Financial Literacy for Students

May 6, 2019 by admin

Financial Literacy for Students is often not given due importance. Financial literacy brings together multiple areas related to managing an individual’s personal finance, investing or handling money efficiently. Becoming financially literate is all about understanding how money works over time and ascertaining expenses over a period of time.

Financial Literacy for students is about how children can learn to manage money as a necessary social skill. Emphasizing this, there are specially designed curriculum including the financial literacy worksheets for kids of all age levels. Check out some popular worksheets that was featured in theworksheets.com for Counting Money skills.

Kids & Cash

Parents and teachers can assist children to become financially literate. Imparting financial knowledge to children will keep them informed about the financial choices so as to enable them to effectively plan their financial future. Finance-related social skills will help to develop good economic understanding in kids.

Parents can expose their children to real money, and provide them with direction and guidance in-order to make smart financial decisions right from childhood.  The schools can introduce financial literacy to children as an inevitable social skill so as to prepare them for adulthood. To supplement the parent’s and teachers’ attempt, there are many digital learning tools/courses available online and offline. This supports home education and the curriculum is simple and engaging.

Real Life instances

The aim of financial literacy skill development is to teach children to be financially independent and confident in handling finances.

Here are a few practical real-life instances, where you apply your financial literacy;

  • Budgeting: Kids can efficiently manage their daily pocket money given by parents and track the spending
  • Shopping: Encourage your child to prepare the shopping list and guide them to prioritize the list based on need. This helps to develop shopping/spending skills.
  • Research before shopping: Assist your child to research before shopping. They can compare the products, price, brands, and shops.
  • Encourage to plan an event: Choose a birthday celebration or a picnic lunch for your kid to plan/organize by budgeting.
  • Needs and want. Help your kid understand the difference between needs and wants. This can help them understand different ways to spend money.
  • Saving as a Habit. Encourage your child to save more. Give them incentives  to save a particular amount of money by the end of month!

These real-time practices can help your kids develop their skills to handle money and familiarize them with budgeting.Financial Literacy for Students

Importance of Financial Literacy for Students

Today, parents give money to their children for their daily expenses or any other essential accessories. When kids comfortably handle money from an early age, they grow up prepared to meet financial challenges of adulthood.

Teaching your kid about how to budget money, spend and save/invest can help them develop good money-habits. Where, when and how you can teach your child about real-life currency?

We suggest the following activities:

  • ATM visits: Take your child to ATM while withdrawing cash and let him know how you manage the money in hand against the expenses for the month.
  • Family jobs with pay: To entertain and encourage your child, you can pay him to help out on a task. Example – car wash, lawn mowing or pet care. When your child experience the effort in ‘earning’ money, he will appreciate spending as well.
  • Piggy bank: Open a piggy bank at your home and encourage your child to deposit some amount of money at frequent intervals.

 

Financial Literacy Activities and Games for Children (High school)

 As an attempt to encourage children to learn financial literacy, there are many engaging games available for middle and high school students. These games and activities help kids to get comfortable handling money. Here are a few interesting and popular financial literacy games for children so that you can indulge them with more fun:

  1. Monopoly : Monopoly is the very popular board game that has been played for generations to impart money-knowledge to kids. It is available across the globe in various languages and versions. You can buy property, mortgage it, collect rent, and erect buildings while trying to avoid being thrown in jail or going bankrupt. The winner is the player with the highest net worth determined by property and cash. What a realistic representation of adult life!
  2. Bite club: In this game, players manage day club for vampires and experience the tension between spending money, servicing debt and saving for future. This game highlights the importance of long-term savings.  The core objectives of this game are;
    • save for retirement
    • manage current consumption and
    • pay down debts
  3. Gen I Revolution: This game creates an opportunity for the players to compete against each other and learn personal financial skills. This game includes about fifteen financial resume missions for the players.
  4. Financial football:  This game is highly interactive and engages the players in learning how to manage money. The players need to answer financial questions in three levels.

 The Financial Literacy for Students also comprises of educating kids about organizational skills, technology related to finance, and attention to details, learning global economics, and consumer rights. This detailed knowledge can make a kid become highly skillful handling money and wealth in a perfect way.

 

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