Why Teach Financial Literacy in the Classroom and How It Can Be Taught Using Technology

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Why Teach Financial Literacy in the Classroom and
How It Can Be Taught Using Technology

• Presented by Mindy Clark
• Business Teacher
• Green High School

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Why Should We Teach Financial Literacy?

• ½ of Americans private sector workforce have NO
  formal savings plan
• Between 25 and 56 million Americans do not have a
  bank account.
• Only a quarter of Americans feel well informed
  about managing household finances.

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Why is Financial Literacy Important?

• 19 of all bankruptcies are filed by people under
  age 25
• 88 of teens do not like the way it feels to owe
  someone money
• 29 of teens are already in debt with an average
  debt load close to 300.
• Only 34 of teenagers know how to balance a
  checkbook

Charles Schwab and Jumptart Coalition, 2006
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Questions about the Financial Literacy
Requirements

• When are schools required to begin teaching
  financial literacy?
• At what grade level are schools required to teach
  financial literacy?
• Who can teach financial literacy?
• Are there professional development opportunities
  available?
• Can a school create a separate course to teach
  financial literacy?

Ohio Department of Education
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What schools are expected to teach

• relationship of income level to supply and demand
  in the market
• roles of people in the economy
• consequences of choices affecting budgets,
  savings, credit, philanthropy and investments
• the effect of interest rates on savers and
  borrowers.

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How do we get started?

• Start NOW!!!
• Use a simulation game
• Newspapers
• Do NOT overteach!Have students explore and
  learn.

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Resources with Free (or Almost Free) Materials

• National Endowment for Financial Education
  (NEFE)
• Jumptart Coalition
• FDIC MoneySmart Computer Based Program
• Financial Literacy for Teens by Chad Foster
• Ohio Department of Educations website
• USA Today Newspaper
• Dave Ramseys Foundations in Personal Finance
• Fantasy Stock Market Game

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National Endowment for Financial Education
(NEFE)

• Price Free
• Unit Topics
• Your Financial Plan Where It All Begins
• Budgeting Making the Most of Your Money
• Investing Making Money Work for You
• Good Debt, Bad Debt Using Credit Wisely
• Your Money Keeping It Safe and Secure
• Insurance Protecting What You Have
• Your Career Doing What Matters Most

http//hsfpp.nefe.org/home
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Jumptart Coalition

• Price Free
• Offers the National Financial Literacy Challenge
• Website is a resource to many other free
  resources
• Check out the links under RESOURCES

http//www.jumpstart.org/
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FDIC MoneySmart Computer Based Program

• Price Free
• Helps youth ages 12-20 learn the basics of
  handling their money and finances
• Aligned with educational standards
• 8 instructor lead modules
• Modules includes a fully scripted instructor
  guide, participant guide, and overhead slides

http//www.fdic.gov
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Financial Literacy for Teens by Chad Foster

• Price
• 10 day short course or DVD
• Teaches a better understanding of how to make,
  manage, protect, and save money
• Topics
• Credit Card Debt, Needs and Wants, Insurance
  Essentials, Secrets to Saving, Income Taxes ,
  Internet Scams and Multiplying Money

http//www.chadfoster.com
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Ohio Department of Educations website

• Price Free
• Offers a number of free resources
• Offers Professional Development

http//www.ode.state.oh.us
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USA Today Newspaper

• Price Free
• Online newspaper
• Grant money is available if you would like to
  have it delivered to your classroom.
• Teaches students to enhance reading skills
• Students can summarize articles on the economy
  and financial planning

http//www.usatoday.com
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Dave Ramseys Foundations in Personal Finance

• Price
• Aligns to the National Standards for Financial
  Literacy
• 4 units and 12 chapters
• Available as a 5 disc Media Library
• Students follow along using a student workbook
  which is available as a PDF
• Elementary version

http//www.daveramsey.com/school
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Fantasy Stock Market Game

• Price Free
• Requires registration on all students
• Private contests for classes
• Allows students to work on their own and to help
  them learn from their mistakes

http//www.wallstreetsurvivor.com/
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Websites for More Information

• http//www.yourmoneynowonline.org
• http//www.fefe.arizona.edu
• http//www.practicalmoneyskills.com
• http//www.mymoney.gov
• http//www.uen.org/financial_lit/student/teen_acti
  vities.shtml
• http//www.themint.org

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Other Options

• Financial Services offered through Ohio Tech Prep
• Classes offered through banks

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More Information

• Mrs. Mindy Clark
• Green High School
• Franklin Furnace, OH
• 1-740-354-9150
• Mindy.clark_at_green.k12.oh.us