Teenagers in the U.S. spend more than $150 billion a year, according to Teenage Research Unlimited (TRU), an organization that tracks teenage consumer behavior and attitudes. But how much do teens today understand about basic finances such as saving, investing and borrowing? Not much, according to a new national survey.

While some schools have cut back on arts programs to make time for more "academic" subjects, some experts argue that is exactly the opposite of what schools should be doing. In fact, researchers have found that participating in the arts could actually make kids smarter.