be accessed through the Council for Economic Educa- tion’s Survey of the States (CEE 2020).
The CEE reports that in states with financial literacy standards, students, especially those from lower-income groups, make more informed college financing decisions. There is a 15-point gap in access to financial education between kids from lower-income families and those from wealthier families in states without standards.
2. Start in the primary grades. Beginning financial literacy education as early as kindergarten is possible and beneficial.
Studies of cognitive development show that very young children can understand concepts related to sav- ing money (Collins and Odders-White 2015). Further, children imitate the financial practices they observe. The Credit Union National Association (2015) states: “Chil- dren learn about money from many sources. Long before they enter school, they observe adults using money and buying things.”
The key to a successful financial literacy curriculum is to make it developmentally appropriate for early ele- mentary students (Lucey and Maxwell 2011). Teachers must provide instruction that is systematic and aligned to well-defined learning objectives. Children must have hands-on opportunities to practice financial literacy concepts and skills. Having manipulatives to touch and reposition gives children experience with the size, shape, and feel of the coins and the ability to group money for counting. Because money can be abstract to young learn- ers, activities related to finances must be realistic and age-appropriate.
3. Integrate curricula. Along with developmentally appropriate instruction, schools should integrate finan- cial literacy into the curriculum so students can explore financial concepts and skills throughout their education. Table 1 illustrates an example of anchoring instruction within a cross-disciplinary question. Effective programs provide authentic, real-world applications. Although traditional themes of piggy bank savings and mathematical operations using dollars and cents are valuable, this is the age of ATMs, debit and credit cards, low- to no-interest savings accounts, elec- tronic statements, online billing and payment options, and investment prospects. Educators must prepare stu- dents for today’s ever-changing financial society.
4. Involve the community. School business officials and other education leaders, working with their com- munities, can make financial literacy education culturally responsive, relevant, and meaningful at all education levels. Children’s understanding of money comes from observing their parents in spending situations. Involving
parents and caregivers in the financial education process benefits students and can be a potentially positive influ- ence on the adults as well.
Conclusion
It’s time for school business officials and other educa- tion leaders to invest in programs that support children’s financial future. Funding programs that integrate finan- cial literacy into curricula will strengthen core content and provide exposure to financial concepts and skills. By establishing developmentally appropriate, consis-
tent, and integrative curricula, schools teach children about finances and put them on the path to solid finan- cial futures. Investing in financial literacy now will yield a lifetime of returns.
References
Beacon Financial Education. 2021. 7 reasons to invest in financial literacy.
https://beaconfinancialeducation.org/financial-literacy.
CEE (Council for Economic Education). 2013. National stan- dards for financial literacy.
www.councilforeconed.org/resource/ national-standards-for-financial-literacy/#sthash.0eNaHfMY.dpbs.
———. 2020. Survey of the states.
www.councilforeconed.org/ survey-of-the-states-2020.
Collins, J. M., and E. Odders-White. 2015. A framework for developing and testing financial capability education programs targeted to elementary schools. Journal of Economic Education 46 (1): 105–20.
Credit Union National Association. 2015. Thrive by five. https://
personal-finance.extension.org/thrive-by-five/.
FINRA. 2021. U.S. survey data at a glance.
www.usfinancialcapa-
bility.org/results.php?region=US.
Gold, L. A. 2021. Financial literacy in the Ohio K–2 classroom: A mixed-methods study. Education 3-13: International Journal of Primary, Elementary, and Early Years Education. www.tandfon-
line.com/doi/full/10.1080/03004279.2021.1905018?scroll=top& needAccess=true.
Jump$tart! 2017. The national standards in K–12 personal fi- nance education. 4th ed. Washington, DC: Jump$tart Coalition for Personal Financial Literacy.
www.jumpstart.org/national- standards.html.
Lucey, T. A., and S. A. Maxwell. 2011. Teaching mathematical connections to financial literacy in grades K–8: Clarifying the is- sues. Investigations in Mathematics Learning 3 (3): 46–65.
Lindsay Gold is an assistant professor of STEM mathematics in the Department of Teacher Education at the University of Day- ton. She is the author of On the Money: Math Activities to Build Financial Literacy K–5. Email:
lgold1@udayton.edu
Treavor Bogard is an associate professor in the Department of Teacher Education at the University of Dayton. Email:
tbogard1@udatyon.edu
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