Financial Literacy

Program Outline

It doesn’t come naturally to know how to manage money. Simple tasks such as making a household budget or balancing a checkbook, evaluating life insurance and selecting an investment vehicle to fund a comfortable retirement, require that people have to learn about personal finance in order to successfully manage their incomes and assets. But superficial knowledge of financial matters is often not enough. Even greater intelligence may fail to cope with specific financial issues and let one meet financial objectives.

Financial literacy plays an important role as students progress from school to work or college. It is defined as the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing.

Under our Financial Literacy Program the course will be broken down into subjects such as career, budgeting, salary and retirement. More effective ways to teach the topics will utilize a project-based learning strategy to help students understand subjects by making the content more realistic, practical and engaging. Vocabulary lessons and exams will also be part of the course. The course will focus on projects that teach students how to create a budget, plan for retirement, and assess what they would be able to afford if they chose their desired career path. The project-based learning will allow students to have a more practical approach to understanding the topics. They will have an opportunity to do their own research and collaborate with their peers.

The course lessons will include, but not be limited to:

Budgeting and Saving, Living on your Own, Buying a Home, Saving for College, College Costs, Going to College as an Adult , Debt, Credit/Loans, Credit Cards, Cars and Loans, Consumer Awareness, Saving and Investing, Consumer Privacy, Taxes, Travel

Our Financial Literacy Program will also keep in mind additional key characteristics or principles

  • Clear mission and vision
  • Connected to the standards
  • Relevant
  • Community-focused
  • Supported with adequate resources
  • Effectiveness-oriented
  • Learner-centered
  • Effective delivery

The following steps will be employed in creating a financial literacy program.

Demonstrate students the importance of understanding and applying financial literacy

Financial literacy gives students access to previously unknown information on the resources and tools they need to build a future in which they can be financially capable. Financial literacy promotes self-determination and empowers the student to have a voice in money matters that are encountered in everyone’ life.

Involvement of community partners

Incorporating community partners such as representatives from financial institutions, credit unions, Internal Revenue Service, debt management companies and other community based organizations is a sure way to enhance the student’s opportunity to apply the information as they learn. For example, partnering with a financial institution may result in classroom training on the basics of banking, importance of a savings account or how to use an ATM, and/or a community based learning opportunity where the students receive similar information while touring a bank. Students can see firsthand how the financial system works through an opportunity that promotes self-reliance and self-determination.

Peer to peer learning environment and opportunities

Peer-to-peer learning creates an environment for students to support and learn from one another. Creating peer mentors within the class creates a safe zone for students who might otherwise be afraid to ask questions in the larger classroom setting. Creating probing questions for students to address and discuss enhances the learning process and individual retention through the sharing of personal experiences and understanding of money.

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