Native American students lag behind in financial knowledge
ALBUQUERQUE, N.M.-Recently, Isleta Pueblo and Tiwa Lending Services, a community development financial institution, held the third annual Native American Youth Empowerment Summit. Leaders say the need for such summits is great because parents are not training their children in how to have financial success.
According to studies by investment firm T. Rowe Price, only 27 percent of parents speak with their children about money at least once a month. They also say that parents who discuss finances with their children weekly are more likely to have kids who say they are smart about money.
The fastest growing group of bankruptcy filers are 25 years or younger, according to the U.S. Senate Committee on Banking, Housing and Urban Affairs. And according to a joint study by First Nations Development Institute and the FINRA (Financial Industry Regulatory Authority) Investor Education Foundation, Native Americans in general lag behind whites and Asian Americans in financial knowledge, demonstrating lower levels of financial literacy and lower use of formal financial products. The study also shows that Native Americans are less likely to learn about managing finances from their parents and that Native Americans show lower levels of confidence in managing their money.
The summit included a shopping simulation game and discussions on budgeting and financial goals.
