Why Financial Literacy Matters: Insights from the Making Cents of Money Webinar
Financial literacy is an essential life skill that empowers individuals to make informed and effective decisions with their financial resources. As educators, we have the unique opportunity to shape the financial futures of our students by integrating financial literacy into our classrooms. In this blog, we will explore why financial literacy is crucial for middle and high school students and highlight the benefits of FutureSmart℠: Financial Literacy for Middle School and Everfi: Financial Literacy® for High School.
Why Financial Literacy is Important to Teach in School
Financial literacy is more than just understanding how to balance a checkbook or manage a budget. It encompasses a wide range of skills and knowledge that are essential for navigating the complexities of the modern financial world. Teaching financial literacy in schools helps students develop critical thinking skills, make informed decisions, and build a strong foundation for their financial future.
One of the key reasons financial literacy is important is that it prepares students for real-world challenges. In our recent Making Cents of Money: Integrating Financial Literacy in K-12 Education webinar that was a breakout session during Everfi’s LearnOn Conference in July 2024, two educators discussed the impact that financial education was having in their classrooms. Kendra Husband, a math teacher and CTE department member from Miami-Dade County Public Schools, shared that financial literacy means freedom. It equips students with the tools they need to make sound financial decisions and avoid common pitfalls such as debt and poor credit management.
Moreover, financial literacy education can have a positive impact on students’ families. Lauren Levy, a special education coordinator at an online K-12 public school in Central Ohio, recounted a story where a student’s parent also benefited from the financial literacy course. The parent and student completed the course together, leading to important conversations around financial literacy and helping the family find financial freedom.
The Benefits of FutureSmart for Middle School Classrooms
FutureSmart is an engaging and interactive financial literacy program designed specifically for middle school students. It helps students develop a strong foundation in financial literacy by teaching them essential skills such as budgeting, saving, and making informed financial decisions. The program uses real-world scenarios and interactive activities to make learning fun and relevant for students.
One of the unique features of FutureSmart is its focus on financial personalities. As Roxie Siel, an education success specialist at Everfi, explained, understanding one’s financial personality is crucial for making informed financial decisions. FutureSmart helps students identify their financial personality (Visionary, Idealist, Adventurer, or Architect) and provides them with personalized strategies to manage their money effectively.
Additionally, FutureSmart aligns with national standards for financial literacy education, making it easy for teachers to integrate the program into their existing curriculum. The program also includes comprehensive teacher resources, including lesson plans, assessments, and professional development opportunities, to support educators in delivering high-quality financial literacy instruction, and can easily be woven into middle school career lessons.
Recently, FutureSmart was independently validated to meet ESSA Level III evidence, which demonstrates that usage of the digital course shows a positive, statistically significant relationship with students’ financial knowledge, self-efficacy, and behaviors.
The Benefits of Everfi: Financial Literacy for High School Classrooms
Everfi: Financial Literacy is a comprehensive financial education program designed for high school students. It covers a wide range of topics, including banking, credit and debt, budgeting, insurance, and smart money habits, to help students build a strong financial foundation before they graduate. The program uses interactive modules and real-world scenarios to engage students and make learning relevant and practical.
One of the key benefits of Everfi: Financial Literacy is its focus on real-world applications. The program helps students understand how to apply what they’ve learned in the classroom to their everyday lives. For example, students learn how to use financial services to their advantage, build a strong financial foundation, and make informed decisions about credit and debt.
Moreover, Everfi: Financial Literacy provides students with hands-on practice with financial products and services. This practical experience is invaluable in helping students build confidence and competence in managing their finances. The program also includes comprehensive teacher resources to support educators in delivering high-quality financial literacy instruction.
How Middle and High School Educators are Integrating Financial Literacy in Their Classrooms
Lauren Levy has been integrating financial literacy into her classroom by working closely with students and their families. She shared a heartwarming story about a student and parent who worked together on a financial literacy course. The parent initially thought the course was for them, but soon realized it was for their student. This collaboration opened the door for important conversations around financial literacy and helped the family find financial freedom. Lauren emphasized the importance of starting financial education early and incorporating it into various subjects, such as middle school math or elementary life skills courses.
Kendra Husband has been passionate about financial literacy for years and integrates it into her math and CTE classes. She shared a story about a student who learned the difference between credit and debit through practical experience. The student used Cash App without realizing it was linked to their father’s checking account, causing overdraft fees. After Kendra explained the difference, the student started managing their money more responsibly. Kendra believes that financial literacy means freedom and that teaching these skills early can help students avoid financial pitfalls and achieve their goals.
Conclusion
Integrating financial literacy into K-12 education is essential for preparing students for the financial challenges of the modern world. Programs like FutureSmart and Everfi: Financial Literacy provide students with the knowledge and skills they need to make informed financial decisions and build a strong financial foundation, helping them learn many critical life skills. By incorporating these programs into our classrooms, we can help our students achieve financial freedom and success.
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Roxie Siel, has been working in many facets of the education world for the past 10 years. She has worked as a reading intervention teacher, district ELD coach, customer success manager in the EdTech world, and now enjoys her time presenting to teachers and classrooms across the U.S. as an Education Success Specialist at Everfi. Outside of work, Roxie enjoys hiking the Arizona mountains, reading a book by the pool, and attending local trivia nights.
Lauren Lavy, M.Ed., has been a dedicated educator since 2002, with experience teaching nearly every grade level. Currently, she serves as the Special Education Coordinator for an online district in Central Ohio. Beyond her professional commitments, Lauren enjoys quality time with her family, watching her 11-year-old son Cooper excel in tennis, traveling, and staying active at the gym.
Kendra wears a number of hats in her school as she is in the CTE Department, a math teacher and does ESE. Financial literacy is a passion that has grown over the years.
