elementary financial literacy institute day 2 melissa groves, ph.d. [email protected] karen...
TRANSCRIPT
Elementary Financial Literacy Institute Day 2
Melissa Groves, Ph.D.
Karen Kokernak, MBA
Financial Literacy InstituteTopics for Today
The Game Plan • Morning: Fin Lit Standard 4• Afternoon: Fin Lit Standard 6• MSDE Credits• Quiz• Technology Training
Financial Literacy InstituteStandard 4: Manage Credit and Debt
• Why Borrow?• Sources of Credit• Interest• Payment Methods• Credit Worthiness
Why Learn about Credit?
Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 2, 3 & 5
http://www.themint.org/kids/power-of-72.html
Lesson #’s 4,5
• Teaching About Interest
How Would You Like to Pay?
• Sources of credit• Payment methods
Lesson # 8
Financial Fitness for Life How Would You Like to Pay?
Financial Fitness for Life How Would You Like to Pay?
Credit is Based on Trust
•Credit Worthiness
Lesson #12
Do we have any budding thespians in the audience?
Financial Fitness for Life Credit is Based on Trust
The Cast
Financial Fitness for Life Credit is Based on Trust
Standard 6: Manage Risks and Preserve Wealth
• Insurance
• Advertising
• Fraud
• Identity Theft
Source: www.consumer.ftc.gov/sites/default/files/games/off-site/youarehere/pages/parents_and_teachers.html
The Federal Trade Commission (FTC)
Standards include:
Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6
What is Insurance?6.5.B Explain the need for and various types of insurance within the life cycle.
6.5.B.1 Explain reasons for insurance.
Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6
The greater the risk, the more the need for a safety net.
Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6
Insurance is financial protection against loss or damage
Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6
“INSURANCE”
Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6
• Divide students into groups of three.
• One student in each group will be assigned the job of READER.
• A second student will be assigned the job of NOTE-TAKER.
• The third student will be assigned the job of REPORTER.
• Distribute one card from Resource 1a-c to each group
What is Insurance?
Group Research Activity:
Be a Wise Consumer
•Advertising
Be A Wise Consumer Advertising Techniques
HUMOR: The ad makes a person smile so they are more likely to feel like buying the product.
BANDWAGON: The ad states that “everyone” of any importance is buying the product therefore others should too.
TESTIMONIAL: The ad uses a famous person or expert to convince people that a product is better than other products.
A Bonus Question!What advertising technique was used in this advertisement?
Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6
Source: www.moneyasyougrow.org/
Federal Reserve Educational Resources The Piggy Bank Primer
Maryland Financial Literacy Standards Standard 1: DecisionsStandard 2: IncomeStandard 3: Spending Plan
ORDER NOW!https://www.stlouisfed.org/subscribe/piggy-bank-primer
Federal Reserve Educational Resources Great Minds ThinkA Kid’s Guide to Money
Maryland Financial Literacy Standards
Standard 1: decision-making, opportunity cost, goal
Standard 2: Relationships between skills and income and Sources of income
To order go to:http://www.clevelandfed.org/learning_center/
online_activities/great_minds_think/ or e-mail
Fun with Building WealthPiggy Bank Craft
• A shoe box
• Pink paper
• Scissors
• Glue/tape
• Creativity
All you need is…
The Matrix: How Does it Work?
GRADES 3 – 5STANDARD 1: MAKE INFORMED, FINANCIALLY RESPONSIBLE DECISIONS
Students will apply financial literacy reasoning in order to make informed, financially responsible decisions.
1.5.A Explain that people make financial choices based on available resources, needs and wants.
1.5.A.1 Explain the consequences of making financial decisions.
FFFL Lessons 4, 5, 7, 8, 14 & 15www.econed.org Lessons: Managing Your Money: Planning Your Budget; Alexander, Who Used to Be Rich Last Sunday
1.5.A.2 Identify opportunity cost of financial decisions made by individuals.
Hands on Banking: BudgetingLessons 4 & 5www.handsonbanking.org/HOB_kids_en.htmlFFFL Lesson 4, 5, 7 & 13www.econed.org Lessons: Managing Your Money: Spend or Save; Rock, Brock, and the Savings Shock; Alexander, Who Used to Be Rich Last Sunday; Beatrice’s Goat; The Pickle Patch Bathtub
Lists standard
Lists objectives
Recommends materials to meeteach objective
The Matrix:Where Can I Find It?
http://www.mdfinancialskills.org/
• Click on: “Educational Resources”
• Click on: Correlated Lessons Grades 3-5
Source: www.mdfinancialskills.org/resources/lessons-grades-3-5/Lessons
• Personal Finance Standards (Grades 3-5)
MSDE Credit Forms•Must be filled out in ink•Do NOT indicate credit on the form •Enter information shown on the screen
An online educational simulation that teaches about the importance of saving and investing (Standard 5)
•Participants develop skills in mathematics, language arts, research and critical thinking, while building and maintaining a stock portfolio.
•Common Core connections!
•Grades 4-12 (Materials are grade-band leveled.)
http://www.youtube.com/playlist?list=PLkftEU1eG079xAfaSeAFpwWZXhd3o5RCJ
Coming Down the Home Stretch
Part 1: Room 310•Complete quiz.
• Turn in • ScanTron sheet• MSDE Credit Form and Envelope
Part 2: T. Rowe Price Finance Lab• Meet on 1st floor after quiz
• Please spread the word about the class!