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Personal Financial Literacy Session 1

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Title: Personal Financial Literacy Session 1


1
Personal Financial Literacy Session 1
  • Della Hoffman
  • Place Bridge Academy

2
Objectives for Session 1
  • We will explore the PFL standards at our grade
    level.
  • We will gain an understanding of the Financial
    Fitness for Life curriculum.
  • See two lesson demonstrations.

3
Objectives for Session 1
  • We will know we did a good job when
  • We can explain the standard at our level to a
    partner.
  • We can discuss which lessons will be useful for
    us.
  • We can do these lessons in class on Monday!

4
Im going to make you move
Please get into grade level groups.
5
Consider these questions
  • What are the standards at your grade level?
  • How do they connect with real life skills that
    students need?
  • What is the connection between the math standard
    and the econ standard?
  • What activities can you think of to meet any or
    all of these standards?

You have seven minutes
6
Grade Level Standards
Kindergarten Discuss how purchases can be made to meet wants and needs.
Adding and subtracting to 10 involves composing and decomposing using a variety of strategies and representations.
Measurement is used to compare and order objects.
1st Grade Identify short term financial goals.
The whole number system describes place value relationships from ones to 100 and forms the foundation for efficient algorithms.
Adding and subtracting involve composing and decomposing using a variety of strategies.
2nd Grade The scarcity of resources affects the choices of individuals and communities.
Apply decision-making processes to financial decision making.
Formulate, represent, and use algorithms to add and subtract two digit whole numbers with flexibility, accuracy, and efficiency.
Mathematical models are used to describe the likelihood of an outcome or event.
3rd Grade Describe how to meet short term financial goals.
Multiplying and dividing are inverse operations modeled in a variety of ways.
7
Grade Level Standards
4th Grade The relationship between choice and opportunity cost.
Mathematical models are used to test predictions about the likelihood of events.
5th Grade Use financial institutions to manage personal finances.
In the real number system, commonly used rational numbers have multiple equivalent representations.
Number patterns and relationships can be described using a variety of tools.
When a relationship exists between two quantities, a change in one results in a change in the other.
8
Financial Fitness for Life Curriculum
  • Broken in K-2 and 3-5
  • Each has a Teacher Guide and Student Book
  • Teacher guide includes all lesson procedures and
    visuals
  • Student book includes student handouts (3-5) an
    stories (k-2)
  • Each lesson includes
  • Background and description relevancy
  • Concepts
  • Objectives
  • Time Required
  • Materials
  • Additional Resources (you can find the entire
    package on http//fffl.councilforeconed.org )
  • Procedure
  • Extensions additional activities like music,
    websites, childrens lit (K-2)

9
Themes
  • K-3
  • Earning Income
  • Saving
  • Spending
  • Credit
  • Money Management
  • 3-5
  • Earning Income
  • Saving
  • Spending and Credit
  • Money Management

10
Assessments
  • Assessments are found in Teacher Guide
  • Assessments are after units
  • You may want to create your own if you are not
    teaching the whole unit

11
Kindergarten Lessons Lesson 3 What is
Money? Lesson 2 Working for Income Lesson
8 We Are Consumers Lesson 9 We Decide to
Spend Lesson 11 Ads Make Us Spend First Grade
Lessons Lesson 1 A Good Day for Money Lesson
7 Saving Makes Us Wait Lesson 10 We Plan for
Spending Lesson 12 We are Borrowers Lesson
15 We Make a Budget Lesson 14 We Owe
Money Second Grade Lessons Lesson 4 Money
Lets Us Choose Lesson 5 Why We Save Lesson
6 How We Save Lesson 13 We Are
Lenders Lesson 16 We Manage Our Money
12
Third Grade Lessons Lesson 6 Consumers Want
Goods and Services Lesson 2 Urban Mouse and
Rural Mouse Lesson 14 Managing Money Lesson
11 This One or That One? Lesson 10 Why Do I
Want All This Stuff?   Fourth Grade
Lessons Lesson 7 To Choose is to
Refuse Lesson 1 Earning Income Lesson
4 The Grasshopper and the Ant Lesson
13 Buddy, Can You Spare a Dime? Lesson 15 Its
a Balancing Act Fifth Grade Lessons Lesson
5 Saving Starts With Wanting More Lesson
8 How Would You Like to Pay? Lesson 9 More
About Methods of Payment Lesson 12 Credit is
Based on Trust Lesson 3 People Pay Taxes
13
Financial Fitness 3-5
  • Financial Literacy Standards Grade 3
  • Lesson 1 Earning Income
  • Objectives
  • Define human resources, goods, income, services,
    wages, and human capital.
  • Explain that people earn income by providing
    resources in a marketplace
  • Explain the connection between human capital and
    income.
  • Identify ways in which people invest in their
    human capital.

14
Work
15
When we work, we are Human Resources
When we work, we are Human Resources
Why do we work?
16
We work to earn money!
The money we earn is called a wage or salary.
17
Let's Play a game!
18
Think about the following
  • If you were sick, why do you want a doctor who
    has gone to school for a long time?
  • If a computer breaks in your room, are you able
    to repair it?
  • Would you let a friend cut your hair?
  • Do you want to ride with a bus driver who has
    never driven before?

19
People get special training for their jobs.
The training and skill we have is called Human
Capital.
20
Occupation Salary Time in School
Teacher 50,040.00 College or more
trash collector 22,710.00 high school
computer programmer 72,010.00 college
police officer 50,670.00 training after high school
pediatrician 145,210.00 college 4 or more years
factory worker 32,700.00 high school
engineer 85,430.00 college or more
carpenter 41,260.00 high school
bus driver 34,150.00 high school
secretary 31,200.00 high school
store clerk 24,530.00 high school
hair stylist 25,760.00 high school
21
Financial Fitness K-2
  • Financial Literacy Standards Grade 2
  • Lesson 4 Money Lets Us Choose
  • Objectives
  • Consider costs and benefits when making a
    decision.
  • Make a choice between two alternatives, and
    identify the opportunity cost.
  • Distinguish between spending and saving.
  • Identify choices people make every day.

22
Alternative 1 (vest) Alternative 2 (bike)
Benefits
Costs
23
Alternative 1 (vest) Alternative 2 (bike)
Benefits Looks good with jeans It is what she wants Can buy it now! Can get places faster Will help me get exercise Can enjoy for a long time
Costs It wont last forever I might grow out of it The money will be gone May get stolen More money I cant buy it now- I have to wait
24
Lets cook up a way to make decisions!
  • First we need to identify a problem
  • Identify alternatives
  • Explore costs and benefits
  • Make a decision
  • Identify Opportunity Cost

25
Opportunity Cost Second Best Choice!
26
alternatives Responsibility Be with friends Earn money Net Value
Spend the night at a friends house
Baby-sit for your neighbors
Hockey game with friends family
Criteria
27
alternatives Responsibility Be with friends Earn money Net Value
Spend the night at a friends house _ _
Baby-sit for your neighbors _
Hockey game with friends family _ _
Criteria
28
alternatives Responsibility Be with friends Earn money Net Value
Spend the night at a friends house _ _ -1
Baby-sit for your neighbors _ 1
Hockey game with friends family _ _ -1
Criteria
29
alternatives Responsibility (x2) Be with friends Earn money Net Value
Spend the night at a friends house
Baby-sit for your neighbors
Hockey game with friends family
Criteria
30
alternatives Responsibility (x2) Be with friends Earn money Net Value
Spend the night at a friends house _ _ _ -2
Baby-sit for your neighbors _ 2
Hockey game with friends family _ _ _ -2
Criteria
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