💸 The future of financial literacy

…and Amazon’s first labor union marks a major milestone [Disclosures](   Making cents of the fin lit problem (J Studios via Getty Images)   Last Week’s Market Moves   Dow Jones 34,818 (-0.12%) S&P 500 4,546 (+0.06%) Nasdaq 14,261 (+0.65%) Bitcoin $46,267 (+4.35%) Dow Jones 34,818 (-0.12%) S&P 500 4,546 (+0.06%) Nasdaq 14,261 (+0.65%) Bitcoin $46,267 (+4.35%) Hey Snackers, We know you’ve been waiting for it all year: Financial Literacy Month. Money is often taboo, so we created an open space for $$ convos: In our new [video series]( four women chat with a money mentor about how much they earn, spend, save, and invest — covering everything from student loans, to budgeting, and asking for a raise. Last week, stocks closed out the market’s worst quarter in two years. The S&P 500 is down 5% for the year, and the techy Nasdaq is faring worse. Still, stocks edged up Friday on news that US unemployment is [nearly back]( to pre-pandemic levels. Want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. FinLit The pandemic exposed America’s financial literacy gap — now lawmakers want $$ management to start in the classroom Taxes 101… a class we wish we'd taken. The pandemic + soaring prices have stressed American wallets, highlighting the importance of financial literacy (think: saving, budgeting, investing). Layoffs left millions struggling to afford childcare and rent, and 1 in 10 families [had]( difficulty stocking fridges. Meanwhile, stimmy payouts padded savings and sparked a surge in young retail investors. Now: - Money is the second-most [discussed]( topic for parents and teens (after Covid) as high food and gas prices eat into family budgets. - 93% of teens believe financial knowledge is crucial to achieving their life goals, yet [most]( 15-to-18-year-olds fail basic fin lit tests. - The financial literacy deficit [cost]( Americans $350B last year (think: overdraft fees, high-interest loans). Whiteboards & wallets... High school often marks a transition from summers scooping ice cream to financial independence — but [more]( than half of teens feel unprepared. For college students, poor money management skills can lead to maxed-out credit cards, late bills, and dropped degrees. Now lawmakers are stepping in: - Last year: Half of states proposed bills requiring personal finance courses in high school — a trend accelerated by Covid and [record]( student loan debt. - Last month: Florida [became]( the largest state to mandate that all high school students take a personal finance class to graduate. - This year: A record 25% of US high schoolers are expected to take a personal finance course before graduation, up from 20% last school year. THE TAKEAWAY Financial literacy is an investment… in future stability. Early money management skills [can]( lead to better credit scores, lower debts, and higher savings down the road. Some experts even say parents should start teaching kids about money as [early]( as preschool. But financial literacy is more [likely]( to be taught in wealthier districts. Equitable financial education could empower the next generation and help bridge America's wealth gap. Zoom Out Stories we’re watching... Ameri-canna milestone... On Friday, the House [passed]( legislation that would legalize marijuana nationwide and scrap criminal penalties for pot-related activities (feat. an 8% tax on cannabis sales). While recreational weed is legal in 18 states, marijuana is still an illegal Schedule I drug at the federal level (along with LSD and heroin). Now the bill heads to the Senate, where it [faces]( an uphill battle. Big pot companies need federal legalization to grow, but they weren't feeling the buzz: shares of [Tilray]( [Aurora]( and [Canopy Growth]( all dipped. Workers have union dues... America's second-largest employer has union blues. [Amazon]( workers at a NYC warehouse [voted]( to unionize on Friday, establishing Amazon's first US union. Last year, Amazon [won]( a labor battle when Alabama workers voted not to unionize. Amazon has fought against unionization (think: "Vote No" bathroom [flyers]( and wants the power to quickly hire/fire workers and set hours/wages. But Amazon has been heavily criticized for its treatment of workers. It’s a landmark victory for organized labor that could threaten the Zon’s supremacy. Events Coming up this week... Skinny jean nostalgia... in a mom jean era. Wall Street's blue-jean baby [Levi Strauss]( unzips earnings on Wednesday. Levi's most recent earnings were a solid improvement from 2020, when WFH sweats replaced denim. Last year, Levi's sales were up 29% while profit 6X'd as it focused on high-margin direct sales (think: Levi's site vs. [Nordstrom's](. While the leggings life is still thriving ([see]( [Lulu]( earnings), Levi's is tapping into the soft-pant trend with looser, stretchy fits. We'll see if Gen Z’s love of high-waisted baggy jeans helped Levi's growth. Inflation in aisle 5… Pantry powerhouses like [Kraft]( and [Kellogg]( have hiked prices as costs surge. Now shoppers are snagging what they can afford, even if it means [ditching]( name brands for cheaper private labels. According to a mid-pandemic [survey]( 70% of US shoppers said they’d tried new brands during Covid. It’s a worrying sign for household names that depend on consumer loyalty. We’ll get a peek at how some are doing this week when [Conagra]( (Banquet pizza, Reddi-Wip), [Simply Good]( (Quest Bars), and [Constellation]( (Corona, Modelo) all report. ICYMI Last week's highlights... - [Tap]( President Biden will release a record 180M barrels from the strategic petroleum reserve over the next six months in a push to pump the brakes on soaring gas prices – but relief may be capped. - [W-2]( The FTC sued [Intuit]( the financial software powerhouse behind TurboTax, claiming TurboTax’s “free” filing ads are “deceptive.” The FTC says most US taxpayers didn’t qualify for its free offering last tax year. - [Gold]( [Apple]( became the first streamer to win Best Picture at the Oscars with its indie drama “CODA.” Since 2019, Apple TV+ has taken on [Netflix]( with a less-is-more strategy of highly-curated premium content. What else we're Snackin' - [CEO]( Kalanick. Neumann. Holmes. The hottest streaming genre right now: shows about tech moguls who’ve fallen from grace. Check out some of the narrative devices used to decode Silicon Valley for viewers. - [SubZa]( The pizza principle is an economic theory that a NY slice will always cost the same as a subway ride. Not anymore (thanks, inflation). A plain slice in NYC is running over $3, while train fare is $2.75. - [TM]( Fashion label Off-White has started accepting crypto payments at its Euro flagships, as more lux fashion houses open their registers to digital coins as a way to court young spenders. 🍪 Want to start Snacking daily? Sign up [here]( for our daily market newsletter. The Snacks Daily Podcast Sweet stat: bees are responsible for nearly one in every three bites of food we take (#pollination) — but the “bee-pocalypse” could change that. Beewise just raised $80M to create a swarm of robo-bees. [Tune in]( to hear how the startup is selling Honey-as-a-Service. Snack Fact Of the Day [Fewer than half of Americans have enough savings to cover a $1K surprise expense]( This Week - Monday: NCAA men’s championship game. Earnings expected from: Comp En De Mn Cemig ADS - Tuesday: Earnings expected from: Acuity Brands, Lindsay Corporation, Greenbrier Companies, SMART Global Holdings - Wednesday: Earnings expected from: RPM International, Levi Strauss & Co, The Simply Good Foods Company, Sprinklr - Thursday: World Health Day. Jobless Claims. The Masters begins. Earnings expected from: Constellation Brands, ConAgra Brands, Lamb Weston Holdings, WD-40 Company - Friday: Wholesale inventories Authors of this Snacks own shares of: Apple, Amazon, Aurora Cannabis, Canopy Growth, Google, Netflix, and Nordstrom ID: 2109159 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. 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