Innovative ways to teach financial literacy

Updated: Mar 24, 2021

The Monopoly app is available for free download on all mobile app markets and can be implemented into coursework. PHOTO: ImageCollab

For the first time in modern history, learning has gone virtual and while teachers experiment to find what works in a virtual classroom, everyone needs to be flexible to change if technology does not work as planned. While recurring off-course moments may lead to setbacks, teachers can make up for lost time with creative lessons on important topics such as financial literacy which may be more productive.

Demetrius Harrison, business and education journalist, says these are some great ways to teach students about finances:

Play traditional money games virtually

Harrison says Investopedia, a website providing investing and finance education, has found a few lessons to be learned about economics and investing from Monopoly, while, a website providing advice about money, has found ways Monopoly can be beneficial for children. He says the Monopoly app can be downloaded free on mobile app markets and can be implemented into coursework where students form teams and play the game together or for homework and report on what they learn.

According to Harrison, this can draw many positive results and students can have a break from repetitive writing assignments, socializing with their peers and build great business skills. He says teachers can also have a break from grading and learn something new about the game themselves.

Give learners a budget

Harrison says Google forms is a universally accessible tool that teachers can use to create budget projects for students, where teachers can give each of their students ‘budgets’ for the semester to act as a grading sheet. He says fictional budgeting can increase student engagement, skill and motivate teachers to create more engaging lessons and at the end of the semester, teachers can examine each student's checkbook which can be used as a cumulative finale exam project grade.

“Students can be left personally responsible for maintaining a satisfactory balance throughout the semester and deposits can be made to the students balance when assignments are turned in timely or ‘bonus’ money can be awarded for outstanding grades and achievements. Money could be deducted from a student's balance as compensation for outstanding or incomplete assignments and poor participation or attendance can also result in monetary fines,” says the journalist.

According to Harrison, any student with a low or negative balance would be at risk of course failure and students and teachers could work to discover alternatives. However, he says students who maintain a low or negative balance throughout the semester with no signs of steady improvement may not be extended the same luxuries.

“Using budgeting as a grade book can be favorable and enriching. By balancing their checkbooks on Google forms, students can build organizational and computational skills while using algebra to instantaneously update their grades. Directly recording their own grades may even motivate students to feel more responsible for their academic success and grading will be made easier for teachers,” says the journalist. Use apps to make quizzes

Harrison says games are a great way to capture young audiences and Kahoot!, a free game-based learning platform, uses an interactive technique. He says by joining via class code, students can compete to answer quiz questions by their teacher which is a great way for teachers to put their student's studies to test and gives them an opportunity to ask specific definitions and raise situational prompts.

Kahoot! Academy also has pre-made game sets covering basic subjects such as mathematics for teachers to quick-choose from. This can make pop-quizzes far less intimidating and unexpected task switches due to education technology difficulties much less tiresome. It's essential teacher's keep distance learning inventive or students and teachers may quickly grow exhausted,” says Harrison.

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