Money management resources and mentoring

Resources for exploring money management as a topic area for activities with mentors and mentees.

A mentor has the ability to be a positive influence for a young person throughout their elementary, middle and high school years. As a mentor, coaching, guiding and supporting a mentee can pay off in different ways. Throughout the relationship there can be teachable moments that the mentee can learn from. In some programs such as the Michigan 4-H Tech Wizards, youth can learn and grow in subject areas like science, technology, engineering and math. While exploring subjects, mentees grow in other areas by gaining life skills, learning hobbies or trades and even developing a career interest from the influence of a mentor. With this in mind, mentors can work with youth to learn about money management skills.

Where can a mentor start?

Through Michigan State University Extension 4-H Youth Development, 4-H program staff and volunteers use resources to teach youth about basic money management that mentors are welcome to use. Other resources mentors can check out for ideas for money management are through the 4-H Mall. 4-H Mall has financial resources mentors can purchase to get ideas for mentees. The National Endowment for Financial Education (NEFE) has the High School Financial Planning Program (HSFPP) curriculum mentors can use to glean ideas for mentor-mentee match meetings and activities in money management. (Staff in Michigan 4-H Youth Development have partnered with the NEFE HSFPP to facilitate trainings in Michigan.)

How can mentors facilitate exploring this topic?

If the mentoring program is a site-based mentoring program, mentors and mentees can use the time together to facilitate activities or play games to give mentees an idea of the basic principles in money management. If the mentoring program is a community match program, mentors can check out the subject matter and create activities in different ways, such as taking field trips to credit unions, banks, financial advisors or investing firms to give their mentees a chance to learn about personal financial matters.

Where can these types of discussions lead to?

These discussions can lead to the mentor bringing awareness or enhancing an awareness of money management to their mentee. The hope or goal would be for the mentee to become a good steward of his or her money. Exposure to the principals in money management can influence youth to pursue the different careers in business and finance.

With all the possibilities and benefits for youth learning about money management, consider sharing this subject for discussions and activities for mentors and mentees.

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