How to Create a Personal Finance and Life Literacy Curriculum from Scratch or Incorporate the Topic Into Existing Lessons
A well-rounded personal finance curriculum is crucial for preparing students to navigate the complexities of managing money in their everyday lives.
Personal finance education mandates for schools is an ever-growing topic in the US. One that, for some educators, means they are tasked with building a new curriculum entirely or integrating the topic into their existing lesson plans. These mandates are popping up all over as districts and states realized that some of the most useful lessons to prepare any teen for the future lies in detailing the financial ups-and-downs of life and the decisions we make while we’re young.
At the heart of these mandates is the goal of creating a personal finance curriculum that equips students with essential life skills. So in this post, we’ll cover a few key points to creating a personal finance curriculum: topic ideas and lesson plans, real-world scenarios, and standards alignment.
Topic Ideas Based on Subjects
A wide range of topic opportunities and activities comes with the personal finance education territory. You can integrate personal finance into everything from economics, US history, social studies, and math to internet skills, and communications. Here’s a breakdown of what financial education topics you can use based on which field of education you teach:
Math
- Budgeting and Expenses: Teach students how to create and manage a budget.
- Interest Calculations: Understanding simple and compound interest, calculating interest on savings and loans.
- Probability and Risk: Analyzing the risks and probabilities associated with investments and insurance.
- Taxes: Understanding tax brackets, calculating income tax, and deductions.
- Loan Amortization: Explore the mathematics behind loan payments, principal, interest, and amortization schedules.
U.S. History
- Economic History: Study significant economic events (e.g., the Great Depression, the 2008 Financial Crisis) and their impact on personal finance. More examples in this blog post titled “5 Ways to Integrate Finances Into American History Lessons: Activities and Resources.”
- Government Programs: Understanding the history and role of programs like Social Security, Medicare, and the GI Bill and other benefits for veterans.
- Inflation and Deflation: Explore historical periods of inflation and deflation and their effects on purchasing power.
- Labor Movements: Discuss the history of labor unions, minimum wage laws, and their implications for personal income and financial security.
Economics
- Supply and Demand: Relate the concept of supply and demand to financial decisions like spending, saving, and investing.
- Market Structures: Understanding how different market structures (monopoly, oligopoly) affect consumer choices and prices.
- Opportunity Cost: Discuss the concept of opportunity cost in personal financial decisions, such as choosing between spending now or saving for the future.
- Behavioral Economics: Explore how psychology influences financial decisions and behaviors, like spending, saving, and investing.
- Fiscal and Monetary Policy: Understanding how government policies impact the economy and personal finances.
Technology
- Online Banking and Digital Payments: Discuss the rise of online banking, digital wallets, and payment systems like PayPal and Venmo.
- Cybersecurity and Fraud Prevention: Teach students about the importance of cybersecurity, protecting personal information, and preventing financial fraud.
- Investment Technology: Introduce online trading platforms, robo-advisors, and financial planning apps.
- E-commerce: Explore the impact of online shopping on consumer behavior and budgeting.
Career and Technical Education (CTE)
- Career Planning and Development: Discuss the financial implications of different career paths, including salaries, benefits, and long-term financial planning.
- Entrepreneurship: Explore the financial aspects of starting and running a business, such as startup costs, revenue streams, and profit margins.
- Personal Finance Management: Teach practical skills like writing a resume, understanding employee benefits, and navigating the job market.
- Industry-Specific Finance: Focus on financial literacy topics related to specific industries, such as healthcare, automotive, or culinary arts.
Health
- Healthcare Costs: Understanding health insurance, deductibles, co-pays, and out-of-pocket expenses.
- Nutrition and Budgeting: Have students plan healthy meals on a budget, comparing the costs of eating out versus cooking at home.
- Health and Wellness Spending: Explore the costs of gym memberships, wellness programs, and other health-related expenses.
- Mental Health and Financial Stress: Discuss the relationship between financial stress, mental health, and dangers of technology overuse as well as strategies for managing all of it.
Creating Detailed Lesson Plans
A good lesson plan has four main parts: an objective, a list of materials, a variety of activities, and possible ways to assess how much information students have observed. A lesson plan can go from a plan for one day, to a plan for the week or month.
Banzai provides five (one for each of our courses) free sample schedules to anyone with a free teacher account. These sample schedules walk through how to implement Banzai courses into a 3- or 10-day crash course. Each includes other activities and assessment options that you can offer to your students along the way, like Banzai’s vocabulary practice or the pre- and post-tests for all our offered courses and units. And to top it off, ALL Banzai resources are free and easy to use.
While outlining your detailed lesson plan, remember to include a variety of learning methods to ensure all students have learning opportunities. This includes:
- Interactive Activities: Engaging students in group discussions, role-playing, and interactive games.
- Assessment Methods: Evaluating understanding with quizzes, tests, projects, and presentations.
- Visual Aids: Using charts, sample lesson plans, and curriculum maps to illustrate key points.
- Hands-On Development: Providing students with workshops, online courses, etc.
If you’re interested, Banzai offers professional development opportunities where we show teachers how to use and implement our product. Each of our webinars is virtual and easy to do from the comfort of your home or classroom.
Integrate Real-World Scenarios Into Your Classroom
No matter what subject you teach, there’s always time for some real-world experience. And particularly if you teach any of the subjects mentioned previously in this blog, then Banzai offers various free and easy ways to do so. But here’s a list of generic ways you can incorporate real-world scenarios into your classroom regardless if you're a Banzai teacher or not.
- Simulations: Using simulations that allow students to experience financial decision-making in real-time. Some examples of this are stock market simulations, budgeting games, or virtual business simulations.
- Guest Speakers and Field Trips: Utilizing experts in the community. Banzai provides teachers with streamlined access to request presentations from the banks and credit unions that sponsor the product. Sign up for free or login to get access to guest speakers and on-site tours for your classroom.
- Guest Speakers: Inviting financial professionals (bankers, financial advisors) to share their experiences.
- Field Trips: Visiting banks, stock exchanges, or local businesses to provide practical insights.
- Practical Projects: Having students create a personal budget, investment plan, or retirement plan or even attend financial literacy workshops within the local community.
A well-rounded personal finance curriculum is crucial for preparing students to navigate the complexities of managing money in their everyday lives. By incorporating a variety of topics, such as budgeting, saving, investing, credit, and taxes, you can provide students with the knowledge and skills they need to make informed financial decisions.
Whether you're starting from scratch or refining existing lessons, now is the perfect time to build a curriculum that meets your students' needs. Consider exploring new teaching methods, incorporating technology, and staying updated with the latest financial trends and regulations. Seek out professional development opportunities, such as workshops, webinars, and certifications, to enhance your expertise and stay informed about best practices in financial education. By taking these steps, you'll not only enrich your students' learning experiences but also empower them to make sound financial decisions throughout their lives.
Personal Finance and Life Skills Teaching Resources
To assist you in creating a robust personal finance curriculum, we've compiled a list of valuable resources:
- Curriculum Guides and Lesson Plans (Sign Up for Free or Login for Access)
- Elementary Personal Finance Sample Schedule
- Middle School Personal Finance Sample Schedule
- High School Personal Finance Sample Schedule
- College and Careers Sample Schedule
- Digital Citizenship Sample Schedule
- Professional Development Opportunities: Watch a webinar and then receive a certificate of completion and PD credit by selecting the link in the video description and filling out a survey!
- Interactive Tools and Resources