Elements of a Relevent Financial Literacy Curriculum

Relevant financial literacy curriculum has the capacity to equip our youth to overcome the lack of financial management that has become the unfortunate norm in our society. Most graduates are living paycheck to paycheck because they never received a proper financial education. If this is not fixed it will lead to a lifetime of financial difficulties.

Classroom instruction should mirror real life. When you are preparing financial literacy curriculum one of the first things you should consider for each lesson plan is how it applies to real life circumstances.Young people want to learn when they know it will make a difference in their lives. You know you are heading the right way if your examples are applicable to real life.

This is definitely one class that you should never hear, “where are we going to use this in real life.” Make the lesson plans tangible and mentally attainable in order to get things though to reach the student. The more your students can identify to a situation the more likely you are to reach them at a basic and practical level.

How to you choose practical, educational and fun financial literacy curriculum?

1) Start reaching your students by inspiring them to be their own inspiration. Ask them to write down their dream job, regardless of current financial circumstances, that they would like to go to college for. Help them start learning now that limited financial means does not always mean that you can’t get to where you want to go in life. You might just have to get creative. By allowing their interests to drive instruction you are providing them with relevant lessons in financial literacy.

2) Today’s financial literacy curriculum must incorporate personal financial responsibility and decision making. It is essential students are taught how to plan ahead and deal offensively with the tough money situations that face most people at one time or another.

A car that breaks down, unexpected job loss and other costly things have put many in debt. A financial literacy curriculum that prepares students for life’s money situations will help them reach their financial goals quicker.

Being able to plan ahead means that nothing needs to crossed off the list right away. There is a lot of potential in planning for that possible outcome. It takes away the need to live hand to mouth because you are showing them through real life financial literacy curriculum that they are quite empowered to get where they want to go. 3) Be absolutely sure you choose financial literacy curriculum that today’s youth relate to, are motivated by and that moves them to take positive action. If you choose to use boring financial literacy curriculum that focuses on theory instead of practical financial education skills you risk boring the students and turning them off the subject. Pay close attention to the students and ask for their feedback so you can make lesson plan adjustments if requested.

Most people agree that delivering financial literacy curriculum will help today’s youth pick up practical financial education skills. Follow the tips above and check out resources offered by leading financial education companies.

Financial Literacy Strategy

With the raising interest in financial education due to the economic recession felt across the world there has been an increase in financial awareness as well as Federal and State programs designed to help with providing education.

On the Federal level Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act also referred to Dodd-Frank Act. As a result of this Act the Consumer Financial Protection Bureau was set up as the watch dog organization overseeing the implementation of the Acts policies.

Part of the responsibility of the CFPB is to promote financial education through what’s called Consumer Engagement & Education groups. The CFPB works with these groups all across the country spreading the good news of financial literacy.

Why Financial Literacy Strategy is important

The President’s Advisory Council defines financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”

According to Ron Lewis; Financial literacy is an issue that should command our attention because many Americans are not adequately organizing finances for their education, healthcare and retirement.

Certainly if we examine the statistics with regard to the financial well-being of individuals in this country we see some very alarming numbers that seem to indicate a drastic need for educational strategy across all age groups and genders regarding finances.

For many years we have looked to our education system to help provide a financial literacy strategy for our youth. This system has not provided nor meets our expectations in this area and we must devise a plan to introduce this concept to all age groups in this country to help assure their financial future and well-being.

Community involvement in Financial Literacy Strategy

In order to educate people of the importance of this skill we must have at a local level educational groups and programs that are easily accessible by the public providing fundamental training that addresses the masses not just the wealthy.

Church’s and local clubs are a great resource outreach to the community that can have a major impact. It is also necessary for small, medium and large business to support these organizations along with providing employee programs.

Financial literacy training can not only benefit the individual but as well the country as a whole. The hard cold truth is we have an economy that is fueled by consumer spending and debt. The key is to have a balance so that you have a chance at financial success. A financial literacy strategy is directly related to that success.

The Financial Literacy Quiz: What’s Your Financial Literacy?

What is financial literacy?

It is commonly defined as one’s understanding of finance and the science of funds management. A person’s financial literacy allows them to make informed decisions about either personal finance or business finance or both. The President’s Advisory Council on Financial Literacy defined the term as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”

What are the basic concepts?

Some of the basic concepts involved in financial literacy include understanding credit, loans, insurance, interest, exchange rates, investments, financial planning, and the risks of finance. With so many young people today growing up to be financially illiterate – unable to manage their finances and/or effectively plan for the future financially – government and educational programs have recently become more focused on basic understanding, a movement that has redefined the term “financial literacy” with a focus on one’s ability to understand and manage personal finances and future financial planning.

Business finance has an entirely different focus when it comes to financial literacy, with a much deeper level of understanding of both basic and advanced business concepts required by individuals to effectively function in a business executive or business management capacity. A sampling of the basic concepts required for financial literacy in a business environment include:

Financial statements
Financial reporting
Balance sheets
Tax concepts
Income statements
Gross margins
Recording a loss
Cash flow and cash flow statements
Internal and external auditing
Internal control over financial reporting
Fraud prevention and detection

More about the Quiz Itself

The quiz focuses on financial literacy in a business finance capacity, with a focus on financial reporting. The quiz is meant to help individuals identify gaps in their knowledge of financial reporting so they can seek out additional business finance education opportunities. You can find and complete this year’s quiz online.

Originally published in the ’90s by Phil Livingston, Roman Weil, and John Stewart, this second edition includes new questions on developments in accounting and auditing standards, legislation, and regulation. It also incorporates questions about fraud prevention and detection.

The quiz was launched in the period immediately preceding the Sarbanes-Oxley Act, when there was increasing focus on the need to strengthen audit committees, and the primary audience for the quiz as originally constructed was for audit committee members. The Sarbanes-Oxley legislation came into force in 2002. It introduced major changes to the regulation of financial practice and corporate governance.

How to Pick a College Financial Literacy Program

According to recent reports there is a financial crisis sweeping the country has affected everybody, but college student have been some of the hardest hit. Many people forget to consider is how it will affect their children’s college education.

Now days it is tough to get a student loan and this is even affecting many current students. Unfortunately, more are more students are dropping out of college due to financial reasons. Many universities have made cuts to their class schedule which forces many college students to stay in school for several more years to earn their degree. This often leaves them with a large college debt bill when they finally do graduate.

One of the best things one can do in a climate of economic challenge is to get a college education. For many high school students, a college education is something they were working towards for many years. Yet when many do graduate high school they are unprepared for the financial challenges that await them in college.

Since financial education is not required in most high schools and many parents are not able to teach this to their children either – it is up to colleges to give them a financial literacy program they need to succeed. This not only will help the students but also the colleges themselves. College financial literacy programs will help them retain students, boost their graduation rate and earn a highly respected reputation.

Providing a college financial literacy program will help your students be responsible with their money and this is a crucial part of preparing them for college and beyond. One great way to do this is through college financial literacy programs and we’ll take a look at how these programs can make a difference in your student’s college success.

College financial literacy programs are designed to getting students ready to be financially responsible. Plus this involves them picking up real world life skills that will help them succeed after college. A real world college financial literacy program should include training on: the mental game of money, having a proper relationship with money, what accounts to open, how to evaluate loans, how to build credit, investments, how to use credit and debit cards responsibly, and deciding the difference between a need and a want.

College financial literacy programs should teach your students about finances in a way they relate too. Financial literacy presentations, curriculum and other programs should instill these skills in a way that educates and entertains. Since college age students learn much more effectively through entertainment than just the run of the mill boring presentation.

College financial literacy programs are the beginning to solving the problems that are faced by so many people today. They will help your students make a big difference in their life and will help them to develop responsible, effective spending habits.

How to Choose Relevant Financial Literacy Plans

Record debt, skyrocketing foreclosures and a large number of people suffering from financial stress…sound familiar? Many of the problems people face today could have been avoided if they had received a practical financial education.

Teens and young adults tend to learn more from practical financial literacy lesson plans. Having a practical financial literacy curriculum as support will help you teach important guidelines to your child. This allows them to be more financially responsible in the way they deal with everyday finances as well as long-term expenses. It is essential that you instill your spending habits in your children in order to get the ready for their financial independence.

Many schools have started offering a financial literacy curriculum to their students, either in the form of economics classes or classes geared specifically towards preparing students financial responsibility in college or independent living.

In light of the current financial situation it is vital that we arm our young people with the financial information they need to be successful in the financial real world. If you want to make a lifelong difference in a child’s quality of life then choose an engaging and relevant financial literacy course. But, how do you choose a financial literacy curriculum that students will actually implement? That is the question that will be answered in this article.

Studies indicate that less than adequate financial training has a negative effect on students. They report boredom and confusion which in turn turns them off to learning more about money matters. The instructors had good intentions when they begin implementing the financial education course; regrettably, the financial lesson plans had a negative effect instead.

To ensure your financial education class makes a lasting difference in students lives it is important you choose a financial literacy curriculum that are designed to keep the students engaged and motivated to learn more. The following are seven ways to help you choose the most effective financial literacy lesson plans in order to help your students live a life of financial freedom.

1) Review the Curriculum Designers Background. Most financial literacy curriculum is written by people who have not had significant money or business experience. Make sure the financial education lesson plans you choose have been designed by a team of experienced professionals. Look for curriculum that is developed by a team of financially successful entrepreneurs and teachers that have a track record of curriculum development experience. Finding a curriculum that combines top teachers with business leaders will put you immediately on the right track.

2) Find Curriculum that Motivates & Educates. Having reviewed hundreds of financial literacy lesson plans and talked to thousands of youth many of them have been turned off ‘learning about money’. Many students have complained about past financial literacy classes being boring and confusing. A well designed financial literacy curriculum, taught properly, can be a rewarding and entertaining experience. A good test is to review the curriculum late at night and see if it passes the snooze test.

3) Find Lesson Plans that Grow with Students. In a perfect world financial lessons would be taught over time and your students would build their money skills over time. Since this is a luxury most educators will not receive, it is important to choose curriculum that builds on the prior lessons and covers the key principles that make up the foundation knowledge of their education.

4) Lesson Plans Cover the Mental Game of Money. Talk to any financially successful person out there and the majority will agree that the mental game of money serves as a foundation for our financial decisions. It is also well documented that the average person makes most of their financial decisions because of emotional responses, not logic. That is why it is critical that the financial literacy curriculum you choose covers the mental game of money.

5) Financial Success Training Curriculum. The ultimate goal of financial literacy lesson plans is to help our youth reach the level of financial success they desire. Implementing curriculum that focused on providing real world money lessons will not only keep students interested but will also put them on track to achieving financial security.

6) Practical Education before Theory Based Memorization. While the more advanced financial theories should be taught it is important to emphasize practical financial lessons that translate to the real world for students. The advanced theories will can be taught once the practical financial curriculum has been mastered. Considering the fact that over 40 million Americans do not have bank accounts, locate curriculum that walks students step-by-step through basic account structure and includes activities that helps to build their financial foundation.

7) Teach with Entertaining & Engaging Curriculum. By the time a student graduates high school many have sat through more than 10,000 classes. There is not much time to teach financial literacy, so it is exceptionally important that it stands out from the thousands of other lectures students must sit through. Choose curriculum that engages the students with activities, multi-media, celebrities, movement, props and other tools to help our students internalize financial literacy lesson plans so they benefit from this knowledge throughout their life.

Maximize the effectiveness of your time and financial literacy class by getting financial literacy curriculum designed to get students excited to learn about money. The confidence that a practical financial education can bring to students will have long-term positive benefits that affect many area of your student’s life.