• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Tech Savvy Mama

Parenting in the Digital Age

  • About
    • Affiliations & Honors
    • Contributors
    • Privacy Policy
    • Cookie Policy
  • Technology
    • YouTube
    • Social Media
  • Lifestyle
    • Parenting
    • Travel
    • Safety
  • Education
  • Causes
  • Gift Guides
  • CONTACT
    • Work with Me

The Best Free Resources for Teaching Kids Financial Literacy

April 13, 2016 By Leticia

The Best Free Resources for Teaching Kids Financial Literacy on TechSavvyMama.com

This is a sponsored post

Even though April is Financial Literacy Month, financial literacy is a topic that requires ongoing conversations to impart different lessons at each age and stage to teach kids necessary lifelong skills. I remember learning how to write checks and balance a checkbook as part of my financial literacy education as part of the brief introduction in school. The rest of what I know came from my parents and experience as I got older.

It might not be necessary to teach kids how to write paper checks in the age of online banking but they do need to be knowledgeable about fundamentals like budgeting, the best way to save for the future, and understanding why it’s important to save rather than constantly spend.

Even though some schools incorporate financial literacy lessons into classroom curriculum, it typically takes a back seat to teaching the core subjects. The “one and done” lesson approach to financial literacy doesn’t provide the new generation of kids with the level of knowledge they need in order to be successful adults. Since teachers don’t always feel comfortable in teaching financial education lessons, we can suggest quality resources to use in the classroom or take it upon ourselves to help our kids develop good financial literacy skills to help them in the future. But we can’t just assume that everything our kids need to know will be learned at school.

Teaching financial literacy skills to kids. Statistics about education at home and school plus free resources on TechSavvyMama.com

What is Financial Literacy?

The President’s Advisory Council on Financial Capability defines it as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”

The Importance of Age Appropriate Financial Literacy Lessons

Free resources for age appropriate financial literacy lessons for your kids on TechSavvyMama.com

One of the best ways to teach kids lessons that stick is to find practical ways that meet them where they are. For the youngest kids this means concrete lessons about the value of money and money is needed to buy the things we need and want. Older kids who are getting an allowance or are beginning to earn income from babysitting, pet sitting, and after school jobs would benefit from knowing why it’s important to save a percentage of the money they have. College kids need to know the drawbacks of credit cards as offers for free items might tempt them into signing up.

The Consumer Financial Protection’s Bureau’s Money as You Grow provides a overview of the kinds of conversation starters that we can begin having with our kids in their early childhood, middle childhood, and teen and young adult years. I also like The President’s Advisory Council on Financial Capability’s 20 Things Kids Need to Know to Live Financially Smart Lives that provides a breakdown of lessons kids need at every age and stage.

The President’s Advisory Council on Financial Capability’s 20 Things Kids Need to Know to Live Financially Smart Lives

3-5 years should know the following as beginning financial literacy lessons:

  • You need money to buy things
  • You earn money by working
  • You may have to wait before you can buy something you want
  • There is a difference between things you want and need

6-10 year olds are capable of having a conversation about the following financial literacy topics:

  • You need to make a choice about how to spend your money
  • It’s good to shop around and compare prices before you buy
  • It can be dangerous to share information online
  • Putting your money in a savings account will protect it and pay you interest

11-13 years can better understand more complex issues regarding finances. Some topics to discuss include:

  • You should save at least a dime for every dollar you receive
  • Entering a credit card number online is risky because someone could steal your information
  • The earlier you start to save, the faster you’ll benefit from compound interest, which means your money earns interest on your interest
  • A credit card is a type of loan: if you don’t pay your bill in full every month, you’ll be charged interest and owe more than you originally spent

14-18 years have disposable income and are thinking ahead to college years. Here’s what they should know:

  • It’s important to know what a college will cost before you choose it
  • You should avoid using credit cards to buy things you can’t afford to pay for with cash
  • Your first paycheck may seem smaller than expected since money is taken out for taxes
  • A great place to save and invest money you earn is in a Roth IRA

18+ years and older who are living independently at college need to know to plan for their future. Here are some topics to discuss with them:

  • You should use a credit card only if you can pay off the money owed in full
  • You need health insurance
  • Putting your eggs in one basket can be a risky way to invest; consider a diverse mix of stocks, bonds, and cash
  • Always consider two factors before investing: the risks and the annual expenses

How to Help Your Kids Learn Financial Literacy

How to Help Your Kids Learn Financial Literacy. Age appropriate lessons and resources on TechSavvyMama.com

If teaching financial literacy seems overwhelming or you don’t feel qualified to serve as an example due to your own personal finances, there are many resources that can help. Along with their chart of financial literacy milestones for each age and stage of life, Money as You Grow features activities and conversation starters for families. Another helpful resource is the Earn Your Future Digital Lab.

Earn Your Future Digital Lab: Free Financial Literacy Resource for Parents & Teachers

Earn Your Future Digital Lab: Free Financial Literacy Resource for Parents & Teachers. Details on TechSavvyMama.com

If you’re looking for more than conversation starters and more robust activities, the Earn Your Future Digital Lab is a new interactive curricula designed to empower young minds with financial and economic knowledge. Presented by the PwC Charitable Foundation, which supports education and financial literacy, Earn Your Future Digital Lab is a series of online learning modules that teach foundational concepts for kids in grades 3-12 through real-world scenarios.

By engaging with financial literacy concepts through innovative self-paced modules featuring custom videos, animations, and interactive activities, kids learn about essential personal finance topics through adults who are empowered through the provided materials to deliver the lessons confidently.

I appreciate the flexibility of the materials that can be used to teach an entire class, small home schooling groups, or individuals and it’s impactful, relatable, and aligned with Council for Economic Education standards so kids are learning personal finance fundamentals like earning income, using credit, financial investing, buying goods and services, saving, and protecting and insuring.

Getting Started with Earn Your Digital Future Lab

Parents, teachers, and guardians can access the Digital Lab through this URL: https://app.pwcfdnearnyourfuture.org/

Sign in with an existing account or create a new one. It’s quick and easy to create a new account!

After logging in, you will arrive at a Dashboard page. Parents can skip the classroom sign up and go to the left-hand menu to click “Launch Earn Your Future Digital Lab” to begin

You will arrive at the logged-in teaching materials page that looks like this:

Using the Free Earn Your Digital Future site to teach financial literacy to your kids. Details on TechSavvyMama.com

There are 3 different levels:

  • Level 1 Beginner (grades 3-5) — Coming this fall
  • Level 2 Intermediate (grades 6-8)— The 7 different modules for middle school classrooms and families are designed for kids to interact and learn in order to explore the world of personal finance. Working through the seven modules helps students plan for the future and make smart decisions about money.
  • Level 3 Advanced (grades 9-12)— 8 different modules for middle school classrooms and families help prepare high school students for life after graduation. Topics include careers, income, saving, credit, budgeting, home buying, risk, insurance, the stock market, and more. I love how these more advanced topics fit the needs of older learners at a time in their lives when they’re important to know about.

Example of an Earn Your Digital Future Financial Literacy Lessons

Using the Free Earn Your Digital Future site to teach financial literacy to your kids. Example of a learning module and details on TechSavvyMama.com

I took a look at Earn Your Future Digital Lab’s Level 2 Intermediate lessons designed for middle schoolers and Module 3: Can I Afford a Phone? immediately caught my eye since the topic of phones, data plan overages, and excessive texts has been a hot topic of conversation among fellow parents of newly minted middle schoolers. The module asks “If you were challenged to save up for something you really wanted, where would you begin”

The module begins with a video that introduces middle schoolers high school student named Jonas who drops hints to his mom about his desire for the latest and greatest smartphone via a computer chat because he doesn’t have a smartphone. He thinks he can just have his parents add a line to their phone plan but when his mom asks him a series of questions texts, overages, what phone is the best, Jonas concludes he needs to do some research about phones, plans, and how to pay for the monthly bill.

Using the Free Earn Your Digital Future site to teach financial literacy to your kids. Example of a learning module and details on TechSavvyMama.com

Even though he currently has $85 in savings, he’ll need a way to continue earning money to pay his phone bill. His dog walking job will help but after realizing he doesn’t know the answer to many of his mom’s questions about his desire for a phone, he decides to do some additional research.

Example of Earn Your Digital Future Lab Module. Additional details on TechSavvyMama.com

The second part of the module is a pre-test to gauge knowledge about some of the topics covered in the video. This particular module asked questions about budget, income, and expenses before asking kids to consider what they’ve learned to answer two questions. The module continues with a video that begins with a girl shopping for a tablet and Budget, an animated character who helps her determine her income and expenses to figure out if she can afford the tablet she wants. It serves as an introduction to the interactive budgeting that kids do in the next part of the module to help Jonas figure out how he is going to be able to afford a smartphone.

The module presents you with this screen:

Learning how to create a balanced budget through free interactive lessons available through Earn Your Digital Future Lab. More details on TechSavvyMama.com

By applying knowledge about fixed and variable expenses and income, kids work through adjusting Jonas’ variable expenses to help him afford a smartphone. Here’s how I balanced Jonas’ monthly budget:

Learning how to create a balanced budget through free interactive lessons available through Earn Your Digital Future Lab. More details on TechSavvyMama.com

The main goal of Module 3 is to get students to understand income, expenses (fixed and variable), the need for a balanced budget, saving money for the unexpected, and understanding what you can truly afford.

Example of Key Learning Points for Earn Your Digital Future Lab Module. Additional details on TechSavvyMama.com

Through interactive lessons like building a balanced budget for Jonas by taking a look at his income, fixed expenses, and variable expenses, kids learn that budgeting isn’t a one time thing and rather it’s something that need to be revisited and adjusted based on income and expenses.

Summary

In order to develop financial literacy, parents need to build upon a child’s knowledge about money and how to properly manage it in age appropriate ways by using real world examples. I love the modules in Earn Your Future Digital Lab because the examples are ones that are relevant to today’s kids and are fun to complete in order to learn important lessons in financial literacy.

Kids can move through each module at their own pace, pausing, going back, or even replaying the entire thing. It’s also helpful that Earn Your Digital Future provides tools like a glossary, basic calculator, and mortgage calculator that kids can access while working on the modules to help them with tasks as they learn. Teachers can access an educators’ guide.

Parents and teachers will appreciate Earn Your Digital Future because the content is free. Teachers and parents can quickly create free accounts to access interactive lessons.

This is a sponsored post in partnership with PwCCharitable Foundation, but all opinions are my own. 

Related

Filed Under: Education Tagged With: Earn Your Future Digital Lab, elementary, financial literacy, free, high school, interactive lessons, interactive modules, middle school, online learning

Previous Post: « 5 Ways to Help Reduce Your Child’s Exposure to Blue Light From Digital Devices
Next Post: 29 Ways to Protect Your Family from Mosquito Bites and Zika Virus »

Reader Interactions

Comments

  1. Sarah Hughes says

    April 14, 2016 at 1:37 pm

    My 7 year old has been asking for a bank account to save up for more football cards!! I need to get him to the bank to sign up!

  2. Esti Berkowitz says

    April 14, 2016 at 10:28 pm

    My daughter is a preteen and she just wants to shop all the time. I am really trying to teach her the value of shopping when things are on sale!

  3. Brianne says

    April 15, 2016 at 7:55 am

    We are only in the 3-5 range, but these are great tips!

  4. Andrea says

    April 15, 2016 at 10:17 am

    I always say balancing a checkbook was one of the most useful things I ever learned in school. It’s SO important to get this info at a young age.

  5. Rana says

    April 22, 2016 at 3:55 am

    i love this article and had to comment again. i love that this article is teaching about money and how to be finacial stable.

Primary Sidebar

about sidebar pic_profile pic

Hi! I'm Leticia, founder of Tech Savvy Mama! I'm an award-winning blogger, Washington, DC area mom of teens, middle school computer science teacher, and education consultant.  Read more...

TechSavvyMama logo board_sidebar divider

AFFILIATIONS & HONORS

_YouTube Parent Panel

_top50momblogger

TechSavvyMama logo board_sidebar divider

Subscribe

Never Miss a Post!
Name: 
Your email address:*
Consent*
Yes, I consent to being emailed
No, I do not want to be emailed
Please wait...
Please enter all required fields Click to hide
Correct invalid entries Click to hide
No spam, ever. Promise!

Tech Savvy Mama on YouTube

<<< View More >>>

TechSavvyMama logo board_sidebar divider

INSTAGRAMMIN’

techsavvymama

DC area blogger & middle school computer science teacher focused on edu, family tech & teens. ❤s= 🚀 #STEM 🏃 #StJudeHeroes #legacyteamnuun 🏝 #Haiti

Leticia Barr
It’s the season of giving! 🎁 When @toyotausa It’s the season of giving! 🎁 When @toyotausa heard I was supporting a local Girl Scout troop by donating toys to their Toys for Tots toy drive this holiday season, they stepped up in a big way! They provided me with a gift card to shop for more toys and loaned me a 2024 Tundra Platinum Crew Max to make my delivery! 🛻 Thomas and I packed up our donations and loaded 4 huge boxes, a giant shopping bag full of toys, and more into the 6.5 foot truck bed. 🧸 When we arrived at the collection point, the Troop was ecstatic to see all the things in the back of the Tundra! 🎉 Huge thanks to Toyota for helping me give even more to local kids and families this holiday season! Hooray for #ToyotaSeasonofGiving! ❤️💚❤️ #sponsored #ToyotaPartner #toyotatundra #toyotatundracrewmax #toysfortots
Still on that half marathon high! 🎉Mondays are Still on that half marathon high! 🎉Mondays are always better when you have new race bling to start your week! 🏅 I hope the start of your week goes well too! 💕
#medalmonday #stjudeheroes #runwithstjude #memphis #stjudememphismarathon
✅ = Half marathon #6 🎉 Yesterday was a gorgeo ✅ = Half marathon #6 🎉
Yesterday was a gorgeous day in Memphis for a race! The weather was absolutely perfect and my favorite part was running through the St. Jude Children's Research Hospital campus to soak it all in at mile 10. 🏃🏻‍♀️ Along the route were patients, former patients, and their families who are so incredibly grateful for the support of Heroes like me who fundraise, train, and run to ensure that no child dies in the dawn of life. 💕 I never go into any race with expectations. All I want to do is start the race having met my fundraising goal, have fun on the course, and cross the finish line.🏅So thank you for helping me accomplish those 3 goals. 🎉 This weekend St. Jude Heroes raised $14 million dollars to help St. Jude end childhood cancer. The $5,100 you helped me raise this year is part of that and I could not be more grateful! Thank you for allowing me to do what I do and run to support St. Jude. ❤️ I'm already looking forward to running in Memphis again next year! Who wants to join me? I’ll fundraise if you want to run with me! I’d be thrilled to be your race buddy if you want to run a 5K or 10K and promise to be the best cheerleader ever! 🙂 #stjudeheroes #runwithstjude #stjude #stjuderun #memphis
If you’ve ever wondered what it’s like to run If you’ve ever wondered what it’s like to run St. Jude Memphis Marathon Weekend, here’s a look at the experience! 🏃🏻‍♀️My favorite part is always running through the campus of St. Jude Children’s Research Hospital! ❤️Today I saw patients and their families lining the race course through campus cheering their hearts out for us Heroes. It was such a good reminder of why I choose to run this weekend year after year! 🥰 #stjudeheroes #runwithstjude #stjudechildrensresearchhospital #memphis #halfmarathon
✅= $5,000 fundraising goal met! 🎉🎉🎉WE 👏🏼 DID 👏🏼IT! 🎉🎉🎉 
It is the best feeling in the world going into tomorrow’s race having bypassed my original fundraising goal by an additional $1,000 and knowing how many of you are cheering for me! ❤️Half marathon #6, I’m coming for you! 🏃🏻‍♀️💪🏼🏅And yes, I had to go back for another photo just like yesterday’s but with my updated fundraising total! 😍 #stjudeheroes #runwithstjude #stjude #memphis #stjudememphismarathon
🎉$4,875 🎉During my flight, my seat mate aske 🎉$4,875 🎉During my flight, my seat mate asked me if I worked for St. Jude after noticing St. Jude Heroes embroidered on my jacket. When I told her I was in town for St. Jude Memphis Marathon and I ran to raise money, she opened her purse and dug around for the cash she had. 💵 She was very familiar with St. Jude’s mission from her involvement in her college sorority and is a regular donor. Even though she had just donated, she handed me a bunch of bills and wished me luck with my race 🏃🏻‍♀️I’ll be adding her gift to the total I had when I picked up my race bib. It was such a thrill to pick up my bib to see you’ve helped me surpass my original goal of $4,000 and to be so close to my new $5,000 goal! ❤️ #stjudeheroes #stjuderun #runforstjude #halfmarathoner #nuunambassador
Put on my running shoes And I boarded the plane To Put on my running shoes
And I boarded the plane
Touched down in the land of the Delta Blues
In the middle of the pouring rain 🎶  It is SO good to be back in Memphis! ❤️ Every year I think this might be my last race but the minute I get off the plane and start walking through the airport, I remember my why. My why becomes more apparent as I drive into downtown and past the @stjude campus where children and their families stay during their treatment for life threatening childhood illnesses which is free thanks to donors like you who ensure they never have to pay for treatment, housing, food, or travel. ✈️ At St. Jude kids get the best care, care that I could only hope for if my kids were to ever get sick. And that is my why. 🩺 On the St. Jude campus there are moms just like me who face the unimaginable every single day. I run for them so they can focus on helping their child live. ❤️‍🩹 I know if I was a mom of a patient, there would be an army of Heroes who would fundraise, train, and run for me and my sick child. I also run to give them hope which is something so many families have thanks to donors like you. St. Jude leads the way the world understands, treats and defeats childhood cancer and other life-threatening diseases. When this is your why, it’s hard to stop which is why I just keep going. ❤️#stjudeheroes #runforstjude #memphis #whyirun #nuunambassador
It’s almost St. Jude Memphis Marathon Weekend! ❤️ This will be my 6th half marathon & 9th race benefiting @stjude kids and families. 🏃🏻‍♀️As a race veteran, you’d think my goal would be to improve my time but honestly, my goals are to raise money as much money as possible and to run for those who can’t. If you haven’t already donated but would like to, see the St. Jude link in my bio to make a tax deductible donation of any amount. 🙏🏻 I’m so so close to $5,000 and with your help, I know I’ll get there! Thanks in advance for any amount you can give and get ready for lots of race related posts and stories over the next few days! Sorry not sorry! 🏃‍♀️❤️🏃‍♀️
#stjudeheroes #stjudemarathon #runforstjude #stjudememphismarathon #stjuderun #stjude
How do you teach computer science concepts like th How do you teach computer science concepts like the cloud? 💻Through hands-on, interactive learning experiences like the ones offered for free at @AmazonWebServices Skills Center in Arlington, Virginia. 🏢 AWS Skills Centers provides free, fun ways to learn more about the cloud and job opportunities. Visit the link in my bio for more information and to plan your visit to the Skills Center! 🚘AD #computerscience #cloudcomputing #STEM #amazonwebservices #awsskillscenter
Thankful for a week filled with family, food, outd Thankful for a week filled with family, food, outdoor fun & being photobombed by my favorite girl. 💕 #thanksgiving #family #optoutside
Find a friend who will join you at OrangeTheory in Find a friend who will join you at OrangeTheory in the morning, celebrate the workout with lunch, and take ridiculous selfies with you and @theholdernessfamily after more bubbles and bites. Thank you @lisatasch for being that friend! I adore you! 🧡💪🏼🥂And huge thanks to @westfieldmontgomery for inviting use to meet Kim and Penn! They’re just as wonderful as you’d imagine them to be! 🎄#friends #holidays #westfieldmontgomery #moco #mocomd
Every day when their boy leaves for school, these Every day when their boy leaves for school, these two follow me upstairs and jump on his bed. 🛏️ One watches the driveway from the window and the other stares out the door, ready to alert the other if he comes returns. It’s the sweetest thing! 🐾 I reassure them he’ll be back later but I’m not quite sure what this pair is going to do next year when he heads off to college. I guess we’ll pass the days until the kiddos come home with long dog walks and console ourselves with treats. 💔  #chocolatelab #yellowlab #labrador #puppylove #rescuedog #labrescue #momlife
Load More... Follow on Instagram

TechSavvyMama logo board_sidebar divider

SAVVY FINDS

Footer

Tech Savvy Businesswoman

Check me out across my social media channels for examples of how I can help amplify your company's brand, product, or cause!

_YouTube Parent Panel

Everywhere


techsavvymamasquarelogo_techsavvymama square logo

Privacy Policy Cookie Policy

Looking for Something?

Search by category…

or by date

DISCLOSURE POLICY

Copyright © 2023 Tech Savvy Mama · Designed by Hustle & Sway · Log in

 

Loading Comments...