The number of bankruptcies in America doubled between 1990 and 2000. According to the Department of the Treasury, four in 10 of these bankrupt Americans blame a misunderstanding of credit for their woes. And it’s a problem that starts at a very young age.
Each year, young Americans spend more than $150 billion, but high school seniors are scoring a meager 52 percent on a basic money quiz administered by the Jump$tart Coalition for Personal Financial Literacy.
It’s become increasingly important to proactively teach money management skills to young people.
A new collaborative effort between KLRN Channel 9 and Junior Achievement, with underwriting by Security Service Federal Credit Union, aims to do just that by presenting San Antonio youth a new show that highlights successful child entrepreneurs while teaching basic financial literacy skills. The show, Biz Kid$, airs each Monday at 5:30 p.m. on KLRN. “We believe it’s going to help launch a new generation of business–savvy, socially conscious kids,” said Joanne Winik, president and general manager for the local PBS station.
Ten–year old Ben Weymiller was visiting his newborn cousin in the hospital when his aunt started crying. Her baby was ill, but she couldn’t rock her because there were no rocking chairs. Weymiller donated four months of allowance, but was still about $700 short of the price of a hospital–grade rocking chair. Undeterred, he started a rock–a–thon and launched a website that raised more than $85,000 in just a few months. Weymiller is just one of the resourceful kids highlighted in a weekly episode of Biz Kid$.
Another is Jordan Wilsted. At the ripe old age of 12, Wilsted started designing and manufacturing his own skateboard decks and selling them through local shops. Reinvesting his profits, he started a website where his 4,500 users can upload their own videos on skateboarding, snowboarding and dirt biking.
In addition to highlighting these successful young entrepreneurs, Biz Kid$ episodes cover basic financial issues, including credit card use, budgeting and smart buying. “In the same way that Sesame Street teaches ABCs and Cyberchase teaches 1–2–3s, BizKid$ will teach today’s children about nickels and dimes,” says John Worthington, senior vice president for the Security Service Federal Credit Union.
From home to school
Nationally, BizKid$ is shown on 279 PBS television stations in 43 states. Through underwriting from America’s credit unions, the show is also distributed to more than 180,000 schools.
The first national TV series ever funded by credit unions, each episode of Biz Kid$ comes with teaching materials developed by Junior Achievement. The lessons are free for teachers and parents on the Biz Kid$’ website, www.bizkids.com.
Biz Kid$ online presence is also home to a blog, games and an eNewsletter – all of which provide tips on how children can start their own businesses, make money and help their businesses grow.
While some – particularly the younger set – may doubt the inherent entertainment value of a financial literacy show, they can take comfort in the fact that Biz Kid$ is in the capable hands of the award–winning producers of Bill Nye, the Science Guy. “It’s really kid–friendly,” said Winik. “It’s fun and fast–paced, filled with comedy sketches, kooky characters, animation and music.”
“It’s definitely entertaining,” Winik added, “but the show’s real business is about teaching kids how to make and manage money, while inspiring them to pursue their passions by watching other youth who are already living their dreams.”
