Financial and Economic Literacy

An essential aspect of being a successful member of society is the ability to manage one's finances. Students in high school will soon find themselves in the situation where they will start making critical financial decisions as young adults. They will have to make choices and decisions about student loans, car payments, rent etc. The more financially literate they are, the better it is for them. People's choices at the beginning of their financial independence have a significant influence later, making it essential for young adults to build financial and economic knowledge early in life (Ning & Peter 2015). The common core standards require students to learn financial literacy and it is a standard that starts at the elementary grade. In my kindergarten classroom, I help my students understand the meaning of want and need, scarcity and choice, and learning about earning and savings. Teachers must make the lesson more relatable to the students. I use the school reward system to teach these skills. Students earn leader bucks, save to meet what they need from the den (School store), and choose what they would buy with their money. It is the responsibility of both the school and the parents to educate students to be financially literate.