of U.S. adults. Respondents scored the highest on borrowing knowledge and scored the lowest on knowledge of comprehending risk and uncertainty.

Comprehending risk and uncertainty is what U.S. adults struggle with the most? This finding is alarming. Risk is inherent in all financial decisions. Understanding risk and risk management strategies is key to protecting and preparing for one’s financial future.

CAREER CORNER
Career Skills Develop Over Time

David Reif discusses his career path

"Don’t limit yourself. Even though my background was based on Interest Rate options, I was fortunate enough to recognize how the business was evolving and get introduced to the technology side of trading. I always say I have a major in options and customer relationships and minors in technology and psychology. Without all four of those pieces, I wouldn’t have been able to accomplish what I have." — David Reif

FOR YOUR CONSIDERATION
Five Ways Financial Institutions Can Support Financial Education

Image says Make a Difference. Shows row of pencils with 1 pencil sticking up

What if financial institutions leveraged their time, talent, money, and resources in ways that supported education instead of marketing their products and programs to students? Here are five ideas they could engage with instead to truly have an impact on the financial futures of students.