March 28, 2005

AUSTIN – April is Financial Literacy for Youth Month. To help educate young people about managing money, the Financial Literacy Coalition of Central Texas will present a "Welcome to the Real World!" financial workshop to 22 low-income students at American Youthworks Charter School here.

Students ages 17-24 will receive practical financial instruction on three consecutive Tuesdays, April 5, 12 and 19, from 9 a.m. to noon, at American Youthworks school, 1901 E. Ben White Blvd.

"Young adults are frequently challenged with a number of money management issues they are ill prepared to handle," said Lupe Landeros, Texas Cooperative Extension family and consumer sciences agent in Travis County and the coalition's coordinator. "This workshop is designed to help them develop basic money management skills and techniques they can use throughout their lifetime."

The workshop will cover a variety of money management topics and activities, including writing checks, figuring expenses, developing budgets and spending plans, establishing savings and checking accounts, and understanding taxes, payroll deductions and insurance.

"We'll be using the money management portion of the ‘Welcome to the Real World!' curriculum developed by the University of Illinois Extension," said Claudia Yañez, coalition committee chair for youth education and a certified public accountant. "And several coalition volunteers will be giving the students financial instruction in different money management areas."

Workshop attendees also will be asked to consider various careers and the educational requirements and salary levels associated with them, she added.

April 5 and 12 workshop activities will prepare students for an April 19 simulation, during which they will put new money management skills into practice.

Many of the students in the workshop are at-risk students who participate in the American Youthworks Career and Computer Corps.

"These students have had educational and employment challenges," said Amy Carrillo, a trainer at American Youthworks in Austin. "Here they learn job skills, complete their education and give back to the community."

Most of the students attending the workshop will be able to earn an education award based on community service.

"Several of the students are also already in college or will be attending college," Carrillo said. "The money management workshop will give them useful information about student loans and other education-related finances, along with skills so they can handle their own money."

Because the students going through the workshop are from low-income backgrounds, they can be intimidated by money, she added.

"We're hoping that once they go through the workshop they'll be more comfortable with money issues," she said.

Most young people need a lot of help when it comes to learning about managing and making money, Landeros noted.

"Money management isn't usually taught in school, and parents often do not sit down with their kids and teach them about household finances," she said. "This effort between the financial literacy coalition and American Youthworks will give this group of young adults some help with managing – and making – their own money."

The Financial Literacy Coalition of Central Texas is comprised of more than 20 financial and service organizations in Travis County. More than 50 trained coalition volunteer instructors provide free financial instruction to young people and adults.

For more information on the financial literacy coalition, call Landeros at (512) 854-9600.