Teaching important financial lessons that will last a life time.
Budgeting. Investing. Borrowing. Saving. Credit history. These financial topics can be quite overwhelming to people, especially if they have never been taught the basics about how to handle their money and finances. In fact, in a recent report it was stated that close to sixty percent of American’s would probably fail a personal finance test and young adults (ages 18-26) said they wished they had more financial education in school.
Teaching money lessons at a young age will help instill good financial habits and the classroom is the perfect atmosphere to start in. Students of all ages can benefit from simple money conversations to learning more complex financial topics. There are countless ways to bring financial education into the classroom but here are a few to get started with:
Reading: Children love to be read to and there are many great books out there that can help teach them through fun stories. There are even websites that have free lesson plans to go along.
Use Local Financial Institutions: Credit unions are well known for community outreach and financial literacy programs. Many will send a representative into the classroom to teach lessons or provide free materials.
Parents: Involve parents into the classroom to talk about some of their own personal money lessons. Create a fun theme like “Financial Friday” with a surprise parent as the guest speaker.
Use Free Resources: The National Endowment for Financial Education (NEFE) has many free lessons, featuring their acclaimed high school program. Jump$tart also has a clearing house of resources for any financial topic, geared to teachers and other financial educators.
Overall, the method used to teach financial education is not important but is it the time invested to teach young people the important money skills they need to ensure they are financially savvy.