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Thinking about adding financial literacy topics to your homeschool curriculum?
Our children are growing up in a financial landscape different from the generations before us. Parents and educators must recognize the developing nature of finance and adapt our approach to teaching kids about money.
Just a few decades ago, when young adults graduated from high school, they either went to university or started working a 9-to-5 job. However, this is not what the financial or employment future looks like for our children and grandchildren.
In the past, teaching kids about money has usually included basic financial literacy topics like:
- How to set up a budget
- Pros and cons of credit cards
- Smart debt management
- The importance of saving money
- How to make smart spending choices
- The different ways of paying for things
Make no mistake these are important topics for financial literacy, and you should definitely address them.
To prepare our kids for financial success today, however, we must expand their financial education beyond these basics. But first, let’s examine some of the reasons for the changes in the current state of financial matters.
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Big Changes Related to Financial Literacy
Digital Transformation
The digital transformation from online banking and digital platforms has made digital tools, not the checkbook register, the new norm. However, these advancements come with security issues, so kids must know the benefits and risks of these ever-evolving technologies.
Entrepreneurship Opportunities
According to a recent survey by ResumeBuilder.com, 53% of companies have asked full-time employees to move into contract positions. 46% of companies said they are more likely to hire contract workers after layoffs instead of filling full-time positions. Because of this, instead of preparing our kids for that 9-to-5 desk job, we need to teach them what working in a contract or freelance role means for them.
Environmental & Social Responsibility
The youth of today are full of passion for environmental and social issues. As part of a globalized economy, the more we teach them how to invest in socially and environmentally conscious ways, the more their choices can positively impact the world.
Financial Anxiety
Concerns about economic stability and increases in the cost of living may cause financial anxiety in our kids as they grow into their adult financial lives. Helping them understand insurance, preparing for unexpected expenses, and having a financial safety net can reduce their stress levels regarding financial decision-making.
Moving Beyond the Basics of Financial Literacy
We have to move beyond teaching mere money management skills and provide an enhanced financial education, which can include teaching about the following:
- Financial technology (FinTech)
- Entrepreneurship
- Environmental/social responsibility
- Financial security/overcoming financial anxiety
So, let’s take a closer look at these four less commonly addressed financial literacy topics to cover with your kids.
Overlooked Financial Literacy Topics for Kids
1. Financial Technology
Financial technology, or FinTec, tools and apps have become vital to money management. Teaching kids about FinTech will provide them with real-world knowledge.
The largest number of users of FinTec accounts are Gen Z and Millennials, according to McKinsey & Company, a global management consulting firm.
As the younger generation embraces the digitalization of financial management, understanding the tools and apps offered will prepare them for the changing economic environment.
The use of FinTec fosters independence. Kids and young adults encouraged to become well-versed in technology will be more apt to make wiser financial decisions and independently manage their money when they are older.
Along these same lines, the more educated kids are about the security risks of FinTec resources, the more cautious they will be with sharing their financial information, reducing their chances of becoming a victim of identity theft or an online scam.
MoneyTime, an online financial literacy program for kids, offers courses that cover cybersecurity and consumer protection in a fun and engaging structure.
2. Entrepreneurship
The traditional 9-to-5 office job is no longer the only career path for our children. Opportunities in entrepreneurship abound through contract positions and freelance work, and our kids should learn what this career path can mean for them.
A great resource, Crash Course Business: Entrepreneurship, provides videos aimed at helping kids (and parents) understand what’s involved in being a business owner, with topics like:
- How to develop a business idea
- Developing and testing a product
- Finding investment partners
- Building customer relationships
- Understanding financial accounting statements
Creativity and innovation are fostered through those who dare to dream big about a revolutionary new product or idea that can improve humanity. These profitable ventures, developed by kids, can create jobs in the long run. Successful kid-preneurs, like Moziah Bridges, who founded Mo’s Bows, might hire employees, thereby contributing to their local communities.
3. Environmental/Social Responsibility
Many kids believe in being environmentally and socially responsible and are passionate about positively impacting the world. Teaching them to invest in socially and environmentally responsible ways helps them steer their financial choices toward causes they believe in.
Many financial literacy curricula point to the Reduce, Reuse, and Recycle program, which is good. But, there are some other important financial literacy topics we can talk to our kids about in this area, like:
- Learning how to save through sustainable practices–Teaching kids eco-friendly habits, especially when they’re young, helps them understand how conserving natural resources can benefit their financial growth. Simple actions like turning off the light when they leave a room or turning off the water when they brush their teeth can be part of environmental financial literacy. As they get older and these habits are ingrained into their everyday lives, they will see the benefits of their efficiency in reduced energy costs.
- Investing in ethical companies–Companies prioritizing environmental responsibility, sustainability, and green and eco-friendly practices are on the rise. Kids who feel their values align with these standards can benefit by learning about investing in these companies. In the long run, they’ll see a benefit to not just the planet but also to their financial returns.
- Social–Teaching kids to be financially responsible socially involves instilling values and behaviors that benefit them monetarily and promote positive social welfare. Educators can come alongside kids in this endeavor by teaching them about:
- Supporting companies that honor fair trade employment practices–When you buy products from a company that prioritizes the fair treatment of its workers, you typically receive a higher-quality item, meaning the product may have a longer lifespan. Teaching kids to support these companies can save them money in the long run because they won’t have to replace items as quickly, thereby increasing their budget capabilities.
- Personal financial responsibility–Kids who learn about and practice positive, socially responsible financial choices understand that those choices also affect their financial situation and the local communities around them. Armed with this knowledge, they may seek out more opportunities to help marginalized groups, learning how charitable giving can be a part of their future financial plans.
4. Financial Security
Of the adults surveyed in a study conducted by the Financial Industry Regulatory Authority (FINRA), 60% said they feel anxious just thinking about their finances. Knowing this fact makes it vital to teach kids how to be financially secure in the future for their mental well-being.
Equipping them with insurance facts, helping them brace for unexpected costs, and building a strong financial buffer will improve their financial education and may help decrease these anxieties.
Types of Insurance
Talking about the different kinds of insurance gives kids the tools to understand more about managing risks in a major accident or illness or if a weather catastrophe happens and they experience property damage.
Education about insurance products also helps introduce the concept of long-term planning to kids. It teaches them that part of responsible financial planning is knowing that it’s an ongoing process. One that requires them to adapt to life’s challenges and become forward-thinkers.
Preparing for the Unexpected
Let’s return to one of the basics of teaching kids about money – budgeting. By preparing for the unexpected, kids learn how to allocate a portion of their income to savings, a big part of learning how to budget effectively. This education will give them a headstart on planning their future and a sense of control over their finances.
As our kids become more independent, this kind of “preparation education” will help them become less reliant on outside assistance, like credit cards, in times of crisis. This sense of security and confidence in their ability to meet challenges head-on boosts their self-esteem and can reduce financial worries.
Financial Safety Net
Fear of the unknown prompts fiscally sound adults to build up their savings through an emergency fund. For kids, learning how to put a structured plan in place can help as they grow to understand how to handle unpredictable situations. They will gain a sense of empowerment through proactive planning, which fosters their emotional well-being.
This planning can help them as they begin to determine what their future financial goals are. Whether going to college and figuring out how they’ll pay for it or saving enough to pay cash to purchase their first car, a financial safety net gives them self-confidence and helps them avoid risky behaviors.
Kids who learn about preparing for their future not only reduce their anxiety about money but they can also build excitement. Some may even turn that excitement into a book, like A Rich Future: Essential Financial Concepts for Youth, written by Noah Booth. Noah is an 18-year-old from England who wanted to help set young people up for successful financial futures by sharing what he learned on his journey of financial discovery.
Final Thoughts on Important Financial Literacy Topics for Kids
Our kids can benefit greatly from a more holistic approach to financial literacy in this ever-evolving financial world.
In the past, basic money management skills were enough. A broader approach is necessary with digital advancements, new career prospects, and a larger focus on environmental and social concerns.
Providing education about FinTech, entrepreneurship, ethical finance, and financial security equips our kids for real-world success.
If you’re looking to add financial literacy to your homeschool curriculum, consider checking out MoneyTime (see our MoneyTime review here). They offer an online financial literacy curriculum built specifically for homeschooling, helping teach kids the basics and most important topics with easy-to-follow, self-directed learning.
Click here to learn more about MoneyTime.
What are some other financial literacy topics you think are important to cover with your kids? Share your thoughts by commenting below.
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