Their Minds. Financial Literacy for Children

Transcription

1 Their Minds Financial Literacy for Children

2 The Smarter Texas Program is made possible in part by the Council for Economic Education through funding from the United States Department Education Office of Innovation and Improvement.

3 What is Financial Literacy? Why do we need it? 3

4 What are some misconceptions elementary children have about money? 4

5 Resources: companion website: 5

6 Topics: Earning Income Saving Spending Credit Money management 6

7 3-5 Materials 7

8 Objectives Lesson 5 Define savings, economic want, incentive, shortterm goals, long-term goals, and interest. Explain the elements of a savings plan. Give examples of short-term and long-term goals. Give examples of incentives. Compare the advantages and disadvantages of various savings options. 8

9 New Mathematics TEKS PFL SE (3.9F) identify decisions involving income, spending, saving, credit, and charitable giving PFL SE (4.10C) compare the advantages and disadvantages of various savings options PFL SE (5.10D) develop a system for keeping and using financial records 9

10 What do these four have in common? 10

11 Many people earn income when they work. 11

12 Chores, income, savings, & goals 12

13 Vocabulary Savings Trade-off Goals Short-term Long-term 13

14 What s the difference? These are goods: These are services: 14

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16 More Vocabulary Motivate Incentives Interest Opportunity Cost 16

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18 Visual 1: Savings Account Statement What was the beginning balance on October 31, 2009? How much did Ms. Savealot deposit during November? How much was withdrawn during November? How much interest was earned this month? What is the ending balance in the account on November 30, 2009? 18

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21 5.3 My Savings Plan Is your savings target realistic? Can you really set that amount of money aside each week or month? What can you do if the targeted amount is too much or too little? What will you give up by saving the targeted amount each week or month? 21

22 Decisions Pair students up to discuss the following: Explain your savings plan. Decide where you will keep your money. 22

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26 Assessments: 26

27 Assessments: 27

28 Assessments: 28

29 $100,000 Pyramid Game Choose your partner.

30 Game 1 Goal Services Withdrawal Opportunity cost Interest 30

31 Game 2 Bank Short-term goal Personal Financial Literacy Trade-off Deposit 31

32 Cindy Manzano 32

33 On-line tools and resources The Mint Kids Savings Calculator 33

34 K-2 Materials 34

35 Objectives Lesson 1 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 35

36 New Mathematics TEKS PFL SE (K.9A) identify ways to earn income; PFL SE (K.9B) differentiate between money received as income and money received as gifts; PFL SE (K.9C) list simple skills required for jobs; PFL SE (1.9A) define money earned as income; PFL SE (2.11F) differentiate between producers and consumers, and calculate the cost to produce a simple item. 36

37 A Good Day for Money 37

38 Activity 1: Making a Pocket Graph Count pockets 38

39 Producers Producers are people who make goods or provide a service. 39

40 Activity 1: Making a Pocket Graph Number of Pockets Students 40

41 Analyze Pocket Graph How many pockets do most of the students have on their clothing? How many students have no pockets on their clothing? How many pockets are there in total on all the clothing? 41

42 Activity 1: Making a Pocket Graph Number of Pockets Students 42

43 Activity 2: Exploring Human Capital (Work Skills) Mr./Mrs. can. 43

44 Vocabulary Human capital work skills Income 44

45 Activity 3: Income Chain Money We Receive Income Earned Gift Money 45

46 Activity 3: Income Chain Money We Receive Income Earned Gift Money 46

47 Activity 3: Income Chain Money We Receive Earned Income Gift Money 47

48 Activity 3: Income Chain 48

49 Extension - Earning Income sung to the tune of She ll be Coming Around the Mountain Verse: We ll be earning lots of income when we work (when we work). We ll be earning lots of income when we work (when we work). We ll be earning lots of income, We ll be earning lots of income, Chorus: We will sometimes get some money as a gift (as a gift). We will sometimes get some money as a gift (as a gift). We will sometimes get some money, We will sometimes get some money, We ll be earning lots of We will sometimes get income when we work some money as a gift (when we work). 49 (as a gift).

50 Extension Literature: Little Rabbit s Loose Tooth by Lucy Bates 50

51 3-5 Materials 51

52 Objectives Lesson 8 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 52

53 Objectives Lesson 8 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 53

54 New Mathematics TEKS PFL SE (3.9D) - explain that credit is used when wants exceed the ability to pay and that it is the borrower s responsibility to pay it back to the lender, usually with interest PFL SE (5.10C) - identify the advantages and disadvantages of different methods of payment including check, credit card, debit card, and electronic payments 54

55 How Would You Like to Pay? How do family members pay? 55

56 What are some things that students buy using currency and coins? 56

57 Other methods of payment check credit card debit card electronic or online payment 57

58 Paying by Check 58

59 Writing a Check September 7, 2011 Toys Galore Fifteen dollars and forty-two cents Mr. Estevez 59

60 The Check Register Toys Galore $

61 Exercise

62 Exercise

63 Visual

64 How Would You Like to Pay? 64

65 Lesson 9, Using Methods of Payments is an extension of Lesson 8. Word bank activity for each payment method. Role playing activity 65

66 Assessment 66

67 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. 67

68 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. 68

69 Select Grade Band

70 Select a lesson

71 Companion website: 71

72 Hands on Banking Made possible by: 72