Lesson Plan

Personal Financial Literacy - Understanding Money

Students will grow in their understanding of money through lessons that incorporate multiple evidence-based learning activities to increase students’ knowledge and build the foundation for making good financial decisions.
Barbara K.
Classroom teacher
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My Grades 5
My Subjects Math, Science
Objectives

Students will understand government and market structures and how they influence financial institutions.

Students will utilize financial institutions to manage personal finances (we have a classroom bank)

Students will identify products and services, savings and spending.

Students will problem solve using money, checking and savings.

Students will be able to negotiate the Vault program to learn about making good financial decisions.

Subjects
Math
Social Studies
Grades 5
All Notes
Teacher Notes
Student Notes

1 Hook

Activity: Reading

We will begin learning about money and the importance of money in our world through a story -

One book we used was: Invest This Dollar was very helpful for the kids to learn about needing money and finding surefire ways to invest even at a young age. It helps kids start a lifetime of earning, saving and investing.

What to do with ONE dollar.
Parents or guardians need to supervise your money plan.
Finding friends for your dollar! – Provide a service.
Low Start-Up Opportunities. -  Invest with low risk.
Big-Time Businesses. Entrepreneurship with risk.
Now What?  Your money can work for you!

Student Instructions

The students will listen to a story about money to learn about money and why it is important to start saving at an early age.  

Students will discuss in groups what they learned about needing money and how they can invest money at an early age to start saving for a lifetime!

2 Direct Instruction

Activity: Exploring

http://www.everfi.com/vault

"Vault is an interactive learning platform specifically designed to introduce financial education skills early in a child’s cognitive development.  The learning platform uses the latest in new-media technologies to bring complex financial concepts to life for today's digital generation".(everfi.com/vault)

After enrolling classes in the program, Vault, I will present the directions for following the directions to work through the steps of the Vault program.  

Student Instructions

Students will login to the program and follow the directions to complete the interactive learning program centered around finance.  

Topics include:

- Financial Responsibility & Decision Making
- Income and Careers
- Planning & Money Management
- Credit & Debt
- Insurance & Risk Management
- Savings & Investing

Students work through each learning group and earn badges for certification.

They unlock games to play as they finish each group activity.

Each learning group contains assessments that measure student knowledge gains after completing the curriculum. This data can be shared with parents and the community to demonstrate program impact.

Students earn digital badges for mastering key skills such as money management and job planning. Upon completing the curriculum, they earn certification in understanding money.

"Upon completing a learning group, students “unlock” a game and apply their learning in a variety of story-based activities and simulations that challenge them to practice good decision-making around budgeting and saving."

"Each learning group contains assessments that measure student knowledge gains after completing the curriculum. This data can be shared with parents and the community to demonstrate program impact."

"Students earn digital badges for mastering key skills such as money management and job planning. Upon completing the curriculum, they earn certification in understanding money."

"Upon completing a learning group, students “unlock” a game and apply their learning in a variety of story-based activities and simulations that challenge them to practice good decision-making around budgeting and saving". (everfi.com/vault)

3 Guided Practice

Students will work through all steps in the Savings Spree app.

(The app needs to be purchased)  See description below.

Savings Spree is a fun App with a serious lesson for children ages 7 and up (younger children can play too with a little help from mom and dad or an older sibling). The game teaches kids how the daily lifestyle choices that they make can add up to big savings or big expenses, depending on how they choose to spend (or not spend) their money. Savings Spree shows kids that they can SAVE their money for short term goals (like a bike or an MP3 player), SPEND wisely by making more frugal decisions, DONATE to others or INVEST money so it will grow to meet future needs like a college education.

 

Student Instructions

It is beneficial to elementary aged students to learn money management at an early age.  

Kids need to become smart about money. 

4 Banking Basics

Activity: Presenting

Present a power point that is a basic introduction about banks and banking.  

bostonfed.org

I will go through the power point with the students and discuss each section. 

Student Instructions

Students will follow the power point to gain information needed to know about banks.  

1.  What is a bank?

2. How do people start banks?

3.  How did banking begin?

4.  Why are there so many different types of banks?

5.  How do I choose a bank?

6.  What types of accounts do banks offer?

7.  Is it difficult to open a bank account?

8.  What happens to money after you deposit it?

9.  What happens when you apply for a loan?

10. What are checks and how do they work?

11. What is electronic banking?

12. Credit cards, debit cards, stored value cards:  what's the difference?

13. Do banks keep large amounts of gold and silver in their vaults?

14. Why do banks fail?

15. Do you lose money if your bank fails?

16. Do you lose money if your bank is robbed?

17.How does the Federal Reserve fit into the banking system?

18.