FACT: The average teen spends about $5,408/year, or $103 per week. In 2001 teens (ages 12-19) spent more than $172 billion dollars. • Is the average of $103 per week too high or too low? Explain. • On average, how much money do you spend a week? • Do you think this is a reasonable amount to spend in a week? Explain. FACT: 21% of teens have their own credit cards or have access to their parents’ credit cards. • Why do you think you should or shouldn’t have a credit card? • If you have a credit card, who do you think should be responsible for the bill? • Should you put something on a credit card if it can’t be paid off that month and you have to carry a balance? FACT: 16% of teens have ATM cards. • What do you think the pros and cons are for having a checking and/or savings account and an ATM card? • If you have a checking account, who should be responsible for overdraft fees? Why? FACT: By the time they graduate, nearly two-thirds of students at four-year colleges and universities have student loan debt (66.4% in 2004). • Although money is an important consideration when making your choices for a higher education, what other factors should you also consider when making your decision? FACT: Although teens and young adults ages 13-24 save approximately 25% of their money, they are saving for a specific purchase and are not saving for the future. That is different from an adult’s definition of saving. • List three things you would like to save for your future. What are the benefits of starting to save as a teen? 5 Charles Schwab Teens and Money 2007 Survey Findings. Rep. Charles Schwab, 2007. Web. MoneyFindings5 LESSON 1 | WHY DOES MONEY MATTER? | 15