Free and Simple Financial Literacy for Kids, Families, Educators – The National Financial Capabilty Challenge
Yesterday was the last day for US High Schools to register for a nation-wide financial literacy test spearheaded by the Department of Treasury. The “National Financial Capability Challenge” was launched in an effort to improve the financial capabilities of our nation’s youth. It’s not too late to take action. Wondering if financial literacy applies to you? Ask yourself the following questions:
- 1. Do you consider yourself financial literate either personally, professionally, or both?
- 2. Do you know if your local schools teach financial literacy? If not, where can young people in your community can learn about the subject?
Why is Financial Literacy Important?
A Schwab Teens and Money Survey indicates that 73% of teens define success as “to not have to rely on others for money.” Thus, financial literacy is not only about education to avert mismanagement – it’s about EMPOWERMENT.
It doesn’t end! Recently at the George Washington University in Washington, DC, students eagerly drank in the $tart $mart Salary Negotiation Workshop.
What Can I Do to Support Financial Literacy in My Community?
The real work that will make a difference in the lives of our young people is everyday, at home, and in the community. Below are some simple and free exercises to teach financial literacy to your family or in the classroom.
Suggested Exercise – Financial Literacy Made Simple
1. Hold a yardsale one weekend or go through the NFIB Entrepreneur in the Classroom mock yardsale exercise (The “Yardsale Scramble” exercise is free, register here, and see “Alternative” exercises).
2. With the yardsale proceeds, develop a plan as suggested by Carrie Schwab-Pomerantz of the Schwab Foundation: Saving, Spending, Sharing. What portion of the proceeds will you save, share, and spend? How does this tie-in with your personal values and goals?
Extra Credit – Financial Literacy Case Study
Register at HotMommasProject.org and read Karen Joyce Gurley’s personal story of financial literacy entitled, The decisions you make dictate the life you live. Using the discussion questions link, or your own topics, hold a 20 minute discussion at home or in the classroom.
The NFIB Young Entrepreneur Foundation is a 501(c)(3) organization promoting the importance of small business and free enterprise to the nation’s youth. More information is available at www.NFIB.com/YEF. The Foundation is associated with the National Federation of Independent Business; NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals.
Entrepreneur In The Classroom. The NFIB Young Entrepreneur Foundation Entrepreneur-in-the-Classroom (EITC) supplemental curriculum exposes students to entrepreneurship and the necessary steps to take an idea and turn it into a business. The free curriculum can be integrated into classes teaching a variety of subjects including music, art, fashion, business and many more. You must be registered to view the full Entrepreneur-in-the-Classroom curriculum.
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Entry filed under: Educators, Entrepreneur, Finance, Parent. Tags: $tart $mart, Carrie Schwab-Pomerantz, Karen Gurley, Karen Joyce Gurley, National financial cabability challenge, salary negotiation, Schwab Foundation, start smart.