What happens to young people who have the misfortune of graduating into a recession? That’s the question that researcher Bart Cockx of Ghent University, Belgium, and IZA, Germany tries to answer (here’s his one-pager summarizing the research.) This research provides further evidence of importance of education as demonstrated by the differing outcomes based on educational attainment.
I found this research of interest since I saw this phenomenon first-hand in my family. My older brother graduated from college into a recession in 1981 and struggled to find work. He took a job as a bellhop to get out of the house and ultimately talked his way into an interview and then into an engineering job (yes, initiative does matter!). So, it took him about six months after graduating to find this job. Clearly his technical degree (engineering) came in handy and then once he got that good-paying job in his field his career was back on the right track.
Now onto the key takeaways from the research:
A great question for your students to ponder before diving into your Career unit. The impetus for this question came from a story I heard on the Marketplace podcast:
While listening, ask your students to listen:
Plug this interactive into your Career or Leadership lesson and spark a great conversation about leadership styles. Students can complete this simple nine question survey from Quartz and determine what their leadership style is. Here’s a sampling of the statements (or questions) that students will respond to:
- Teaching Teens Financial Literacy at Provine High School, MI. (Jackson Free Press):
Students at Provine High School will soon be able to open up accounts with Hope Credit Union right in their own hallway. The project started as a partnership between Provine High School’s Business and Finance Academy and Hope Credit Union. In the program, students participated in workshops, learning about financial literacy, how credit unions work and the importance of saving money from staff at Hope as well as their own teachers who received training from the credit union.
- Former Bankruptcy Judge Teaches Students About Financial Literacy. (Democrat & Chronicle):
I was reminded of an earlier blog post (What’s the Catch? Make Lots of Money Working from Home) after seeing this sign at a hotel. A good example of “if it sounds too good to be true…well, it probably is!):
Not a bad starting point for thinking about what to include when designing a personal finance curriculum. Better yet, share this with your administration to lobby for a personal finance graduation requirement.