At-risk Youth

At-Risk Youth

FAI is committed to ensuring that Colorado's youth are prepared financially for all that the future holds for them.For information on a customized course for at-risk youth, please contact Carol Fabbri: cfabbri@fairadvisors.org

Educating our youth about money and finances has typically been left up to parents. However, most parents are unaware about how to manage their own finances. In fact:

Money is the number one cause of divorce in America.
Approximately 75% of Americans live financially month to month.
There is a 'taboo' about talking about money with family and friends.
Consumer debt and bankruptcies are at an all time high.
Only a third of this country's Baby Boomer generation are saving enough for retirement.

According to a 2011 survey of high school seniors sponsored by Capital One:

75% expect to receive gift money for their graduation. Yet only 19% have created a budget and mapped out a plan for the cash, and only 45% plan to put their graduation gift money into savings.
87% report that their parents are their primary resource for information about money management and personal finance issues, but only 22% report that they talk to their parents about money management “frequently” and 44% say that they “sometimes ask their parents questions” about personal finance.
Overall, 49% believe that they are “highly” or “very knowledgeable” about personal finance, but of the students who report frequent conversations about money with their parents, 70% rate themselves as “highly” or “very knowledgeable” about personal finance.
38% say that they are unsure or unprepared to manage their own banking and personal finances.
Of those students planning to take out student loans for college, 44% say that they have either not discussed with their parents how student loans work, or they have had a brief conversation with little detail.
37% receive an allowance, and of those, 54% say that their parents “sometimes” talk with them about how it should be handled, and 30% say that these conversations “rarely” or “never” take place.
50% of those who receive an allowance report that they are currently using a budget to manage their expenses and savings, compared with 35% of students who don’t receive an allowance. Similarly, 55% of students who receive an allowance report that they balance their checkbook at least monthly compared with 40% of students without an allowance.
Of those who have had a job before, 72% think that their job experience has prepared them for their financial future in some way. Only 51% of high school seniors surveyed currently have a job lined up for the summer.

A 2011 survey of high school seniors conducted by Sallie Mae revealed that:

About half of senior girls shopped for two or more weeks to pick out their dream dress for prom and half of senior boys spent two or more weeks deciding whom to ask for the big event.
In contrast, nearly half of high school seniors spent five or fewer hours learning how to pay for college.

Emancipating Youth
Every year, hundreds of youth are emancipated in Colorado, often without a stable family base or support system to help them navigate the complex world of adulthood. These youth are more susceptible to gang recruitment, violence, and homelessness. Moreover, due to the transience of the population, they are often underserved by schools, faith-based organizations, community recreation centers and other traditional settings. Research clearly shows that foster youth lack the experience and knowledge to live on their own and are at high risk for dropping out of high school, homelessness, unemployment, early parenthood, and crime.

Resources for these and other youth are inadequate in Colorado and FAI’s intent is to assist them in their journey to adult self-sufficiency.