Financial Literacy Lesson Plans for Kids
Lessons plans aren’t just for teachers! While you may be used to hearing the term “lesson plan” in the context of educators and school, lesson plans can be a valuable resource for parents who want to teach their kids about financial literacy, or any other subject.
In this article, we will cover what a financial literacy lesson plan is and how you can use lesson plans and other financial programs to teach your kids about money. Giving your kids a financial education is incredibly important. This doesn’t mean you have to be a financial whiz. As a parent, you just need to know where to find the right information and then package it in an engaging way.
Benefits of using financial literacy lesson plans for kids
Financial literacy is the ability to understand and apply financial concepts. For example, a financially literate person knows what a budget is, why it is important, and how to create and use a budget.
Teaching your children about financial literacy is arguably one of the most important things you can do as a parent. Because, unlike history or biology, financial literacy is often not taught at schools. So, if you don’t teach your kids about money, who will? This doesn’t mean you have to have all of the answers. With free resources like financial websites, podcasts, and even library books, it’s easy to get your hands on useful financial information.
A financial literacy lesson plan is a great way to organize the information that you want to teach your children about money management. You can think of a financial literacy lesson plan as a map. The lesson plans will help you and your kids get from your current destination to your future destination – where you all have a better understanding of the financial literacy basics.
What kids can learn about managing money
The approach you take to teaching your children about money management will vary based on their age and interest. However, kids are almost never too young to start learning about money. Research has shown that little kids, as young as three, can start to learn financial concepts and by age seven many children have started to develop their financial habits.
Depending on your child’s age you can use a variety of books, games, play, and crafts to introduce new money concepts. You can also use real-life experiences to teach your kids about money. For instance, when your kids are old enough to start doing simple chores like making their beds or putting away their toys, you can introduce kids’ allowances as a way to teach them about earning and saving money.
Finding financial literacy programs for students
If you want to teach your kids about financial literacy but you’re not sure where to start, there are many fantastic online resources that you can use. You can start with a basic Google search of “financial literacy programs” or “financial lessons for kids”
You for Youth is a great platform that provides free online courses and financial programs. You can find a list of financial literacy courses and other money resources here. Courses and resources are available for kids from pre-k to middle school students, to high school student, and even adults. You can use these resources to learn about budgeting, saving, credit cards, financial fraud, taxes, debt, and investing. These are the concepts you want your children to fully understand before they go off on their own. The more they learn and are exposed to these concepts, the more prepared they will be to take care of themselves financially in the real world.
Another program you can check out is Moneywise America by Charles Schwab. This is a program that focuses on financial literacy and money management and is specifically geared toward teens. Employees from Charles Schwab volunteer to provide real-world money lessons. They teach students the concepts of saving, budgeting, how to use credit, and how to set money goals. There are also a number of helpful calculators (e.g. retirement calculator), worksheets, and survey information that your teens can look through to gain a better financial understanding. The purpose of this program is to prepare kids to live in the real world. It is meant to help prepare them to deal with financial emergencies and develop confidence in their financial future. Knowledge is power, especially when it comes to financial literacy.
Financial literacy activities for students in school
While more schools are beginning to incorporate financial literacy lessons and programs into their curriculums, there is still progress that needs to be made. In a perfect world, schools would cover all of the foundational financial concepts including:
- Bill payment
- Bank account
- Retirement planning
By covering these topics in school, students could at least graduate with a basic level of financial literacy. Unfortunately, many students don’t get this education and often learn certain financial lessons the hard way. Taking out a student loan without fully understanding money, debt, or interest. Or going off to college and getting their first credit card without an understanding of how credit works.
And learning about personal finance doesn’t have to be boring or difficult. There are fun online games for students of all ages. Young kids can check out Peter Pigs Money Counter to learn about counting and saving money. Older kids and teenagers can check out online Financial Football or the Stock Market Game to learn about investing.
How will you teach your kids about finances?
Raising financially literate children might seem like a tall order but, it doesn’t have to be. We are lucky to live in a time when we have access to a limitless amount of information. With a simple Google search or trip to the library, you can find the resources you need to teach your kids of all ages about money management. Start simple and be consistent. Talk about money with your kids regularly and encourage their questions. If you don’t have the answer, find it together.