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Financial Literacy for
Children
Minds
Their
Smarter Texas is sponsored by TCEE, Opportunity Texas, and
Bank of America
3
What is Financial Literacy?
Why do we need it?
What are some misconceptions elementary children have about money?
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Not developing a sound understanding of
personal financial literacy can result in . . .
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Resources:
6companion website: http://fffl.councilforeconed.org/
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
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Topics:
• Earning Income• Saving• Spending• Credit• Money management
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K-2 Materials
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Objectives
• Explain how human capital is related to work
• Define money earned as income• Differentiate between money received
as income and money received as gifts
• Identify ways to earn income
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A Good Day for Money
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Activity 1: Making a Pocket GraphNumber
of Pockets
Students
7
6
5
4
3
2
1
0
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Activity 1: Making a Pocket GraphNumber
of Pockets
Students
7
6
5
4
3
2
1
0
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Activity 2: Exploring Human Capital (Work Skills)
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Day 2
Activity 2: Exploring Human Capital (Work Skills)
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Activity 3: Income Chain
Money We Receive
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Income Earned Gift Money
Activity 3: Income Chain
Money We Receive
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Income Earned Gift Money
Activity 3: Income ChainMoney We Receive
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9
8
7
6
5
4
3
2
1
Earned Income
Gift Money
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Activity 3: Income Chain
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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
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3-5 Materials
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Objectives
• Identify methods of paying for goods and services
• Define money, check, electronic or online payments, debit card and credit card
• Explain the relationship between checks and money held in a checking account
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Objectives
• Identify advantages and disadvantages of different methods of payment
• Explain why credit cards are not considered money
• Explain how payment is made when a consumer uses a credit card
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How Would You Like to Pay?
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How do family members pay?
What are some things that students buy using currency and
coins?
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Other methods of payment
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check
credit card
debit card
electronic or online payment
Paying by Check
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Writing a Check
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September 7, 2011
Toys Galore 15.42Fifteen dollars and forty-two cents
Mr. Estevez
The Check Register
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5942 9-7-11Toys Galore $15 42 84 58
Exercise 8.1
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Exercise 8.2
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Visual 8.2
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How Would You Like to Pay?
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Assessment
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Extensions
• Ask a local bank for sample check registers for students to use for practice recording checking transactions and calculating balances. Students may create story problems to provide context for using the register.
• Read stories about people buying goods and services; discuss the methods of payment used. Students may write a story about buying goods and services using different methods of payment.
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Extensions
• Invite a local banker to talk about the four methods of payment and what methods of electronic payment people may use 20 years from now.
• Divide the class into 4 groups. Assign each group a form of payment. Members of each group write a skit, rap, poem, song, etc. teaching the other students the advantages and disadvantages of the respective forms of payment.
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