Girl Scouts Multiply Financial Literacy

June 19, 2003

By Sara Au

Research shows that although U.S. teens spent $172 billion in 2001, they lack the skills to fully understand how to save and invest their finances responsibly. In the wake of recent economic downshifts, being able to successfully navigate the turbulent waters of finance has never been more important. Girls, especially, need to learn the basics of money management, as statistics show that 90% of women are responsible for their own financial self-sufficiency at one point or another in their lives.

Girl Scouts of the USA is multiplying the financial literacy of this nation's girls with a number of new initiatives and projects. The central platform is a new section of Girl Scouts of the USA's Web site, titled Money Smarts. With assistance from charitable foundations of major corporations like Mutual of America, JP Morgan Chase, NASDAQ, and VISA, today's girls will be introduced to the workings of money and educated about the importance of saving and investing. Money Smarts will help girls master the all-important balancing act between income and expenses.

"Girl Scouts of the USA is committed to making sure every girl is empowered to take control of their financial futures," states Cynthia Thompson, Chair of Girl Scouts' National Board of Directors. "The effects of this new initiative will be exponential."

Corporate Partners

Thanks to a four-year grant from Mutual of America, a life insurance company based in New York City, girls ages 8 to 14 are encouraged to explore the relationship between lifestyle and occupational choices and to create and balance their own budgets.

In addition, The NASDAQ Educational Foundation has granted $728,000 to Girl Scouts of the USA to introduce girls to the workings of money, educate them about saving and investing, and afford them a hands-on stock market experience via the Internet. The three-year grant from NASDAQ will be distributed to 20 Girl Scout offices across the country to implement financial literacy curriculum with local girls. The grant also provides for adult volunteers to obtain specialized training to help them foster girls' interest in money management issues. NASDAQ employees are encouraged to become Girl Scout volunteers within their local communities. Also, in collaboration with the Securities Industry Foundation for Economic Education (SIFEE), Girl Scouts will play "The Stock Market Game" this fall. During the online game, girls build and maintain a hypothetical $100,000 portfolio from listings on the New York and American stock exchanges and the NASDAQ stock market.

Next year, with a generous grant from VISA, 14- to 17-year-old Girl Scouts from across the USA will learn even more about personal money management via another online game and activities booklet. The game will challenge girls to use technology and research to build problem-solving skills.

Building On A Solid Foundation

Girl Scouts of the USA has provided millions of girls with opportunities to develop their money smarts through innovative Girl Scout programming since its founding in 1912. At the time, most women were only familiar with food markets, not financial markets. Through early badges like the Housekeeper, the Cook, and the Clerk, Girl Scouts learned how to calculate the costs associated with running a household and found ways to save money by reducing waste.

Offering today's girls more cutting-edge opportunities to attain sound financial skills is a testimony to the values and vision of Girl Scouts of the USA's 91-year history.

The new Money Smarts section of Girl Scouts of the USA's Web site is made possible with funding from the JP Morgan Chase Foundation. This is where today's "centsable" girls access fun, interactive financial activities. Girls ages 11-17 can learn about Money Smarts' four topic areas: earning, spending, saving, and investing. Within, girls discover career planning, budget basics, how to keep a clean credit history, and the difference between stocks, bonds, and mutual funds.

These new activities will build upon existing Girl Scout badges such as Money Sense and Math Wiz, as well as Girl Scout Cookie®, Program Activities.

For more information about financial literacy and Girl Scouting, or to join or volunteer, please call (800) GSUSA 4 U or contact your local Girl Scout council.