Author: Hannah Henry
Published: Tuesday, 05 Jun 2018
Financial literacy can be understood as the skillset or knowledge to manage monetary resources efficiently in order to accommodate one's needs today and in the future. Some of the basic fundamentals that make up a financially literate individual include: the ability to budget, how to go about saving, the impact of credit and debt, investing towards one's future, and the utilization of insurance in order to mitigate future road bumps that may detour an individual's finances.
As these concepts can be complex and traditionally focused towards adults, how might financial literacy be important to an 8 to 12-year-old? By starting conversations about various components of financial literacy early, children can be influenced to exhibit positive financial behaviors earlier in life and therefore be more prepared for what lies ahead in their future. In fact, research has shown that by age 12, children are able to use skills to resist impulsive spending strategies and understand critical concepts such as interest.
During this stage in a child's life, they are understanding that money is what provides a roof over their head, food on the table, and most importantly to them--their toys.
When it comes to establishing oneself financially, is it ever too early to start?
Junior Achievement doesn't believe so. In order to help your elementary school student to be prepared for his or her future steps in their life, we have put together some helpful learning resources for your kids to learn at home and at school!
Based on state curriculum standards, Junior Achievement has combined required concepts with proven educational hands-on learning that enables kids to achieve a deeper understanding. Here are our recommendations for parents and teachers to spark learning in elementary aged kids.