Financial Literacy 2.0

Last week, the ASPIRE 6 Math scholars began their financial literacy unit.  First, students learned how to write checks and deposit slips, and how to keep a balanced check register.  They simulated owning a business by advertising a product, writing checks to other students, and recording their deposits and withdrawals.  Next, students learned about the many features that banks offer.  Scholars were given the opportunity to design their own banks, and they created consumer scenarios that required them to identify the better bank.  Next, we visited the difference between credit and debit cards.  After comparing and contrasting their characteristics and analyzing their pros and cons, scholars reviewed financial situations that required them to identify the better card to use.  Finally, the scholars learned about the complex world of credit history, scores, and reports.  After creating three fictional credit profiles, scholars applied for loans, and had them accepted or denied by their loan officer peers.

The scholars were very excited about this unit.  Learning about money seems to be very interesting to them, as they loved hearing about real financial stories from my personal experiences.  Financial literacy is one of the new aspects of the math curriculum that went into effect last year.  It provides students with opportunities to learn about very complicated issues at a young age.  I believe that our students will benefit from this exposure when they begin to make their own consumer decisions in the future.  Hopefully, these lessons will allow them to be informed about the many options they have in the financial world, and to be responsible with their spending power.  I encourage you to have conversations about your own financial experiences with your child.  They are very curious about the topic, and I know they would enjoy hearing your stories.