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(HealthNewsDigest.com)-A unique program could pay off in dividends for families across the country. It gives teams of girls the chance to learn the basics of long-term investing while managing $50,000 “virtual portfolios.” The teams will keep their gains in the form of college scholarships and learn money management skills in the process.
Statistics show that the vast majority of girls growing up today can expect to spend most of their adult lives in the labor force. Most will work to support their families; many will do so on their income alone. Yet, according to a recent survey conducted by Harris Interactive, although girls and boys understand equally well that it takes responsibility and hard work to succeed financially, girls feel considerably less confident about managing money.
The program, called the INGGirls Inc. Investment Challenge, was designed to help change that with the guidance of trained staff from Girls Inc.-a not-for-profit that helps 900,000 girls annually through direct service, the Web site, books and CDs. Programs are offered in many cities and towns and are listed on the Girls Inc. Web site at www.girlsinc.org. With the help and guidance of trained Girls Inc. staff and employee-volunteers from the financial services company ING, teams of girls ages 12-18 will build and manage diversified, real-time portfolios as part of an integrative investment- and economic-literacy curriculum.
“Learning how to spend, save and grow your money effectively is a critical life skill,” says Joyce M. Roché, president and CEO of Girls Inc.
“The earlier we can engage girls in saving and investing, the more likely we will be able to grow a generation of smart, empowered investors,” says Rhonda Mims, president, ING Foundation, and adds that whether a girl is from a low-income or wealthy home, or lives in a rural or urban community, at some point in her life, she is likely to be responsible for her own financial well-being.
Making Lessons Pay Off
The following tips could help parents boost their daughter’s financial IQ:
• Get Her Involved-Take your daughter shopping and talk to her about the items you purchase. Explain how you decide if something is worth buying and why you might choose one product over another.
• Open The Books-Let your daughter watch you pay bills and manage your money. Explain where your money comes from and how it is spent.
• Cash In-Consider giving your daughter a weekly allowance to be used on certain activities or items that she values. Be sure she saves at least 10 percent of what you give her each week.
• Explain Credit-Talk to your daughter about credit and spending. Explain that credit is not free money but a loan that needs to be repaid.
For more information, visit www.ing-usafoundation.com.
Learning how to spend, save and grow your money effectively is a critical life skill.
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