Family Economics and Financial Education Take Charge of Your Finances Career Research Family Economics and Financial Education Take Charge of Your Finances

Why is it important to plan? Time at work 8 hours a day 5 days a week 50 weeks a year 2,000 hours a year Average career span- 43 years (22 yrs-65 yrs) 86,000 hours on the job You better like what you do!!!

Career vs. Job What is the difference between a job and a career? A commitment to a profession which requires continued training and offers a clear path for occupational growth Example: Educator Job An employment position obtained mainly to earn money Example: Receptionist © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Job Opportunities Pick a career path with job opportunities in the future Three main factors influencing future job opportunities Population Labor force Demand for goods and services © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Factors Population affects the size of the labor force, which affects the quantity of goods produced Demand for goods and services determines employment within industries. © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Associate Degree/tech training Education Matters Which education level has the opportunity to earn the highest income? career job, career job Masters Degree Bachelors Degree Associate Degree/tech training High school No high school U.S. Average Income (2008) Type of Work Education Level $21,300 $29,550 $36,800 $51,568 $67,073

Calculate the lifetime earnings of each level of educational attainment using the table below. Have students assume each person works until 70 years of age. Other assumptions include: The high school dropout begins full-time work at age 16. The high school graduate begins full-time work at age 18. The graduate of the two-year college begins full-time work at age 20. The graduate of the four-year college begins full-time work at age 22. The graduate with a master’s degree begins full-time work at age 24. H.S. Dropout H.S. Diploma Associate’s Degree Bachelor’s Degree Advanced Degree Annual Income $21,300 $29,550 $36,800 $51,568 $67,073 Years Worked Life Earnings Source: U.S. Census Bureau, Current Population Survey, 2005 Annual Social and Economic Supplement

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Researching a Career Questions that you should ask: Are there opportunities for advancement? What are the educational requirements? Does it pay enough? What are the working conditions? © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona