Cross-posted from the Treasury Notes Blog.
Knowledge is power. And in the case of the National Financial Capability Challenge, knowledge about money is a powerful tool to help equip students to take control of their financial futures.
The Challenge, which is administered by the U.S. Department of the Treasury and U.S. Department of Education, includes a voluntary online exam with awards for top-scoring students. It is designed to help teach young Americans to make smart decisions about earning, spending, saving, borrowing, and other critical financial skills. To help prepare students for this exam, teachers will have access to a new “educator toolkit” – released today and available here – that includes a wealth of powerful lesson plans.
These lesson plans will help students build a variety of financial skills, such as:
Identifying positive and negative spending behaviors
Developing a personal budget, including a savings plan and a spending log
Opening, monitoring and balancing checking and savings accounts
Identifying the costs and benefits of purchasing insurance and investing in higher education
Weighing the advantages and disadvantages of using credit
Identifying the impact of interest rates and fees on the price of a credit card purchase
Identifying methods to minimize the risk of identity theft
Teachers can select lessons from a menu of options and adapt them to fit the unique needs and learning styles of their students, such as adding culturally relevant connections to lessons and creating class projects. Additionally, for the first time, this year’s toolkit will include interactive online lessons and Spanish-language materials.
Last year, more than 76,000 students participated in the National Financial Capability Challenge. And, hopefully, even more will take part this year. Teachers can go to http://www.challenge.treas.gov/ and join the Challenge this spring to help empower their students through financial awareness and education.