Most high school students are making financial choices now. Many shop, have jobs, pay bills, are eligible for tax refunds if they file, have accounts at financial institutions, make car payments, pay car insurance — and most importantly, college-bound students are preparing to make a student debt choice. Financial literacy lessons help these kids grapple with the adult choices they already face as teenagers. Following are three lesson principles I apply when preparing my financial literacy lessons.
1. Make It Relevant to Students’ Current Lives
Try to prepare by seeing the financial world through the eyes of a teenager. Shopping for prom, saving for a car and choosing a mobile phone service are teenage priorities. These priorities are opportunities to teach concepts such as goal-setting, comparison-shopping techniques, saving strategies, behavioral finance strategies and the power of compound interest. Teaching students how to use their mobile phones to make better financial decisions and to manage their own money is a good way to demonstrate financial strategies.
2. Emphasize Financial Concepts and Critical Thinking Skills
I do not get tied down with teaching rote-memory facts or the financial tools of yesterday. I focus on introducing the students to financial concepts that are applicable throughout their lives, and apply them to the scenarios they are facing today and will face in the years ahead.
Every child is different and I try to connect with the student so that their learning is valuable.
3. Seek Improvements of Knowledge, Behavior and Attitudes
My aim is to motivate them to put what they’re learning into action. I want to grow their appreciation for the financial tools that are available to them and can improve their lives. For example, I want them to have a positive view toward opening a savings account. Nearly a third of American families rely on costly fringe banking services, so I want to help break that cycle by showing the advantages of opening a savings account at an NCUA-insured credit union or FDIC-insured bank.