Finding the fun in financial literacy
Financial literacy may not be the most exciting item on the school curriculum. But it doesn’t have to be that way, says Gavin Muranaka, subject head, business studies and director of business and entrepreneurship at Crescent School.
“Not everyone gets excited about financial literacy. But if you can create some fun games and competitions, it will engage students and make it more relevant to them personally.”
Many schools are looking beyond the core curriculum financial literacy requirements to bring real-world finance experience to students of all ages, from basic budgeting and banking concepts, to managing household income and expenses, to advanced accounting and economics.
Basic budgeting at a young age, for example, could be learning how to manage allowances better, explains Muranaka. “Then things get more sophisticated.”
Crescent also offers a wealth of co-curricular activities focused on developing financial literacy skills in more engaging settings, including student run afterschool business clubs and spring break and summer investment camps.
“It’s all meant to help kids learn about spending and saving, investing and borrowing in a fun way,” he says.
In senior grades, investment teams manage a money portfolio. So far the fund has grown to $63,000, which is rolled over every year. “Six years ago, that fund was $30,000. It’s been a great way to make financial literacy fun and informative.”
In one Grade 11 economics assignment, students go home and sit with parents to go through household expenses. “It’s eye opening for them to see how much it costs to live,” Muranaka says.
Students also learn about how to transfer money to a friend, transfer it back and pay for something by cheque. “We show them all the different things they can do when doing online banking,” he says.
A number of Crescent School alumni return to the school to help out. Kyle Chang, now a third-year student in a doubledegree mathematics and business administration program at the Universities of Waterloo and Wilfred Laurier, has returned to assist with March break and summer camps.
During his years at Crescent he joined the Junior Business Club and engaged in several DECA competitions. He also took accounting and economics courses, as well as ran the financial literacy camp in his final year. “That experience sparked my passion for solving problems,” he says.
With the experience he gained, he was able to skip first year economics at Laurier. “You can only learn so much from a textbook or class. Having experiences that can be applied to real life was really key.”
At Branksome Hall, students are given opportunities to make sense of different concepts and skills by learning through inquiry. says Mary Fiore, mathematics coordinator at Branksome Hall in Toronto, who strongly believes that financial literacy is integral to making sense of the world.
“Activities develop their understanding of saving, spending, borrowing, sharing and investing through problem solving, research and inquiry.”
Young learners, for example, are given a weekly salary plus opportunities to earn additional money in a virtual bank account by doing tasks like sharpening pencils, cleaning shelves or watering plants. “They also get bills so they have to break down what they need for necessities such as food and make wise decisions,” she says.
Some join together to start businesses in which the proceeds are donated to charities they researched. “It all becomes authentic when they are earning real money and can apply concepts in a real life context.,” Fiore says.
Dr. Sarah Morrison, assistant head of school, academics at Appleby College in Oakville, says the school has developed a number of real-world experiential projects to encourage financial literacy with students.
“In grade 11 math, for example, we’re using a sixweek project-based learning to focus on global education and financial literacy,” she says. “We ask them to create their own financial plans for their lives after graduation in an imaginary move to a new country.” In this exercise, students have to research the cost of living, exchange rates, and career options among other financial related matters.
Grade 12 accounting includes a stock simulation game where students build a personal portfolio. Senior students also work in pairs to launch startup companies where they conduct market research, develop products, and learn about social responsibility and sustainability.
“Real world knowledge allows student to be creative in terms of possible career choices where financial literacy will be an important piece in business and beyond,” says Morrison.