Also in this playlist...
This transcript is automatically generated
RTZ learn from those things and -- And the market's got to move -- on a little bit upsetting five point three you know stocks turn higher even after we got some that trade deficit data that the trade deficit is widening.
The most since 1999.
That's -- greatest news yeah oil dipping to the lowest levels we've seen since October.
We at JC -- reporting a sharp drop we heard from a Abercrombie & Fitch their profit down as well.
Talented -- was here the other day.
Christine -- -- pretty much saying that Abercrombie was gonna get operatives.
Not bad though JC Penney.
Give us pretty good guidance going forward JC -- improve their diets I.
Said he had the president making -- hot.
Whose jobs in these stores it Antonin -- they have been struggling for the -- on this thing you know that just real quick -- Montgomery ward.
It's palm went out of business.
And probably 78 years ago.
On that actually since then that man has been reinvigorated as an online only and he knew that this is his -- -- -- what was just.
Anchor in malls and they were just hit the south.
Our knowledge only in the south -- time and we have a McCann oh when I was a kid up here.
Or in Colorado anyways.
I'm used to shop at Montgomery would and then mom and I hated act mamma wanna go to Montgomery ward.
Fighting is at a secondhand store I bought a Montgomery Ward's shirt with a big butterfly collar you know really cool here.
But it probably pay more for.
Thirty years after it was sold in Montgomery ward in the day it was actually sold in Montgomery what is an equally -- does lessen with your -- are right they know better than mom wants things shoving Montgomery would say cool I'll go with it.
An English here it's because in 25 years you're gonna wanna Wear that your intimacy that you're the second insulin and pay a lot of money seven madam -- com.
It's really cool sky it's -- cool design -- that this butterfly collar all where.
And -- get fired but all Wear it next week hopefully Greg.
Merlino is not wearing shirt with a butterfly collar president found to have a merry way financial services here to talk to us about the market.
But -- like college not withstand.
Yeah but I don't want one back in the day Greg though you -- awhile back in the day.
Greg we -- I think that was before my time I -- yeah good -- -- good.
Markets up about eighty points even on this news -- and we got some you know disappointing earnings -- the same time nobody expected -- -- to -- -- that great where -- -- -- right now.
Well I think that you know we've come a long way from the bottoms of march ninth.
And I don't think the next eight months we're gonna see a 60% increase in the S&P 500 like we just going through.
But I think this market that still has room to move higher.
Absolutely you know I think that.
There is some very good news out there but unfortunately.
Investors tend to focus on lagging indicators like housing and unemployment.
But -- -- -- lagging indicators anymore I mean I know.
We keep saying they are but as you said we -- we react instantaneously to them so where is the lag and if I lose my job today -- here that I'm -- afraid of them and lose my job tomorrow.
There's not much of a lag there I react instantaneously to that.
Well and you're right.
But the trends are starting to improve.
We knew almost a year ago that.
Unemployment was going to continue to accelerate throughout 2009.
And probably not peak until 2010.
And that that's coming to fruition probably around the end of the first quarter of next year.
We should see a peek in on employment and then things begin to -- -- downward with regard to that.
So it's important that investors don't do two things.
One is they shouldn't chase returns.
And unfortunately we saw that happen in 2008.
When they couldn't stand the pain any longer they had to get out of stocks -- that fourth quarter.
Of last year where the first two months of 2009.
And what that that they do with the money well they went into the best performing asset class at which was long term treasuries.
Unfortunately interest rates had already come down to zero treasuries have made their run.
And now you know that's definitely not the place today.
The second thing that they -- really shouldn't do is trying time the market.
And I think -- -- Roubini is starting to get that lesson because you have to be perfect twice.
When you -- attempt.
Time the market he wants when you get out.
But again once -- need to get back again.
And that way he hit the Bob -- out of the ballpark with regard to getting out of the market he.
It did a great job -- for seeing some catastrophic events taking place last year.
But he's missed a 60% run up in the S&P 500 since the bottom march ninth.
And now that's that's very difficult to do is to get those things right -- great seems like.
These are fairly apparent you just said -- we know that we're.
We're going to be above 10% unemployment for quite some time I don't that we see any surprises there and in the market action last Friday -- we got -- employment report certainly indicated as such.
Earnings season is over.
-- -- The Fed is telling us we're not worried about the dollar we're not gonna see inflation in the near term.
What's gonna move this market one way or another or we just gonna go -- because we're not really gonna get any pertinent new or surprising information.
Well I think what we need to really start to -- we're beginning to see it right now is top line earnings growth.
We saw in the second quarter of this year.
Bottom line increases.
In earnings mostly due to cost cutting.
Now we're starting to see some sales increase.
Come come forth.
And that's extremely important -- in order for this market to continue to move higher.
But I do think the momentum is pointing in that direction.
Your risk based assets stocks bonds and commodities.
I still think right now have.
A better opportunity to move higher and certainly better than catcher I treasuries.
Can you address the credit market quickly and you know eat your notes say they hear you see it debating can you can you sort of explain to us have -- a most of you know we talked to seemed to think that credit is still very difficult to come by.
It is still difficult we're not out of the woods entirely by any stretch of the imagination but.
When you look at where we work this time last year I mean that was a truly.
It's beginning to -- now we're starting to see a little bit better lending opportunities.
But you're right I mean we still have a lot further to go in that regard.
-- -- Residents out of primarily financial services in Philly thanks for joining us love will tell the on the -- we'll have to have you on again.
With -- butterfly collar great thanks Chris and Tracy thanks I appreciate it -- in the book a flight by flight collar at all and I.
You're good let's find this very profound and Chris is gonna go look for his gratified -- -- -- -- insurance and we'll be right back.
When kids and money it.
Well perhaps that's business I'm praising -- as this is Chris -- Hello how I child born in the year 2008.
Suing middle income -- -- will cost its hands nearly a quarter of a million dollars.
Before reaching college who foraging college -- and the US Department of Agriculture.
-- All this money gonna go out.
Well for the next hour we're gonna talk about kids and money will be talking about with.
Two of the most recognizable names of childhood the president -- scholastic.
Come on Clifford the big -- all -- And a CEO of Sesame Street.
-- -- Will be here wasn't -- talking about marketing to kids and the importance of teaching kids about money.
We start with Jeff Klein felt -- senior equity strategist at Piper Jaffray which recently released its.
Taken stock fifteen.
Survey that's talking stocks with scenes.
Is it talking taking stock with T I find taking my iPad.
-- -- taking stock with teens and you find out that teens actually are spending more money.
Absolutely -- we we visit with these teens across the country twice a year.
We -- -- find out how much money they're spending or better yet how much they're influencing because it's clearly not all -- -- to begin with.
What they're spending -- on how frequently and now we're looking for different changes in behavior -- that can help us.
Help us help investors.
Understand where to put their money.
Jeff -- or what have you seen changing here in the last two or three years.
Is it is it -- kids' knowledge of how to spend money what to spend money on being more frugal would be seen.
There -- a number of things that changes you can imagine it's a very dynamic marketplace.
It is the probably most obvious is that that teens are.
Are very interested in their communication devices cell phone technology has.
Become a 100% penetrated the teen population very very important priority.
I MP3 players or iPod in many cases.
That technology very very important it's it's what's become sort of their lifestyle.
Wardrobe is more than what they're wearing today it's what they're carrying around and other communicating with each other begin to the Internet and all of the different social networking sites.
Information is traveling faster than it ever has before.
They're talking to each other more than they ever have before so it's really critical for all these brands and products to figure out how to effectively market to them.
Jeff -- you talk about the communication devices like this cell phones and their iPods to music devices and media devices are they less price sensitive.
Is it more important to -- to have the product as opposed to having something similar to it at a good price.
It it it it is at certain times of the product cycle no doubt it's a very important question a very good one and it's critical to understand.
Each different product category where that category is on what we call product innovation cycle for example a few years ago cell technology was coming out.
Fast and furious with new features constantly first it was the cell -- and it was texting.
That was a camera.
Now they're integrating more features like listening to music and integrating MP threes and cell -- together into one device so.
It's really about how fast product is updating as teens are absolutely gonna want to have the latest technology.
That has slowed a little bit here recently and what that means that some of those dollars they've been spending on new devices are gonna shift over and other product categories and that's what we're watching really closely to look for investment opportunity.
It just fine and well and as a parent I have to ask -- the money to buy all this stuff.
I mean it wouldn't you know we talk about it -- budget is that there allowance do they have jobs.
How are they spending all this.
Was a parent you could probably appreciate that a lot of it's coming right out of your own -- You know a lot of it's coming from parents you might not realize that -- might be subtle but it's definitely coming out of your budget.
You know it depends on what -- come -- -- teens are are are are -- -- terms of their households.
The upper and demographic tends to rely more heavily at parents parents have more disposable income.
Then come to give them when you get down the lower end demographic more and more of it has to come directly from their part time jobs.
Clearly the last couple years have been challenging it's been challenging because employment is more difficult for these teens.
It's also been challenging because obviously their parents are under pressure but you know we we when we measure this in our survey we come up with about.
Fifty to 60% of their disposable income about fifty to sixty -- average is coming directly from their parents or relatives or you know other adult influences in their life.
Jeff obviously fashion is very fickle and the -- you know the people's tastes are very fickle but it seems like.
A lot of these retail names.
Are very up and down during this recession I mean you get in Ohio puts out flying and every single time they get -- same store sales are evident.
Last time around very disappointing.
It is -- is it tough to read it which ones are going to be successful month after month -- -- quarter.
Well short term volatility is unavoidable we're gonna have these monthly.
Variations in in sales and DA here actually right -- -- sells high flyer they come up with one lighter.
Sales performance in one month in the stock gets hit.
Pretty aggressively but.
It's important for us to do this survey for that very reason teens are fickle perhaps in terms of what they like it dislike but there's not as much fickle this in.
The cycles you might think the last couple years have been great for aero because it's been a value cycle there hasn't been any newness in terms of product innovation so you can apply the product innovation.
Theory to cellphones MP3 players and apparel a life in addition a lot of other product categories we're getting ready to go into a new.
Fashion cycle we think for a number reasons there's a few more dollars freed up from other categories it's been three and a half years since teens that spent meaningfully.
On their wardrobes and there are a few new items coming out of the marketplace -- we think it's a very good time to have exposure.
To these companies.
-- -- that's why you're survey showed that -- spending is actually up 7%.
Is it because of the Avant semi hands for so long I mean same story would most adults.
That we've been waiting around even -- saving on money teens or it's gonna get out there as well.
Right it's always a confluence of events in other that there is culturally a lot of things have to happen.
And a line in order to make it a positive cycle.
Positive fashion cycle so the economy has stabilize somewhat -- still under a lot of pressure but it's starting to get let's say -- bad.
We're cycling against very easy comparisons are very negative spending numbers from last year.
It's been like I said about three years since people have really focus -- on their wardrobes and at some point you have to start replenishing a little bit all that's starting to -- to make it a slightly better environments.
We think it could lead to multiple years of expansion.
I thank you Jeff Klein felt a senior equity strategist Piper Jaffray.
Thank you very much thank you know.
Banks -- anything in his study actually it was that the West Coast friends are some really hot kids so they still wanna be like.
I mean the East Coast -- wanna be surfer dudes on the West Coast so like Pacific sun we -- accidents on quicksilver.
-- -- -- well local what does that little -- that line the what is that is that it's just it's.
Store and it easily -- not really yeah it's not an -- -- -- a lot on around here.
They defied the second been on -- for the longest time and it still is quite rightly.
And even like sterling -- still doing really well you know in his interest against them that that's from when we were kids certainly and when he went against -- -- -- Remember that gee I didn't.
Had wealth and it's like Harry Potter to twilight to classics.
But let -- -- things are scholastic is one of the biggest names in children's books and joining us now is kidding human the president of scholastic book clubs.
-- and I'm thrilled that you're here on so many levels.
Mainly because I have children.
Today they Clifford has been like it was a staple way back then and now I get the scholastic book -- it just about every week I have three kids that Friday at three of them and that they keep coming and the kids just.
Live to order books as you know and I'm really excited -- -- it's children's book publishing is actually one of the best segments going on in the publishing industry right now because.
-- parent flaky self revealing back in nineteen value until inspect and how important thing.
For kids growth and development in education so we really excited about that.
You -- at scholastic book clubs we make here that we have looked for every child every intensity at the age even let them flow with the dollar and for that every falcon quarterback -- -- between new -- now -- -- you know settle them.
I was gonna ask you about it tastes and you do you look at what's going on around the world in general and then Taylor.
On children's books to sort of what's what's -- what's happened right now because I look at vampires.
TV shows movies everything's about vampires and now I understand now.
-- his books about vampires.
Think great point and you know it's plastic for ninety years what we've been doing is watching my kids choose for themselves.
Because they finally -- kids she used their own but they love them.
They lead then and then most importantly they go on to the next could then I -- of course if that makes her kids learn to lead to me.
And you write about vampires -- that crisis -- hot category for a doubt luck you know and my three years.
And that -- is so fascinating to kids though the twilight series Stephanie Meyer in the new movie new moon is coming out at the end of this month.
-- -- who leave -- for that theory.
As another great series -- the chronicles of Vladimir tied for a little younger vampire -- -- And even still listen that if you come my fiftieth -- vampire accident fitted vampires for every -- and intent.
So it is very though I mean Harry Potter was clearly.
-- so what happens next is there another one is she she's done.
Well at least she says since no one knows but if so what's next both theories that are huge weight category intelligence back since that anybody who knows -- out in the aged six to fourteen -- probably heard the diary of a wimpy kid.
And afford but in this theory -- published -- in October and it's been writing a best seller -- ever since.
And what we find this a great -- is that once kids -- the -- they then want to go back in the -- 12 and three and and Harry Potter is the best examples that.
Every year -- -- -- -- -- coming in and they wanted me had me.
And Ryan and remind me got a hot lead when they -- -- but why and the teammates -- -- -- -- staff -- until they get all the way to about that and since he's had big pride so obviously it's very exciting movies.
As well I notice you have cloudy with a chance of meatballs that big hit movie how important is to have that high end and then beyond and maybe even.
Bringing back books that maybe you will be published 203040 years and I.
It's if that's the new -- in I'm -- it you know new -- bring back life to classic button.
Says cloudy with a chance to meet filed by -- bag and another great one where the wild things -- -- these books are published you know when I was a child except.
They have classics they keep going and now this great new life in the units in the books and also cliff -- -- -- continue -- the month.
He could create staple and we've been publishing him for her you know forty years and he's still really popular and pediatric and that means -- interest to the bucks.
Giving new -- -- -- predict champion create an upcoming Olympics without it like this could be tendency in movies and TV get interest in books.
But there hasn't been missed a similar movement through the e-book world to the Kindle world that is it because.
At least for me I'm not -- -- -- Kindle -- Today point and you know you can't everybody wants attack that can not so -- -- -- in the adult market -- -- them actually going on there for sure.
But for kids there -- -- -- challenges.
Frist about the price needs to be affordable solution for kids and -- -- you know illustrations and pictures sort of had special requirements for ebooks at some of the dial books don't have.
It's one category and if you see me that's a little bit.
Happening on either side which is being young doubts we can't YAA and -- -- -- And looks like twilight and she hit her on the Hunger Games it's hot seller.
They're still selling much more in print but there is some excitement in the ebooks and we think actually from the -- Maybe actually beating some of those stuck -- e-book format because those who want to come across seven -- -- -- because you wanna -- we can treating you look at and could be its next chance I get my -- -- -- -- whenever the kids and that's the great thing to do with each and every day to -- but -- meeting really makes you kind of it's okay.
Judy I've not been in a library.
In a long time I did this is the first part of the problem -- that's not that I thought I.
I can get a library of all I want at home with my -- -- -- -- home computer.
Is there a less of it does that hurt you guys in terms of books hope -- paper books because.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- On your computer unit to go looking at my trophies and stuff like that like -- to -- the -- basic -- alive and I know abolition of so many things that I don't do this is one of but on the list I think we're finding that.
SA said -- -- segment is really doing well in the publishing business and there's all this and really if you think print and online company since.
So there's a series -- 39 clues that not fixed just came that in November -- very.
And this is an international.
Worldwide treasure hunt -- And the great thing about it is kids beat the bucks -- they take cards may go online in -- -- actually part of the story two they get to help figure out who's.
And similarly but likes Kelly creek there's the buck and then kids go -- and -- Nvidia said that he hits viewing C can't the technology and the print.
Very empowering for kids but I thought still buying books and I guess you know that times are tight that you can still afford.
Person exactly could create value lasting quality and a wonderful gift at weekends and holidays he had great gift -- alive and angry about it.
Do kids still like pop up book salon.
It's like a hot -- lay out a lot of -- I I don't just so that I can tell hoping comes gotten more or when I have the flaps and you have to let police -- the dog builds on the -- at them but at.
It is Judy thanks a lot for south mine whose real name and everything semi Judy unit president scholastic book -- -- -- all right up next we're -- read pop up books forty years ago.
It's -- -- face of children's television Gary -- the CEO of Sesame Street is here.
We'll talk to him after the break.
Welcome back we're talking about kids -- money this -- our next guess where it's at.
One of the most famous address is in the world wanted me Sesame Street carrying out president.
And Chief Executive Officer of sesame workshop is here great to see you thanks for having us you can't go anywhere without bringing in stuff -- you didn't -- these have so what's cool stuff.
Well -- We get stopped everywhere we're gonna tell you big bird was crossing Broadway the other day -- that mayor named a street after us and I think -- caused an -- traffic jam.
How you have bumps are you had a fortieth birthday and he did.
Forty years on hair -- -- more enemies sorry guys than any show in television I'm enjoying it yeah.
Counting them -- got to count.
-- -- -- And as it was thunder and lighting involved there how old you've been able to do it having gone forty years through what -- -- is when I was a kid.
I probably watched the first episode assessment -- my -- two years older than I am.
And I was born in 1960 -- which is probably right -- the angels probably plot they're drooling on myself and on she was watching it.
But this generation change so much time you took off.
Well same -- different world and we've had to change with the times and every year because this is the only children show that's produced every single year.
We like to talk about a 41.
Experimental season which is what we're in production on now.
We we get new curriculum and we we look at what to the current issues that kids have to face.
Be -- childhood obesity and trying to get cookie monster to teach kids healthy eating habits tough to do you -- we're able to pull that off.
Or financial literacy and things like that which -- become so important as we -- know during the recession.
And now I'm talking more about that but what always amazed me is -- look like these characters are timeless I mean so many characters and I'm Tammy.
Ridiculous children's shows that watching him hit -- And they come and they go in the characters are just silly he's got art timeless I too sat down with Ernie -- in and -- little garden.
-- love the garden.
They have a magnetic appeal I think Jim Hansen also produce these Muppets for television that -- they were really made for television.
And then -- can you combine that with the vision the television was a teacher.
Instead of just teaching advertising jingles let's -- letters and numbers and health messages and important things.
That was a magical combination that really hasn't left us in forty years.
When you -- What about.
I think we can talk about kids and how parents also need to be marketed -- when you're when you're dealing with their kids.
I would love to see some of the old stuff not -- seen Sesame Street a long time but I think of aides custard pies -- whatever hat falls down the stairs and things that the -- the old things going as well almost to appeal to the parents of the parents standard that.
Well since that this is not a kid show -- the parent show.
We have here now appears -- the forty year anniversary dvds which actually have a lot of what you're talking yet so.
And we do have archive material on line now that a lot of you can see on Sesame Street -- award so people can go back and revisit some of those famous segment that they grew up with.
Yeah I -- how you are just into the times you know it in South Africa I know there's a -- that has HIV.
But let's talk about how we're teaching kids these days about money because it's an issue Chris -- talking earlier that kids know they know -- -- someone got laid off they know times are tight they get it.
When -- sneak in popcorn into that movie theater and they know this stuff so what are we teaching them how we get a three year old to learn.
Well I think you know you've got to talk to your kids that's the important thing that they -- they know what.
What's going on and then the other thing is I think we're trying to get parents to.
To talk to their kids that need and want some you know you when you need food on the table tonight you want a new sweater there's a difference.
And I think these are important messages that many adults can learn as well.
And we believe.
-- that having these building blocks of financial literacy talked to our youngest kids we're not gonna teach them about investing in derivatives or whatever.
But we are gonna teach him about.
Mom goes to work she has a job that is the money that pays for that toy of that book that you want.
Patients you can always get what you want these are important things that the the value of the dollar what does that actually by you in exchange for what.
You can teach 345 year -- these basic lessons which gives them a fundamental building block in which they can.
You don't become better citizens as they grow up to be adult.
Other than doing those in segments within the show sesame Syria you've got this program talking sense.
With -- thought he -- to our children.
How to parents get involved and what are the various pieces of that program you know we're -- -- be expanding that actually that was a program and we did that a couple of years ago.
And it's really an outreach -- that's available online as well now we're going to be expanding that with help from PNC bank and we're going to be doing a major financial literacy program.
Trying to reach exactly the parents to give them coping skills because a lot of parents to grow with the Specter is now.
It work is just as educators that maybe we wouldn't have gotten into quite the mess we got into had parent.
Did a little more financially literate and unfortunately all our.
It was also though a time of you don't talk about religion money are you know whatever with you kids you don't need to know I mean I still sometimes struggled to get.
My mother to reveal -- -- you don't talk about money.
But I remember and you and I were talking about this once the first and I went to an ATM with my son.
When we got money next thing next day we needed to do something I didn't have any musical instruments.
Think -- -- -- -- play well I think it's and explaining and teaching to them because I stumbled through it might well I work at a -- -- and it went right over its head this.
Hitting them at that level I think -- nearly really benefits.
Well on his apparent high school kids in college kids you know groups have so many friends -- my kids think of me is an ATM machine and that's kind of what.
What you need to break you need to sort of get it very early that you're not an ATM machine that you actually have to work very hard to get that money you gotta.
-- that work ethic I think -- young kids and get them doing things -- golf.
Get them jobs early before we wrap it changes show tell us quickly what to expect -- we see sesame now wealth and awesome fortieth season.
Yeah we have a big get curriculum about giving kids connected to nature which is really important in sustaining.
And and appreciation for nature and all the wonderful things that that they can experience.
But the show was changed with the times I think -- -- pace we've taken the Muppets outdoors to promote vocabulary they're out on the streets of new York and elsewhere.
Trying to talk to people but the favorite words and we got news computer generated imagery on the show.
We've had to change with the times as kids.
Viewing habits have gotten so much more sophisticated they are digital natives.
Who really will not know -- world before all this technology only.
-- at this one more real quick question.
I'll win such a political world and everybody -- BC so divisive right vs left do you have a hard time.
Walking a fine line -- not saying you know what.
But we're gonna influence young kids.
Purposefully you understand the question yeah I can totally and and I think that we you know we worked our whole appeals -- a dual appeal for forty years.
We're teaching to the parents in a lot of ways to -- -- -- the show and talk about the educational lessons on the show so when we do.
Desperate house plants which I know Tracey look.
When we do that show we know that the kids don't know what the references but.
-- -- -- the references and they get a kick out of it Norah Jones -- these other celebrities that we have on the program.
Or even doing take us about favorite news channels which we've had on recently -- -- I'm all of them an equal opportunity offender by the way I -- it from satire it's really to the parents and not to.
It makes me wanna watch it with the kids have -- I wanna put the TV on beyoncé was on -- time -- -- sung a song about a new way to walk we still sing it at like five years ago.
It that's exactly the point -- -- you should see the lineup of celebrities that we got from Adam Sandler to Ricky Gervais to Maggie Gyllenhaal and Sarah Jessica Parker.
Everyone's on the show and -- a great times when you do you know.
I wanna -- when when we weren't big enough.
Chris we're gonna go on says yeah.
I think that they have -- -- -- alma so good to see how much -- gearing up president and Chief Executive Officer sesame workshop.
Forty years at a birthday happy to be cookie -- birthday was last week and was -- off for the -- was always my favorite for obvious reasons but it is running back.
I would a lot of of -- sesame street's children's television -- big money.
When toy companies realize they could directly reach -- very impressionable audience our next guest is the co-founder of commercial free childhood and a professor of education.
At Wheelock College got a welcome doctor Diana and then.
Good morning okay so.
There's a lot going on these days kids see a lot as much as we all try to limit the amount -- TV limit the music it is everywhere.
Things have changed and times -- changed.
It there's only so many opportunities to protect our kids.
Exactly anomaly here of people coming and talking about the good things they're doing in and saying it's parents -- to solve the problem.
We really need to think about how much parents can do when your children our phones and with hands and images and things.
They think they need to -- to be happy.
I need some with someone like Sesame Street Sesame Street has a huge number of -- And many people -- -- how much they struggle with their kids when they go to the market when their kids like Sesame Street for parents talk about the value of the dollar.
But their campus made harder by the fact that every place -- every place children go with their parents they think -- -- -- -- to back.
Everything -- -- and television they see things and I.
And that was why we found -- campaign for a commercial free childhood that.
Almost ten years ago -- now because we were hearing all the ways children are being affected all the ways families are being affected.
And the idea that kids are learning I want it instead -- I can do it -- -- get something to be happy.
About making -- Move this Lewis does this mean if my kid says I want anything even if you're -- I mean I don't think I think it should be -- that.
The shoulders of the parents.
I mean and you put it coming exactly -- -- Every right to try to sell -- product they have the business to run they -- -- -- big British shopping -- -- that's their prerogative I think I want to -- She didn't public television didn't used to be like that a -- MRI think -- you've thousands of parents.
Who say -- -- 95%.
Of the things their children hands full hour.
But there's still always more and it becomes the major -- yes.
Of what they work on and careful handling.
So yes of course parents can say -- but society should be helping them do their job.
This kind of marketing didn't always exist until the middle eighties companies -- not have called department I had a market to children the marketing.
Two children has gone up something liked when he falls in the -- fifteen years full fat.
I'm not saying they shouldn't be -- that's directed at children but when.
Companies when children see over a thousand answer logos for things they can -- -- day.
We need to ask what is their life getting films with and how can -- help parents do their job.
Not make it harder and harder parents shouldn't need a Ph.D.
in child development hasn't had to help resist the -- things.
Can you answer that you're quit your own question how do you help them do that any other than going.
Are they going to network's other than going to you know outdoor -- -- -- with the marketing format the platform is and restricting.
People from putting up what they are legally.
Have a right to do I mean how else do you do that.
Well they didn't used to have a legal right to -- that the Federal Trade Commission used to be able to control marketing.
Regulate marketing to children -- the only industrialized country that no longer has -- regulation.
Now they can only recommended for instance.
Campaign for a commercial free -- -- -- complaint with the Federal Trade Commission.
About baby hang sang -- saying there was no reason -- To support that claim that they were making out of the box fills -- with -- actually -- I need to finish this.
It was research actually shelling that it harm children's intellectual development.
And so with the Federal Trade Commission actually ruled that fit that campaign for commercial free childhood was correct.
I'm fat baby and sanctions that making those claims but there was no regulation -- continue to do it in one.
Like Disney has offered to do is provide refunds to parents.
If they feel that they want to return to practice at this point because they bought some wonderful -- not.
And other respective parents if you think a baby Einstein's toy is gonna get your -- into Harvard.
I think we need to relook at how we allow people who have no -- being parents to become the maybe the answer is united car he had me get if you add.
I don't want to have to argued tumor actually yeah I just don't I'm I don't mind what -- doesn't think I mean this it's a bit maybe -- seconds -- his.
I that's an important role to play.
But I don't think -- and I don't think marketers should be allowed to do anything they want to try to market and and kind of full parents I think if you parents who have very low income parents who tried to -- baby and thankfully for their children.
Because they think we're gonna make some smarter and they want to get their kids.
The best start that they can.
My heart goes out for them because they wanted to look good -- people I mean it's doing a good shot that's what most parents wanna -- And they are constantly being channeled integrations that make it harder for them to do that -- But furthermore there used to be a balance where government played a role.
And balancing the interest of parents and children an industry.
And that -- out of whack at the moment and campaign for commercial French outfit has been really successful.
In helping the public understands some of these nations.
And getting the government to pay more attention.
It's a very interesting discussions certainly got to live in thank you so much for stopping by what -- continue it at another time.
Okay thank you very much thank -- -- having co-founder of commercial free childhood and professor of education at wheelock.
Aaron -- perhaps one of the hardest lessons to come from the financial crisis is that too many Americans simply don't know enough about how money works.
Here to talk about why teaching financial literacy to children is so critical is -- -- the account director at the boys and girls clubs of America.
Adam thank you so much for being with us at love the program.
Basically targeting teens thirteen to eighteen.
Teaching them to be responsible and to understand money.
Yeah -- -- thanks for having me teaching young people financial literacy is if he especially in this economic time.
Boys and Girls Club in partnership with Charles Schwab.
Develop a program five years ago that now and thousands of boys and girls clubs across the country to -- some of those financial basics like savings and budgeting thing that.
Just are getting -- right now.
-- wood to narrow it down the most important things that you think you didn't need to be -- -- targeting kids ages thirteen to eighteen.
And this program on the money matters make it count program.
Consists of five primary components doesn't.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- a host of other things they've been beyond the five topics on the it's really taking a look and looking at the behaviors that are positive.
Are you finding that kids are really interested in this kind of stuff I mean it's you I know you have a ton of people involved.
Is there any enthusiasm or is this just don't you know the programs that we don't get a lot of.
-- Not to do we we get a great deal of -- Roman and the key is to make.
Talking about money loaning them money fun and interactive there's one thing to learn about a bank and how it works is another thing to go into the bank.
And meet your banker.
-- there isn't going to college.
People are intimidated by the cost of college well once you go to a college campus and take a tour and talk of -- financial aid counselor.
You'll see that going to college is -- possibility for everyone and young people just don't know that until they finish it for themselves.
Teens completed this program so obviously.
You're targeting -- -- -- you're throwing a wide net out there all across the country are you finding that more teens in low income areas want to participate because maybe they don't have the education.
Up to that went from their parents are you finding the opposite are you finding any interest staying up.
Dynamics in terms of who's -- -- participating.
Sure you know aborting girls have typically served underserved communities so that's the nature of our population.
But I would say that the type of information that a money -- program offers it is relevant to all young people whether they come from from.
Good -- -- -- -- about backgrounds are disadvantaged ones I think the basic foundation skills.
That that -- -- savings at an early age is good for any young person and so and so I'm not to that that's necessarily a factor.
Adam awhile back I met someone who had been through your program he was from a low -- -- area he was so.
Impressive saving for college on his way filling out applications can you talk about.
How to you are in conjunction with -- Charles Schwab and how these kids get scholarship money.
Yeah absolutely and then thank you I remember that well.
Through throughout the program we have a yearlong competition where young people who do go through the program the older the older ones were getting ready for college.
Have an opportunity to demonstrate what they've learned in some of those young people have started their own business says or have set up parent workshop for the parents of club members.
Can get some of that same information and really from inspiring work and they have an opportunity to win 2000 dollar college scholarships we issue about.
Twenty -- year and to date we've issued 300000.
Dollars in college scholarships to young people -- girls gone -- -- fantastic and -- the support from Josh Robbins is amazing.
And can you ought to give us the web sites make sure we had to make sure nobody else has this -- could -- -- a more information about this program.
Yeah you got -- thanks www.
-- dot org if boys and girls clubs of America and you can find your local club with a simple search tool that's on that website so get involved in any way you can get some great.
Financial literacy with a money -- from.
At -- -- doing such great things thank you so much for coming on.
-- certain things with united and that account director at the Boys and Girls Club of America.
-- they have this up after the break we're talking to the CEO of junior achievement well -- back.
Hey welcome back document kids and money and joining us now is Sean rush the president -- junior achievement.
John I wanna got here that I actually did junior achievement one time I went down to a school in Chinatown here -- -- -- and we had this stock picking contest and the kids were so into it.
And that event.
We actually read the paper -- had -- -- -- up the stock -- -- -- now David you know the fans are -- but I think it's just amazing and the kids are fired up.
Tell us how it's still blood going in and -- the company has progressed over the years.
Well thank you very much Jay has been very involved with financial literacy programs for very long time along with workforce skills and -- -- skill development.
We've seen a particular emphasis though recently on financial literacy given the economic challenges.
The United States and the rest of the world is facing.
We've done some surveys in some polls over the last year.
And we've had some interesting findings for example 30% of teens this past year.
Have expressed enormous nervousness or anxiety about the economy.
Two thirds of them have had conversations with their parents and their families about.
The stresses those families are feeling economically.
And 12% of those students have actually.
Been asked to contribute to their families' financial well being -- others.
An enormous need for what we do and I think the data we're finding is telling us that it's getting.
Worse if not better at the moment.
Sean are you finding that that they kids -- in in just over the last two years that kids are taking this much more seriously is it that is as it and that recent.
Let's not that reason but I think the acuity level is gone up with the financial challenges we're facing but.
We just junior achievement has been an around since 1990 it's actually -- ninetieth anniversary this year.
We work currently with about four million young people in the United States and a total of nine point five million around the world and 121 countries.
And so there's been a keen interest on the part of young people in these programs for very long time.
But the survey results at least are telling us that there's an and even higher level of interest and need.
As as we get deeper deeper into this recession although we're technically out of it.
Some economists are telling us there's going to be a long tail to it I think people are still going to be feeling financial pressure and the need for this kind of education -- -- -- Chris and I were talking earlier about how it when I was a teenager I knew nothing and these days teens are so involved because they no apparent was laid off.
They know that they're not taken a big chips they want to they feel it's all around them it we were much more impervious I think this -- when we were kids so.
If they -- -- there are the volunteers there are you seeing an increase in volunteers or are you hiring people now how are you meeting the needs of these kids.
But we deliver virtually all of our programs through volunteers there's about 300000 volunteers around the world who helped deliver our programs.
About a 175000.
Here in the United States and they go into classrooms.
In each of the fifty states they.
Work along side of teachers and these are people from the business community and other parts of the community to bring the real world.
Into the classroom and deliver our curriculum which really stands K through twelve.
We start as early as kindergarten carry that through all the way through high school.
And in many parts of the world and even a couple places here in the United States you -- it into -- programs.
At the post secondary level.
So it's a challenge any weird we face the same financial constraints that many businesses and other not for profits are.
But we've been able to at least in the last year growers student numbers around the world and hold steady if not increase the number of volunteers that -- work.
-- I hear this all the time allies say it all the time too busy I don't have time.
I'm sure it's not nearly as difficult as I think it is in my head -- people find out about long Syrian find out.
Maybe -- find out how easy it might be me be able to do in my community.
Well it's it's it's it's a lot of fun if you go into a classroom.
Your colleague was talking about her experience in Chinatown.
Virtually all the volunteers we.
Meet with them work with us come back with that same kind of experience they're very excited for having been engaged to connect -- with these young people.
The way you would find out I think you can go to WW dot GAA dot org.
He can connect you with any of our local jail offices around the United States -- around the world.
And you can find ways to volunteer.
We can -- you can do it through your own organization with Fox Business news you can do it through.
Any corporate connection you have or you can just be a volunteer.
By contacting the GA office and getting engaged with local school near you.
That's fantastic it's not gonna take a lot of time the Tracy's been and guide me for this like everything else on we appreciate your time like.
Thank you thank you very much yeah thank you so much has done with the U.
President of junior achievement joining us from Boston that's outstanding stuff -- from more than sixty years high school students across the country have been getting an early start.
In business through the deck a program.
Thought this Valero joins us right now director of development at -- that -- out didn't Tracy had been involved in junior achievement.
I was not I was not -- deck when other guys 2000 FB LA another of -- very similar are you finding that kids are.
I'm more consistent now than they have been twenty years ago when I was high -- the same -- that same level of interest.
Well -- you we've seen some spike amongst our students and in different specific competitive events.
Really in this finance serious one of them but our membership has grown.
Pretty much consistently about two to 3% over the last decade so.
In its its positive news positive news.
What could kids' days are like haven't stuck picking contests in school as opposed to I don't know we think people if -- -- -- nation.
Example Paul listened to slacker -- a kid could you hear about what people have but being here about what they're doing these days.
And that it's just different is it because of well the tech bubble started it ever was making money we thought maybe we could bring -- -- the classrooms or is it because the financial crisis now things are harder what's the difference.
I think that you know that the financial crisis certainly.
Brings -- heightened awareness to the need for career preparation and and financial understanding.
But you know our membership has always for over sixty years Ben Ben.
Career focused -- kind of student that time.
Really is very interested in business and focused on succeeding.
While they're in high school and immediately after high school and college and then into the work force I think.
I was an FB LA.
I swear I -- shorthand.
And so -- mean you can imagine how even in twenty years yeah this is seeing is exactly interviews she's a lot of of what we do right bomb.
Blake the only people learning -- -- in shorthand and stuff like that in and I still.
Technology must play a big role in how you must -- Absolutely have tackle works with over sixty.
Internationally and nationally recognized brands to develop not so much -- curriculum.
But to identify skill sets and standards that they say are.
Relevant and necessary for students to succeed in the in the workforce.
And we then you take those standards and push them down to our 5000 teachers across the US Canada Mexico and Germany.
They teach -- you're gonna teach.
But these are the skills that students need to exe cute on.
And then we come back up with an application.
Learning process -- they're working.
As part of their classroom experience or they're going through one of our simulation.
In their classroom.
Or they're running a school store I don't know if you remember them -- -- campus -- chapters across the country run those schools stores is -- actual learning laboratories.
-- -- ask the question that every parent needs now you're.
If my kids in depth -- this he or she have a better selection you know shot in college does that look like a really good name had to be admissions board.
Well it amongst our business partners are a number of colleges and universities and they.
-- recruit from death and number one because our students are highly focused highly motivated.
-- really focused on what they want to get out of their college education.
So I would not only and then I let it.
And through their involvement in this is key for parents.
Each year through our national competitions because that's our third point classroom learning application and competition.
-- that gives to our members over ten million dollars of cash prizes and scholarships.
-- how do you market to kids because.
Eating got to get him needing boy you can goal play -- if you go hang out and do whatever had tried to convince kids.
That have no clue what they wanted to know what nation is what you need to do right well I -- We really -- that the local level the teacher and the students and you know success breeds success so they see there appeared.
Group they have jobs.
They know where they want to go to college they're getting scholarships.
They're traveling across the country.
Two deck has competitions.
They're meeting kids from around the world and that's powerful.
Sales tools and for our teachers and and chapter.
I have to ask -- -- a lot of a lot of our viewers are writing and saying why can't we just let our kids be kids and I I do think there is an element and then again it's different from when we were younger yeah.
This -- I have pressure on these kids to get it right.
You know by sophomore year high school they're already thinking about college and how what they're gonna do with how they're gonna major I changed my major and my mother has the great had -- -- it.
Five times in college -- So how do you I mean isn't -- of these came.
Absolutely and absolutely.
But they could have -- have been elitist idea saying.
Well now to be in a member of -- that you're actually enrolled in a marketing education on your school campus so you're just taking a regular class of high school we're not forcing anybody into anything extra.
You know who we think our our students have a better idea about what they're going to major in once they get to college.
I think they change it.
That the driving point is that they're more focused and serious about going to college finishing their degree.
And you know succeeding in their career once they finish college plus it's competition it's fun so I -- -- -- -- at the end of the competition you've -- lose you know I mean that's the point if you lose in the real world.
You lose you could lose a lot unless of course for the government and a billion and and I hit it but yet to -- it does teaching real world the guys Elizabeth -- -- Having to deal with adult punishment.
That is associated -- so I like.
At salaam on my -- with the.
Maybe they're gonna invest -- -- -- -- that we don't do -- of middle income family can expect to shell out nearly a quarter of a million dollars to raise a child to the age of eighteen.
Up next one company that is trying to help kids.
And -- minor 875 -- Get ready to start -- put out.
-- at the bottom line.
Welcome back think that's that's.
The tough job market out there for every line so where can scenes go they'll find work Cathy McCarthy senior VP of marketing.
At snag a job dot com joins us right now okay.
We've seen the unemployment numbers they are much worse -- Four teams that we've seen in a long time.
-- we -- -- had a kids go out there and find jobs in this difficult line.
And isn't about environment and it can be very competitive.
But there are jobs available.
On -- on dot com right now -- about a 100000 hourly jobs and many of those are available to teens.
When you think about the competition.
Out one thing that teams -- keep in mind is the number one thing that hiring managers say that -- are looking for.
Is a positive attitude and their most important is flexibility of schedule.
-- -- -- -- So they can be competitive and -- do you think it's appropriate for a teenager to get out there.
Keep in mind I'm trying to push my young and out the door and apparently that breaks the -- in the month but but but the fact that the yes end I think that and it depends on the on the child I mean there are some children who are.
I'm ready to go out there and at fifteen and cut lines -- baby says.
There are other kids to from a maturity level would probably do -- -- wait until they're sixteen or seventeen.
So I think you really need to evaluate your child and whether they're ready for that responsibility and the trying to.
Most teenage kids.
I need to get ready for the holiday season when -- seasonal jobs available and the summer season is -- and on school.
All what's the best time for kids that start make -- -- planned.
If they're -- get away -- whatever the case -- -- that list of places they wanna go visit trying to find a job what it would of the timing issues associated with it.
Well -- -- into and biggest seasons pertains to find jobs are the holiday season and then summer jobs.
-- for holiday jobs were a little bit late season many employers.
When -- hire someone in September October to be able to train them and get ready.
For the holiday season so it's not a possible unless you want out of this point but it might be in the top.
Really it -- may be surprising that it's it's not too early to sit down and start having that conversation with your teen about summer jobs.
We conduct a survey each year -- Summer hiring managers and asked them when they're going to be doing hiring.
And they really began in March so now's the time to sit down with thirteen and set expectations around hours they're allowed to work.
-- ease your transportation.
Are you willing to have them work and night shift or on weekends so if you can start having those conversations now it's very helpful.
Tell us about the kind of jobs at these kids are getting is it doesn't run again it I -- the jobs that are offered on your site is there anything in particular or can it be.
Sky's the limit for kids.
Well I think there are many jobs and many employers that -- welcomed teens.
And I can talk a little bit about there -- some jobs that.
While -- hourly jobs it might be something like -- -- -- they -- that the employer would prefer someone is eighteen plus.
The jobs it seemed more welcoming to teens are things like movie theaters.
Where they are looking for nights and weekends and people to use staff.
But the student ticket taking.
-- Options there's also aggression stores that have been hit by the recession but not -- -- people are still purchasing groceries.
And then I do encourage teens to be flexible and open to quick serve restaurant.
Quick serve restaurant have had actually good expert and -- in a recession people as people have looked for -- value.
Places to get.
Food and they are hiring are very open to teams.
-- -- suggestion real quick suggestions for scenes -- did 1015 seconds.
What's the best thing for them in terms of doing to get a job.
I think the best thing for -- team to do is make out a plan.
And if you wanna be -- lead -- get your certification us when our.
If you wanna be successful and -- conduct -- mock interview with your parents over the winner and be prepared.
When -- summer hiring season can't be great stuff we appreciate -- -- -- McCarthy senior VP snag your job dot com hated of this.
Thanks for joining us that we go -- them.
Filter by section