Financial literacy learning for all ages
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March 30, 2020
my529 shares K-12 educational resources to mark Financial Literacy Month
(Salt Lake City) April is Financial Literacy Month, and learning the basics of managing money is something children can begin at an early age.
Since most children are studying at home during this time, my529 would like to share some fun and informative K-12 financial literacy ideas you could consider incorporating into your children’s curriculum.
Find the ideas below—including additional financial literacy resources—in The 529 Roadmap for their Future, sponsored by the College Savings Plans Network and my529.
Preschool. Count as much as you can together. Stretch them to counting higher and encourage them to count on their own. Show them how they can incorporate counting as they are picking up their toys or eating crackers.
Play games that involve money like “grocery store.” Use grocery items from your cupboards, bathroom, etc. Make your own play money and place items in a “cart” and explain what each item costs, and that the more you spend on those items, the less you have to spend on other things. This teaches your child about the value of money and the cost of everyday items. It also can be a valuable lesson regarding the cost of food, and the importance of not being wasteful.
First grade. Count coins with your first grader. Stack pennies into piles of 5, 10 or 25 – putting those next to nickels, dimes and quarters.
Third grade. When your child receives money (whether from the Tooth Fairy, for chores, as holiday or birthday gifts, etc.), begin to discuss the value of dividing it up to spend on something immediately, save for a short-term goal, save for a long-term goal, and give to a cause or person your family cares about. Teaching about the value and impact of generosity is critical to your child’s development. Here, or as appropriate in years to come, you can also introduce ways to save. You can discuss how little amounts can add up over time when you earmark them for a particular purpose.
Sixth grade. Teach your child about budgeting. Let them manage a small household budget. Give them a set amount of money, and let them choose which items you will purchase. Challenge them to make the money last all month.
Explore The 529 Roadmap for their Future for more K-12 resources that also feature information about educational costs, college preparation tips and 529 educational savings plans.
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