Tuesday, April 28, 2015

Money Smart program gives youth head start on managing money

By J. Preston Carter, J.D., LL.M.

The Federal Deposit Insurance Corporation has paired with the Consumer Financial Protection Bureau and launched Money Smart for Young People—a series of lesson plans for teachers and new resources for parents to help them teach children about managing money. The free resources are designed to improve financial education and decision-making skills among young people from pre-K through age 20.

Curricula for different grades and abilities. The FDIC announced that its new series features four curricula tailored for different age groups and abilities. They are Money Smart for Grades Pre-K-2, 3-5, 6-8, and 9-12. Each curriculum consists of multiple lessons that offer instructors ideas on how to integrate financial education instruction into subjects such as math, English, and social studies.
Gruenberg promotes program at Jump$tart. At the Jump$tart Coalition National Partners Meeting in Washington, D.C., on April 23, 2015, FDIC Chairman Martin J. Gruenberg called the Money Smart for Young People series “an extraordinary step forward for financial literacy. It is the first nationally available free curriculum that directly brings educators, parents, other family members and caregivers into the learning process for young people of all ages.”
FDIC adds videos to teacher resources. Gruenberg also announced that, for the first time, the FDIC is providing videos for teachers that demonstrate how some fundamental financial lessons can be delivered in the classroom. The short videos are meant to “empower teachers not just by building their confidence, but inspiring their creativity to talk about money in the classroom.” The tools and videos are available online at the FDIC’s Teacher Online Resource Center.
Cordray calls it “fantastic.” Speaking at the same meeting, CFPB Directory Richard Cordray said, “The Money Smart tool is a fantastic resource to start conversations about financial topics and help build successful financial futures. It is presented in an easy-to-digest format that helps teachers, parents, and young people themselves.” Cordray said that in the classroom, financial education should be as fundamental as math and reading. And in the home, he added, financial education should be as fundamental “as the education we receive from our parents about keeping a clean house or being good citizens of our communities.”


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