“JESSICA!” My mother exclaimed. “Your visa
bill just came in and it is through the roof!” What? How could this be? I could’ve
sworn I only bought one pair of shoes and a pair of jeans within the last two
months. Where did all my money go? How did it just disappear into thin air? I
thought I was good at managing my money. Didn’t I learn how to do this in
school? Reflecting back into my elementary and high school days, I can
truthfully say I barely learned anything about money and finances. I mainly
remember learning how to count money through mathematical operations in math
class and learning about Canada’s economy very briefly in social studies. Even so,
I did not learn about the fundamentals and value behind money and how it works
economically as a whole. Learning the basics about money and finances is a life
skill in which all children and youth should have the opportunity to grasp as
students. I find that as a student, this financial experience is often not
present in the classroom.
Retrieved From: http://www.curtislibrary.com/2012/04/07/what-is-financial-literacy/
What exactly is financial literacy?
In my own words, financial literacy is having
a good understanding of how money works throughout society and the world. It’s
about obtaining the proper knowledge on money management, investments and the economy.
Many schools across the globe today face this challenge of incorporating
adequate and consistent knowledge on financial literacy throughout the
curriculum and through teaching instruction. The Ministry of Education does of
course integrate some monetary and economic subject in the curriculum, but they
are insufficient in achieving optimal financial literacy amongst the student
population. It is about what
financial content is being included into the curriculum and how educators are delivering this information.
Administrators, educators and teachers need to keep in mind the importance of
this particular literacy and how beneficial it can be towards a child’s life in
the future. The 21st century in which we live, is becoming more
complex each day which is why children need to understand the value of money in
order to make informed financial decisions. It is important for children and
youth to begin their financial journey at a young age in order for them to grasp
more complicated concepts in the future.
Retrieved From: http://www.ufscnet.com/financial-literacy/
According to the Ontario Ministry of Education
(2011), financial literacy is defined by having knowledge and skills to make responsible,
economic and financial decisions with confidence. Including financial literacy
in schools will help students consider: their financial choices and apply it to
everyday decisions (DO), understand money management and the economy (KNOW) and
participate in society as responsible citizens who can make knowledgeable
decisions about investing their money (BE). Critical thinking is a skill that
students will obtain while learning about financial literacy as they will be
able to formulate their own perspectives on monetary matters personally and
within the global economy. Decision making and problem solving are authentic skills
that students can apply in the classroom in which they can relate to real-world
contexts. From buying candy at the convenient store, to balancing and managing
money for post-secondary education, students will have the proper knowledge in
responding to these fiscal situations. The main goal of financial literacy is
to essentially hope for students to become financially secure in the future by
supporting themselves in a healthy and stable way. Having this kind of mindset
as educators can make teaching financial literacy all the more rewarding and beneficial
as it can have strong impacts on their student’s lives.
Retrieved From: http://hubpages.com/education/k12-kids-and-money
What can we do as teachers? It is essential
for teachers to convey strong financial knowledge to students with the
objective for them to grow with this knowledge later in life. Part of the
reason why I don’t remember much about finances or managing money is because of
the way it was taught to me in school. There is no specific subject on
financial literacy (although I believe there should be), which is why teachers
must thoroughly plan out their lessons and communicate to students in appropriate
financial language in which they will understand. In order for teachers to do
this, they must first be confident in their own financial knowledge. It should
be mandatory for teachers to be educated on financial literacy and exactly what
to teach in classrooms. Many teachers might not be as strongly educated in this
field, which is why they should be trained and updated on current financial
education. Just looking at my financial education background, I know I would definitely
benefit from professional development discussions. Learning hands-on and
interactively is key for students to gain applicable skills and obtain interest
throughout lessons. Teaching through fake money in the classroom for example,
can give students a realistic sense of money in general. Bringing guest speakers
and experts in the classroom would be another beneficial way of portraying financial
importance to students. This way, students can see through the perspectives of professionals
and how they deal with money in the real world. Technology is something that
should also be included in financial literacy such as videos, computer programs
and more, so that they can physically see and apply their knowledge digitally
as our world becomes more technologically advanced.
Example of applying financial literacy through a blank budgeting worksheet.
Retrieved from: http://odapmirt.tumblr.com/simple-budget-worksheet-printable
An excellent website that includes numerous
resources on financial literacy can be found at this link: CLICK HERE.This site allows you to obtain multiple resources by grade, subject and the
specific resource you are looking for. For instance, I searched Grade 4, Social
Studies, Interactive Tool and it brought me to this particular resource on the
history of money: CLICK HERE. Something as simple and interactive as this video can raise interest and
student involvement in class.
Overall, financial literacy teaches students
how to be knowledgeable and responsible citizens, economically aware and critical
and informed decision makers. Teachers need to make sure that they are not only
conveying the correct information to students, but that they are conveying the
correct information in a strong and effective way. The basic skills that students learn now, will
have a huge impact on them for the rest of their lives.
Thanks for reading!
Miss Le Pera
References:
Ontario
Ministry of Education. (2011). Financial Literacy: Scope and Sequence of Expectations. Retrieved from: http://www.edu.gov.on.ca/eng/document/policy/FinLitGr4to8.pdf.
No comments:
Post a Comment