Teaching financial literacy is increasingly becoming important in the classroom. In these uncertain economic times it’s important to provide children with the tools and skills they need to make the most of their money in the future. While some classes are more obvious places to explore this subject – for example maths, citizenship or health and wellbeing class – STEM Clubs are also a great opportunity for experiential financial learning. The key areas we can help develop are:
● Managing money: thinking about why we buy things
● Learning about wants and needs: learning to prioritise what we spend money on
● Value for money: understanding the value of things and what we can afford
● Planning for the future: thinking about how to plan and save for the future
Perhaps you can give the students a price list of activities or experiments, set a budget and have them decide what activities they will do over the term. Or select a very special end of term activity and have them raise the funds required for it through bake sales or setting up a stall at a school fete. Getting students involved in financial decisions will also make them more comfortable talking about money and spending.
If you are looking to take things further there are some brilliant resources to support you in teaching financial literacy. Young Enterprise have an excellent (and free) Financial Literacy Planning Framework for 3-11 year olds and 11-19 year olds.
The framework covers 4 main areas:
● How to manage money
● Becoming a critical consumer
● Managing risks and emotions associated with money
● Understanding the important role money plays in our lives
They also have a database of free resources available here (www.young-enterprise.org.uk/teachers-hub/resources/).