The American dream is alive and well among girls, according to a new report by the Girl Scout Research Institute, which reveals that girls feel optimistic about their financial futures, yet are less than fully knowledgeable about essential financial principles and instruments, from using credit cards to establishing good credit. And just 12 percent of the girls surveyed say they feel confident in making financial decisions.
The study, Having It All: Girls and Financial Literacy, which surveyed 1,040 girls ages 8 to 17, found that girls are averse to debt. However, in order to avoid debt, these girls say they need more education about how credit works. In fact, nearly 4 in 10 girls say they don't know how to use a credit card, only 38 percent know what a credit score is, and just 37 percent know how credit card interest and fees work. Perhaps not surprisingly, a vast majority (90 percent) say that it is important for them to learn how to manage their money.
In order to expand girls knowledge of finances, GSHNC created a partnership with SpendSmart(TM) to provide a financial literacy education program and information to Girl Scouts and their parents on the SpendSmart program, the award winning teen responsible spending prepaid card solution.
Katherine Lambert, Executive Vice President of the Girl Scouts, Hornets' Nest Council stated, "SpendSmart's message of financial literacy and responsibility is very much in line with the ideals the Girl Scouts promote. We are partnering with SpendSmart to develop this innovative and dynamic program that will truly benefit the girls as they learn about managing finances. Parents will also have the opportunity to sign the girls up for and use the SpendSmart Prepaid MasterCard, which offers transaction text alerts/emails to parents, transaction history, and friends and family loads to the card as a way to create lessons around spending responsibly and managing their finances. We are pleased to work with SpendSmart on this important mission."
"We are delighted to work with and support the Girl Scouts. This experience with the exceptional team at Girl Scouts Hornets' Nest Council of North Carolina will serve as a model for us to expand to other Girl Scouts councils across the U.S. that are interested in conducting financial literacy programs and leveraging the financial responsibility learning benefits featured as part of the SpendSmart mobile app, website and prepaid MasterCard. We will also look to expand our Real Talk series to present learning videos to the Girl Scouts and our cardholders," stated Bill Hernandez, President of The SpendSmart Payments Company.
For more information, please visit: www.spendsmartcard.com