1 A SYNERGISTIC APPROACH TO CONSUMER EDUCATION: MEETING THE NEEDS OF THE 19908

Careful observation of any gathering of youth today provides a picture of considerable contrast and diversification. Differences in physical appearance, emotional maturity, and social behavior are readily apparent. But, there is one underlying commonality that can be observed in almost any group of youth--premature affluence. Name brand clothing, footwear, accessories, as well as other possessions are displayed proudly and can be often overheard as the topic of their I conversations. Conspicuous consumption of personal items has become an integral part of the identity and self-esteem of youth in the 1990s. After making these observations, educators have to ask themselves if students are being adequately taught to make wise consumer decisions. Unfortunately, results of the recent "Student Consumer Knowledge " test suggest that high school seniors often lack the preparation necessary to become effective consumers after graduation (Consumer Federation of America & American Express Company, 1991). A select group of experts from academia, business, government, and the consumer movement developed the test that included 52 multiple-choice questions covering a range of topics on essential consumer subjects such as food purchases, home rentals, credit, checking, savings, auto purchases, and auto insurance. The randomly selected teenagers tested (N = 428) were able to answer only 42 % of the questions correctly. These results clearly send a message; current levels and methods of consumer education are not adequately meeting the needs of young,!I consumers in the 1990s. Still, public schools do not bear the sole responsibility for this inadequacy or the possible remedies for the problem. Instead, a synergistic approach with educators, businesses, parents, and government agencies working together to address consumer literacy should be explored