Money Watchers: The money test
The NBC 10 Money Watchersput a group of local teens to task, testing their knowledge of how much itemscost and whether or not they know how to budget.
The teens, from theProvidence Youth Center, had some financial coaching before.
We chose items teens eat,drink and use to test their knowledge including: a large cheese pizza fromPizza Hut, a gallon of milk, an iPhone and a movie ticket.
For a pizza that cost$10.80, the teens guessed between $7 and $11.
For a gallon of milk thatcost $2.99, the teens guessed between $2.50 and $5.
An iPhone 5 with an AT&Tcontract, which costs $200, they guessed between $300 and $500.
And a ticket to see themovie "Argo" at the Providence Place Mall, which cost $10.75, theteens guessed it would cost between $8 and $10.50.
Recent surveys, like onedone by Charles Schwab, show that nearly 60 percent of teens between the agesof 16 and 18 years old, claim to know how to budget their money. It alsoshows that more than 60 percent claim to know how to shop for the bestdeals. This comes as 80 percent of teens report believing that therecession is not over and their family has been impacted by it.
"I have abudget. A mental one. Just knowing what I want to buy and do I needit or do I just want it," one teen told NBC 10 News.
The teens we spoke with atthe Providence Youth Center tell us they care about how they spend theirmoney. They save. A few have checking accounts. Others havealready started savings accounts.
"Basically we've beenlearning how not to be selfish and to think about what are choices which wemake now how they will affect us in the future," a teen told NBC 10News. "Like if we want something really bad we have to learn todiscipline ourselves and wait for it instead of automatically wanting to go andspend all of our money out as soon as it gets in our hands."
"They're veryimpressive and definitely they've learned a lot here, but also serve as leadersfor their peers in their community as well for those that may not know aboutfinancial literacy or have the skills that they do," said Ellen Darling ofthe Providence Youth Center.