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JULY 2003

Prodigal Sons & Material Girls:
How Not To Be Your Child’s ATM

Did you know there are 80 million young people under age 25 in the U.S.? That’s nearly one-third of the population. Even more, that they spend or influence the spending of $1 trillion year in this $10 trillion economy? Or that young people today spend 5 times more money—adjusted for inflation—than their parents did at the same age?

Did you know the average college student has three credit cards with most students carrying an average balance of $2,400? Or that the fastest growing age group filing for bankruptcy in America is young people under age 25 according to a Harvard University study? And to top it off the financial literacy rate of this demographic is at an all time low! Surprising or disturbing? From toddlers who beg for another toy to college students who graduate buried in credit card debt, do children today know the value of a dollar? As the hypnotic spell of consumption entices the youth of America, more and more parents across the U.S. are troubled by their children’s attitudes about money and spending. The old-time values of sacrifice, thrift, and satisfaction have been replaced by the need for more and pricier possessions. As virtually every message a child hears about money—from marketing, peer pressure, TV, movies, and other voices of consumerism—promotes spending, parents are the first and last line of defense in helping their children develop healthy financial habits that will last a lifetime.

In Prodigal Sons and Material Girls: How Not To Be Your Child’s ATM (Wiley; June 2003; $24.95; Cloth), author Nathan Dungan—an expert on family finances and the effects of mass marketing on young people—offers parents a practical road map for instilling children with a sense of financial responsibility that will last a lifetime. As a long-time financial advisor on this topic, Dungan blends real-world stories with the tools and techniques needed to teach children the real value of money.

Prodigal Sons and Material Girls is divided into two comprehensive parts. In Part I, Dungan outlines the disturbing facts about America’s possession-crazed youth and the society that has distorted their views. Readers will be introduced to everything from the “three-headed monster”—a high-powered trio of consumer product companies, media conglomerates, and advertising agencies—that has tremendous influence over children, to the distorted view of the American Dream as shaped by principles known as “The Teen Commandments.” In readers learning what they are up against and understanding how external forces shape a young person’s financial habits and values, Part I sets the stage for parents to teach financial responsibility from a position of strength.

In Part II of Prodigal Sons and Material Girls, Dungan offers creative and convincing examples on how to leverage his highly successful “Share-Save-Spend” approach to money—critical elements for helping children break free from the materialism that has become so ingrained in our society.

Prodigal Sons and Material Girls helps young people establish healthy financial habits that will undoubtedly become their foundation for making a lifetime of responsible financial decisions.#

Nathan Dungan is President of Share-Save-Spend LLC, and a frequent speaker and consultant.

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