5 Financial Literacy Month Activities for All Ages

In an ever-evolving economic landscape, the skills to manage personal finances effectively are as crucial as any other skill a student can learn in the classroom. In fact, a study done by Hanushek in 2020 titled “Financial Literacy Education in Schools: A Meta-Analysis of Experimental Studies” analyzed data from 37 experimental studies on school-based financial literacy education and found that these programs lead to quote “improved financial knowledge test scores and changes in financial behaviors that are typically assumed to be enhancing individual welfare (e.g., increasing personal savings).” (Hanushek et al., 2020, 345).

From interactive budgeting workshops to immersive career exploration, the goal is always to make financial literacy education both practical and enjoyable. Incorporating interactive online resources, real-world entrepreneurship challenges, and hands-on field trips to financial institutions, and other activities are ways to provide kids with a solid understanding of personal finance.

1. Budgeting Workshops

Teach students the fundamentals of budgeting through interactive workshops that help them understand income, expenses, and saving strategies. 

Keep the workshop interactive by including quizzes, group activities, or real-life scenarios. Provide handouts or digital resources for participants to refer to after the workshop. Consider inviting guest speakers, such as financial advisors or alumni, to share their insights and experiences. Here are some topics to cover for the workshop:

1. Understanding Income and Expenses (15 minutes): Discuss different sources of income for students (e.g., part-time jobs, allowances, scholarships). Identify common expenses (e.g., college savings, food, transportation, entertainment). Emphasize the importance of tracking all income and expenses. 
2. Creating a Budget (20 minutes): Explain the concept of a budget and its benefits. Introduce different budgeting methods (e.g., zero-based budgeting, 50/30/20 rule). Provide a simple budgeting template or tool for students to use. Here’s a great free budgeting calculator they could play around with.

2. Entrepreneurship Challenges & Guest Speakers

Foster entrepreneurial skills and financial understanding by encouraging students to develop business ideas and create mock business plans. Host entrepreneurship workshops or seminars where students can learn about the principles of starting and running a business. Invite guest speakers—business owners or professionals from related fields—to share their experiences and insights on the matter.

1. Encourage students to identify problems in their community or areas of interest where a business solution could be applied. Then organize brainstorming sessions where students are invited to ideate business ideas individually or in groups.
2. Follow it all up with a financial literacy workshop so students get a good understanding of key concepts such as budgeting, saving, investing, and managing personal finances. Use Banzai’s Lemonade Tycoon game as it presents real-world examples and interactive activities that make otherwise difficult financial topics more understandable and engaging.

3. Interactive Online Resources

Find online financial literacy resources, such as interactive games, quizzes, and educational videos to supplement classroom learning and engage students in self-directed financial education. 

Or invite your students to complete financial-literacy-based projects such as creating a mock budget or savings plan and presenting it to the class.

4. Career Exploration Events:

Host career exploration events where students can learn about various professions in finance, banking, accounting, or other future career aspirations. The Banzai College and Careers course offers loads of useful activities and games that help students start thinking about their future in a fun and engaging way.

5. Interactive Field Trips

Arrange field trips to local financial institutions, such as banks or credit unions, allowing students to see firsthand how financial systems operate and interact with banking professionals. You can also get students involved behind the scenes with this online Banking game that teaches students how financial institutions work by inviting them to have a go at running their own mini bank.  

Equipping students with essential skills to navigate their financial futures successfully is crucial at every stage of their education. By offering a range of engaging activities such as financial literacy workshops, career exploration opportunities, interactive online resources, and field trips, educators can make learning about financial literacy practical and enjoyable for students. By embracing these diverse strategies, you can empower students to confidently manage their finances and build a foundation for a prosperous future.