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August 7, 2018

Could you pass a basic test of financial literacy? According to the FINRA Foundation’s National Capability Study, in 2015, 63 percent of Americans couldn’t. Can you calculate the interest you would owe on a loan, do you know the difference between a 401K and an IRA, or do you know how to improve your credit score? Because so many adults struggle with these concepts, we need to do a better job of preparing students and closing the financial literacy gap.

Where are young people supposed to learn about money and their financial future? In 2018, according to a report from Next Gen Personal Finance, only 16.4 percent of students were required to take a personal finance course prior to graduation. Out-of-school time programs that connect activities to the real world are the perfect place for students, from elementary to high school, to enhance and apply financial literacy skills. The big question is where to begin, especially when many adults may not feel confident in financial literacy.

A number of groups, such as the Jump$tart Coalition and the Council for Economic Education, have done some thinking about what financial literacy should look like at different ages. At its most basic, financial literacy can be broken down into these categories:

  • Earning
  • Spending
  • Saving and Investing
  • Credit and Debt
  • Protecting and Insuring

So, how do you help students of all ages better understand those categories and give them opportunities to explore and practice related skills? Financial literacy shouldn’t be taught through boring slides that explain compound interest. Let students truly explore financial concepts in action!

  • Students can collaborate to create a business and sell a product, such as pet rocks. Give students a start-up budget that they must manage. Let them determine their expenses, price their product, and learn about profit and loss. Have them make proposals to other students for investment money. See this Edutopia blog for more ideas about introducing entrepreneurial activities.  
  • Middle and high school students can participate in the SIFMA Foundation’s Stock Market Game, which is specifically designed for out-of-school time programs.
  • Give students a taste of life after graduation. Many online resources offer game-of-life lessons, or you can try the Finance Authority of Maine’s online Claim Your Future game. Here, students can try out various education choices, careers and other financial decisions.

Teaching financial literacy also provides great opportunities for community partnerships and high-value connections to students’ family members. Many banks offer some form of community outreach programming. This could include a speaker who would visit your program, a volunteer who would teach a series of classes, or the opportunity for your site to offer banking days complete with student savings accounts. Invite parents and other family members to build financial literacy alongside their children, or schedule events at convenient times and locations for family members who work during program hours.

To explore more resources and ideas for incorporating financial literacy into your program, visit the Financial Literacy for All section of the Y4Y website and download the Quick Guide to Financial Literacy.



November 30, 2012

The STEM Diagram provides a quick overview of the topics you should address when building your STEM program. It's always available to you on every Y4Y STEM course page. After it opens, move your cursor over each section to reveal pop-up windows containing additional information.

Print out the STEM Diagram for reference or to share with colleagues and staff.



November 30, 2012

Myths about learning science, technology, engineering and math are common but can be addressed by having the facts ready to share. This information brief provides resources to help counter common myths about STEM education.



November 8, 2012

This Issue Brief, Afterschool and Students with Special Needs, provides a quick overview of the benefits of afterschool programs for students who have learning, developmental and physical disabilities. Even students who are not in "mainstream" classrooms can get valuable support in the afterschool setting. Afterschool Alliance. (2004). Washington, DC: Author.

Click here to access this Brief and view related publications from the Learn More Library.