Title: Teenage Insurance Agent Learns Financial Literacy Through Hands-On Experience
One morning this past February, 13-year-old Londyn Ivy stepped into the role of an insurance agent, earning a monthly paycheck of $4,000. Alongside her seventh-grade classmates, she spent a half-day at the Junior Achievement Finance Park in Memphis, delving into the world of budgeting and financial management.
During her time at the Finance Park, Ivy had to determine how much purchasing power she had, deciding on expenses such as food, housing, insurance, clothes, and transportation. She shared, “We learned how to budget our money, how much we could spend in a week or in a month. We had to figure out ourselves what vehicles we could buy or what clothes and what type of food we could afford.”
The experience was eye-opening for Ivy and her peers as they realized the importance of prioritizing needs over wants. Ivy admitted, “I bought myself jeans and high heels. Sadly, I could not buy a car. I spent too much money on clothes.”
Junior Achievement aims to make learning about practical money matters engaging and fun for students. Last year, over 4.4 million students in 30 cities participated in the program, gaining valuable insights into financial literacy.
The hope is that early education in financial management, like Ivy’s experience, will have a lasting impact on her future financial decisions. Studies show that many Americans feel ill-prepared to manage their finances, highlighting the importance of financial education at a young age.
While the state of financial literacy in America may be lacking, initiatives like Junior Achievement and Fidelity Youth are working to bridge the gap. By introducing concepts of budgeting and investing early on, these programs aim to empower the next generation to make informed financial decisions.
As Ivy continues to save and learn about money management, she sets a positive example for her peers and future generations. With the right tools and knowledge, young individuals like Ivy can build a strong foundation for financial success in the years to come.