User Rating: / 0
PoorBest 

Report documents financial literacy levels of Native youth and reveals strategies for change

Rapid City, S.D. First Nations Oweesta Corporation and its partners - the Jump$tart Coalition for Personal Financial Literacy, the University of SD Government Research Bureau and the Harvard Project on American Indian Economic Development - released a new report that examined the financial skills of Native youth at high schools with large Native populations in New Mexico, South Dakota and Montana.

In collaboration with state Jump$tart Coalition partners, including Junior Achievement of New Mexico, the Federal Reserve Bank of Minneapolis-Helena Branch and the Hutchinson County Extension Service of SD, and supported by a grant from the National Council on Economic Education (NCEE), the team took an in depth look at the financial education of Native youth by examining the largest sample of Native high school students ever surveyed regarding financial skills.   The research was based on the biennial survey conducted by Jump$tart and sponsored by Merrill Lynch.

The 2008 report found that 93% of Native students received a failing score on the questions asked in the survey (compared to 78% of non-Native students) and they scored lower in all five financial literacy categories including income, money management, spending, savings and credit.  However, the report suggests ways to move beyond concern about the gaps in Native youth financial education toward concrete action.  Promising efforts include placing culturally competent curricula in Native-serving schools, educating parents and school officials about the value of financial education, making strong linkages between financial education and Native students’ hopes and dreams, and increasing opportunities for Native youth to manage money and take responsibility for financial decisions.

According to Elsie Meeks, President and CEO of Oweesta,  “Developing strategies that increase financial skills for our youth is more than good policy- it is good practice- and it is critical for the future of our communities and their economic sovereignty.”  Oweesta and its partners have received a follow up grant from NCEE to examine the possible barriers to financial education implementation in Native communities in 2009.  Results from the 2008 youth report will be presented in more detail at the upcoming Native CDFI Gathering in Albuquerque, NM on December 9, 2008 hosted by Oweesta and Opportunity Finance Network.  For more information or to download a copy of the report please visit www.oweesta.org/youthreport2008.