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Financial Literacy for Children

Their. Minds. Financial Literacy for Children. What is Financial Literacy?. Why do we need it?. What are some misconceptions elementary children have about money?. Not developing a sound understanding of personal financial literacy can result in. K-2 Materials.

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Financial Literacy for Children

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  1. Their Minds Financial Literacy for Children

  2. What is Financial Literacy? Why do we need it?

  3. What are some misconceptions elementary children have about money?

  4. Not developing a sound understanding of personal financial literacy can result in . . .

  5. K-2 Materials companion website: http://fffl.councilforeconed.org/

  6. Features of Financial Fitness for Life • Based on national standards • Engage students in the economic way of thinking • Call for active learning • Address concepts in a developmentally appropriate manner • Emphasize a variety of teaching methods compatible with different learning styles • Reinforced by assessments • Invite parents to play a role

  7. Topics: • Earning Income • Saving • Spending • Credit • Money management

  8. A Good Day for MoneyObjectives • List simple skills required for jobs (K.9C) • Define money earned as income (1.9A) • Differentiate between money received as income and money received as gifts (K.9B) • Identify ways to earn income (K.9A)

  9. A Good Day for Money

  10. Activity 1: Making a Pocket Graph Count pockets • Vocabulary: • gift money • earn • income • pictograph • producer/worker • work skills 1 2 5 3 7 6 4

  11. Activity 1: Making a Pocket Graph

  12. Activity 1: Making a Pocket Graph

  13. Analyze Pocket Graph How many pockets do most of the students have on their clothing? How many students have no pockets on their clothing? How many students have 3 pockets on their clothing? How many more students have 5 pockets than 3 pockets? Do any groups have the same number of pockets? Which ones? How many pockets are there in total, on all the clothing?

  14. Day 2 Activity 2: Exploring Human Capital (Work Skills)

  15. Activity 3: Income Chain Income Earned Gift Money

  16. Activity 3: Income Chain Income Earned Gift Money

  17. Activity 3: Income Chain

  18. Activity 3: Income Chain

  19. Extension • Music: Earning Income sung to the tune of She’ll be Coming Around the Mountain • Literature: Little Rabbit’s Loose Tooth by Lucy Bates

  20. Earning Income (She’ll be Coming Around the Mountain) • Chorus: We will sometimes get some money as a gift (as a gift). We will sometimes get some money as a gift (as a gift). We will sometimes get some money, We will sometimes get some money, We will sometimes get some money as a gift (as a gift). • Verse: We’ll be earning lots of income when we work (when we work). We’ll be earning lots of income when we work (when we work). We’ll be earning lots of income, We’ll be earning lots of income, We’ll be earning lots of income when we work (when we work).

  21. How We SaveObjectives • Identify income as a means of obtaining goods and services, oftentimes making choices between wants and needs (1.9B) • Distinguish between spending and saving (1.9C) • Calculate how money saved can accumulate into a larger amount over time (2.11A) • Distinguish between a deposit and a withdrawal (2.11C)

  22. How We Save

  23. Lesson 6 Vocabulary • Scarcity • Choices • Opportunity cost • Deposit • Withdrawal • Save • Spend • Savings register • Number sentence • Comparison statement

  24. Activity 1: A Pocket Problem on the Floor What do you like to put in your pockets? What is your opportunity cost?

  25. Activity 2: Helping Hands: Depositing or Withdrawing Penny’s mom put money in her bank account every payday so that she would have money to spend during the upcoming holiday season. Was this a deposit or a withdrawal? Penny shook her piggy bank to listen to the money rattle one last time. Then she opened it and took the money out and put it in her pocket to spend at the fair. Was this a deposit or a withdrawal?

  26. Activity 3: Game: Savings Roll Along

  27. Extensions • Math • Music: I’ve got Money sung to the tune of Are You Sleeping, Brother John? • Literature

  28. On-line tools and resources • Clarifying Tasks

  29. Thank You • from TCEE • and Valerie Johse • vjohse@aol.com

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