Financial Literacy for Children

Financial Literacy for

Children

Minds

Their

Smarter Texas is sponsored by TCEE, Opportunity Texas, and

Bank of America

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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

76543210

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Activity 1: Making a Pocket GraphNumber

of Pockets

Students

76543210

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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 ChainMoney We Receive

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Income Earned Gift Money

Activity 3: Income ChainMoney We Receive

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Income Earned Gift Money

Activity 3: Income ChainMoney We Receive

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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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Companion website:

http://fffl.councilforeconed.org/

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Hands on Banking

www.handsonbanking.org/en/

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