Girl Scouts Take Financial Literacy to Next Level

by | 11/08/13 | Commentary, Uncategorized

Raising the level of financial literacy among girls has long been an important mission of the Girl Scouts and the organization is taking that mission to an entirely new level through a partnership they just announced with financial services company SpendSmart Payments. While Girl Scouts have pursued other ventures with many large, national companies, the deal with SpendSmart represents the organization’s alliance with an innovative prepaid debit card company, which will develop a financial education program for 16,000 Girl Scouts.

he initiative between Girl Scouts and SpendSmart is anticipated to be launched in January and will be comprised of a broad range of information and materials targeting k-12 students, including traditional and online teaching resources and even merit badges that Girl Scouts can earn.  To date, the financial literacy initiatives rolled out by Girl Scouts have focused on topics such as budgeting, saving, and responsible spending.  The SpendSmart program is focused more heavily on understanding the intricacies of credit cards, debit cards, and other forms of plastic payment products. In fact, Girl Scouts who are 13 years old and older can sign up for the SpendSmart Prepaid MasterCard in connection with this program.

To spark greater interest among teens, SpendSmart designed its prepaid card with transaction text alerts and emails to parents in an effort to enable the monitoring of spending. The cards have been widely acclaimed not only for their design, but also for keeping monthly fees fairly low.  SpendSmart a $3.95 monthly fee, whereas many prepaid cards carry fees of $14.95.  However, fee conscious observers caution that some prepaid card providers charge fees at or below $2 per month, so it is very important to understand and evaluate monthly fees, as well as additional fees for services such as replacing the card, conducting a balance inquiry and ATM withdrawals.

The Girl Scouts and SpendSmart believe the focusing of education on credit cards, debit cards and other plastic forms of payment is vital for improved financial literacy among girls and also in the broader society.  Following the program’s launch in January, many financial education enthusiasts will be watching and evaluating the initiatives success, as it is well positioned to be a model for future financial education efforts relating to credit, debt and related financial topics that, if understood, could improve the financial health of individuals and families in the months and years ahead.

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