Money smarts for teens and young adults
Joyce Serido, Extension family finance specialist, is awed by how highly Minnesotans value education. The downside is the extent of post-college debt. The financial strain of transitioning to adulthood during a time of continuing job losses and decreasing employer-provided benefits, compounded by college debt, can cause stress that leads to physical and mental health problems, or "the elephant sitting on your chest," as Serido calls it. But responsible financial behaviors can buffer that stress.
Serido and colleagues used a stress and coping framework to research ways to help young people minimize costs and create budgets before finances get out of hand. Now these findings are helping students and families make better decisions about financing their education.
The pilot program started in January with educational workshops taking place from Mankato to Grand Rapids on topics such as understanding the obligations that come with different types of college financial aid before signing on the dotted line.
Visit financial education resources for more information.