Disha Patel is the Jr. Economic Club, 2014 Academic Challenge winner! On November 17th, 2014 she and JrEC sponsors joined us as we opened the TSX. Watch her video submission above and read her insight on the importance of financial literacy and personal money management below.
I was learning about financial literacy in Math during the last 3 weeks of school. That’s when I noticed people were barely listening to the teacher; probably relieved by the fact that we weren’t going to be tested on it. Around the same time, prom craze was in full swing. What really disturbed me was that not a single person I knew, bought a prom dress for less than $200. I was surfing on the web when I came across VISA’s prom spending survey. It was then that I knew I had to enter the Jr. Economic Club Academic Challenge so I could help educate other teens about the importance of spending wisely.
When I first saw the amount of money people were spending on prom I was terrified. Especially the stat from VISA’s Personal Money Skills site that claimed that parents with an income of less than $50,000 will spend more than $804 on prom. To me this is shocking because my parents also fall into the same income level. Even though I live a decent life style, I know my parents wouldn’t be able to afford spending $804 on me- just for prom. Even if I was going to chip in half the cost, I would never be comfortable spending that amount of money on just one night. I can think of many other things I could use my money towards. That’s why I included stats in my Academic Challenge video to show how much money people are spending on just one night.
From personal experience, I know that I can’t go a day without my phone. If I don’t have my phone I feel as if there’s a big part of me missing. Most teens have cell phones and this makes the VISA “Planit’ Prom” app very convenient. I found the app to be extremely neat, because it’s both efficient and accessible. I want more people to learn about this app and use to it to help reduce their prom costs.
Creating this video was very fun and I hope everyone understands the true message that financial literacy is very important for teens!
Disha Patel, 2014 Jr. Economic Club Student of the Year- Age 14