{"id":12837,"date":"2015-11-06T21:23:36","date_gmt":"2015-11-06T21:23:36","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=12837"},"modified":"2024-12-18T15:24:01","modified_gmt":"2024-12-18T21:24:01","slug":"financial-literacy-for-teenagers","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/around-block\/our-purpose\/financial-literacy-for-teenagers\/","title":{"rendered":"H&R Block’s Budget Challenge and Why Financial Literacy is Important for Teenagers"},"content":{"rendered":"

If you think that teenagers don’t have any money to manage, think again. U.S. teens earn about $91.1 billion<\/a> annually. A 17-year-old makes, on average, $5,000 per year. However, only 38% say they are currently saving. That could be because there are actually a lot of things for teens to spend that money on.<\/p>\n

For example, the average cost of owning a car is $8,698 per year. Just going to prom can set a teenager back about $919. This infographic from the H&R Block Dollars and Sense blog breaks down a number of costs that teenagers \u2013 and their parents \u2013 incur during high school.<\/p>\n

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We think it’s important that teenagers learn how to manage their income, budget for expenses and save for things like their education. That’s why we offer the H&R Block Budget Challenge. High school teachers can enroll their classes in this online simulation where students encounter real-world personal budgeting situations, problem-solving, decision-making and accompanying lessons that meet national standards.\u00a0The perk is that the best performing students can win scholarship money. In the 2015-16 school year, H&R Block will award 132 scholarships worth $20,000, 60 classroom grants for $5,000 and one grand prize scholarship worth $100,000.<\/p>\n

Last year’s winners have inspired us in so many ways, and it is exciting to see the futures they are crafting with the scholarship winnings. Emma Fancher was awarded $20,000 and is now attending the University of North Alabama where she majors in secondary math education.<\/p>\n

“Growing up in a household with a single mother and a sister with special needs, I was told from a young age it would be up to me to pay my way through college. So the $20,000 scholarship I won from the H&R Block Budget Challenge has ensured that I can go to my first four years of the University of North Alabama and come out debt free, which is something I\u2019m so grateful for,” she said.<\/p><\/blockquote>\n

Read more about Emma and her Budget Challenge experience.<\/p>\n

Whether you want to learn more about money management, or want to help teach your teenager, our H&R Block Dollars and Sense blog is a wonderful resource. You might even be surprised at how much you don’t know! Case in point: check out this video where we stumped teens and<\/em> adults about financial terms.<\/p>\n