Bankruptcy among youth essay

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Bankruptcy among youth essay

Youth are reporting little responsibility for borrowing or the use of parental credit cards see Table 5. Only forty-two percent of elementary-age youth reported paying back borrowed money. The middle-school-age youth 63 percent were more likely to be responsible for repaying their parents for expenditures made on credit cards, repaying either always or sometimes.

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However, responsibility for repayment declines with age, with only 39 percent of high school and 34 percent of college students paying off their Bankruptcy among youth essay either always or sometimes.

Of the middle-school-age youth who did not pay off their expenditures charged, only 50 percent know the difference between using a credit card and Bankruptcy among youth essay. In contrast, for those responsible for paying their debts, 70 percent knew the difference between using cash or credit.

High-school-age youth lack responsibility in paying for charged expenditures with parental credit cards 61 percent and personal credit cards 73 percent. Of the 29 percent of college students who use parental credit cards, two out of every three students are not responsible for paying for their expenditures and for those with their own cards, one out of three either does not pay for his or her own expenditures at all or depends on parental assistance to meet credit debt.

Ten of the fifteen high school students who have a personal credit card could report their current debt. Among these students, one out of three did not expect to be able to pay for his or her expenditures within the next six months to one year.

Of those college students who have accumulated debt, either through loans or credit cards, 33 percent were not on a budget. When asked why they would use a credit card, 63 percent of college students indicated they would use one for emergencies, 52 percent would use one for convenience because they are not carrying cash, and 8 percent would use one for any purchase whether they had cash or not.

Other sources used for learning about money management included learning on their own and in school. Implications and recommendations All of these findings have potential implications to youth educators and curriculum developers.

Social problems among youth today essay

Educational curriculum for money management practices should address the specific behaviors that each age group is exhibiting. In summary, the study revealed some specific findings among the age groups that affect curriculum development and changes that Florida Extension 4-H programs are currently addressing.

Responsibilities attached to earning allowances decline significantly as youth get older. Parental influence on youth spending decisions is very limited. Planned spending significantly increases with age, but the frequency of planning declines.

As youth get older, their tracking of spending increases, with a significant difference at college age. Saving practices differ significantly across all ages. Saving increases from middle school to high school and declines with college age. Youth are being exposed to the use of credit at an early age, but do not learn responsibility for repayment, which is done for them by their parents.

Elementary-age youth can begin to learn how to make spending choices and how to save money to cover those spending choices. This study revealed that elementary-age youth are borrowing money from friends or relatives and not learning responsibilities attached to this behavior.

Elementary curriculum should address the responsibilities of repaying monies borrowed. Middle-school-age youth are exposed to a great amount of money, combining parental allowances and money from other sources.

Bankruptcy among youth essay

This group is attempting to plan their spending and keep track of their money. Therefore, curriculum should focus on setting goals for spending and developing a budget to encourage the frequency and consistency of these two habits.

Though middle school students are saving money, frequency of saving needs to be emphasized. They are more likely to save when they need to indicating saving for specific purchases than on a regular basis. Due to the exposure of credit with middle-school-age youth, curriculum at this level should address the responsibilities and promote the understanding of credit.

Middle school students need to understand the difference between using credit cards versus using cash for purchases. Additionally, middle school students need to start learning about banking options, which will serve to reinforce other financial components such as saving and tracking expenditures.

The findings indicate that high school students are increasingly exposed to credit and show a strong need for understanding credit. This instills bad financial habits in older youth as they become adults.

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Curriculum should focus on how to use credit cards and loans properly and how to manage debt. High-school-age youth need to learn about banking options, as well as proper management of bank accounts as some have already overdrawn money.

Based on findings from this research and other research, college students are facing overwhelming debt with poor money management skills. Because very few college students have had a financial management course, curriculum for this group should start with the basics including setting goals and costs associated with them.

Budgeting should be emphasized with college students because 36 percent had never established a budget and half of those using a budget were unable to maintain it. Furthermore, a relationship between budgeting and debt appears to exist. Thirty-three percent of the students who accumulated debt had not established a budget.Among the unnamed parties in the conspiracy is "Entity F, an Arkansas non-profit corporation located in Magnolia, Arkansas, which was a provider of youth services to delinquent and at-risk youth.".

Among children and youth, preschoolers were most likely to be victims of physical assault, followed by elementary school-aged children, teenagers, and infants. The American Bankruptcy Institute reveals that 19% of the people who filed for bankruptcy last year were college students.

That means one in five bankruptcy filings were by very young people who started their lives as financial failures. The consequences of bankruptcy are serious and cannot be cancelled if you change your mind.

Financial counsellors help people in financial difficulty, and are available in every State and Territory. Their services are free, independent and confidential. Dedicated to encouraging a better understanding and appreciation of America, the VFW’s Voice of Democracy and Patriot’s Pen essay competitions help foster patriotism among today’s youth.

The programs also foster friendly competition as well as rewards success in the form of some $3 million in scholarship monies being distributed. Japan’s increasing rate of job turnover among youth, even during the re- cessions of the s, mostly tends to be explained away by citing evidence of changing work attitudes among Japanese youth.

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