2006 Virginia Financial Literacy Summit

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2006 Virginia Financial Literacy Summit

• Economic and Financial Literacy Education at
  Collegiate School/
• The Powell Center

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So Much to Teach! Where Do I Begin?

• How do I impart the wisdom my parents and life
  experiences have taught me about financial
  matters?

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At The Powell Center and Collegiate School, We
Teach Economic Principles to Guide Decision Making

• We all make choices.
• All choices have consequences.
• These consequences often lie in the future.
• Economic thinking is marginal thinking.
• TANSTAAFL
• (there aint no such thing as a free lunch)

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Someones sitting in the shade today because
someone planted a tree a long time ago.Warren
Buffett, Billionaire Investor
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We believe that educating our students about
personal finance should begin in the early years
when habits are being formed.

• Goals
• Students will understand that looking after their
  own money is a big part of looking after
  themselves.
• Students will learn how people earn income,
  budget money, save for the future and spend
  wisely.

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How Do I Get the Attention of Kids Who Live in a
High Speed, High Tech, Insatiable Consumer
Society?

• How can kids learn and practice habits based on
  healthy financial values?

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The Six Big Ideas

• Setting Goals
• Earning Money
• Spending Money Wisely (Budgeting)
• Understanding the Time Value of Money (Saving and
  Investing)
• Using Credit Responsibly
• Protecting Assets

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No Wonder Todays Financial Environment is
Confusing to Young Children!
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Ages 5 - 7Starting to Make Choices
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Ages 8 - 10

• Strengthening the Financial Foundation

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Kids learn best when they are actively involved
in real-life interesting experiences.

• Examples
• Cougar Savings Bank, K - 4
• Cougar Cashe
• Student-run businesses

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Work With Parents of Young Students

• Start Young
• Finance courses are typically taught in high
  school. But children learn best about money from
  age 6 to 12.
• Talk with your child about managing money at an
  early age as everyday opportunities arise.

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Offer Helpful Ideas to Parents

• It is easier for kids to save when they have
  something concrete to save for.
• Encourage parents to talk with their kids about
  what they would like to buy, what it will cost,
  and what theyd be willing to forgo to get it.

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A Closing Word

• Learning to manage money wisely and well is a
  lifelong endeavor.
• Setting children on the path to financial
  understanding should begin in the formative
  years.

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Resources

• www.powellcenter.org

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