#EVERFIedchat: Financial Planning & Holiday Spending

With students experiencing record levels of anxiety and depresssion, especially as related to their personal finances, adequately preparing them for the future means including personal finance education.

This is one of EVERFI’s guiding and founding beliefs. During December’s #EVERFIedchat on financial planning and holiday spending, we were met with educators who believe deeply in the importance of financial preparation.

Q1: What financial habits do you wish you developed sooner?

Learning to invest early on is an important indicator of future wealth. Mrs. Gray is right on the money with this suggestion!

Q2: Where does financial literacy fit at your school?

Placement is largely dependent on the state requirements, or lack thereof. In some states, like Missouri, there’s a required personal finance class. Stephanie Stokes offers background:

Some states fold personal finance requirements into economics classes, offer the class as an elective, or unfortunately, don’t offer the curriculum at all.

Q3: What was your worst financial mistake? What did you learn?

Most adults suffer from spending regret, especially as it relates to foolish high school and collegiate spending mistakes. And although these things might be embarrassing to admit, we all had to start somewhere. Often, our mistakes provide fertile ground for students to begin learning about their own financial values, or even our own future career goals. Erica Hart’s mistakes helped her learn to be more responsible, and also helped inspire her career goals!

Q4: What role has your own financial literacy journey played for you as an educator?

When it comes to financial literacy, life experience is a great foundation for others to learn from. Gianna Gurga talks about her experiences with her students so they can learn from the mistakes she has made.

Q5: First-born and first-generation students are often learning alongside their parents. How can we provide extra support in these situations?

Drawing from his own personal experience, Mykel Estes provided advice for prospective first-born and first-gen students.

As educators, providing support to students, and even extending that support to their parents and families can make all the difference. Erica worked to involve and empower her student’s parents with information:

Q6: In what ways do you involve your community in support of students’ financial literacy development?

Chat participants shared a wide variety of community partners and methods of engaging them – student career days, advisory committees, financial advising opportunities, and more. The biggest takeaway? Reach out! Make connections!

Q7: How do you address inequality and privilege when teaching about finances?

For those educators not yet addressing financial literacy holistically, don’t feel bad or guilty! The first and most important thing you can do is acknowledge the oversight and begin looking for ways to address these issues directly. Discuss accumulated wealth with your students, investment and how a trust fund works. Help them understand and navigate the paperwork for food stamps and emergency assistance. Addressing financial literacy from many different angles allows students to understand money matters better.

Q8: How can we show our family and friends how much we love them without going overboard on holiday spending?

This can be a challenge for everyone, but Lauren Pingul had some great, inexpensive gift ideas.

For more thought-provoking teacher best practices, join us for #EVERFIedchat on Twitter, January 8th at 7 PM EST / 6 P CST, we will be discussing bringing STEM to life for your students. See you there!