DOI: http://dx.doi.org/10.14307/JFCS115.2.39
Christopher T. Sneed Ann A. Berry Marci Hethmon
Financial management is embedded as a key field of study within the Family & Consumer Sciences Body of Knowledge. Through work in classrooms and communities, family and consumer sciences (FCS) professionals advance individual well-being and strengthen families by educating and empowering individuals to be sound managers of their finances and household resources. Across a spectrum of employment settings, FCS practitioners serve as financial management researchers, educators, and advocates. Financial illiteracy is a perennial problem facing America (McGurran, 2021). The impact of financial illiteracy manifests itself in personal financial problems such as low credit scores, high consumer debt, financial scam susceptibility, and diminished economic well-being. Unfortunately, because most children learn about money from their parents or adult caregivers, financial illiteracy can become generational with children adopting similar (and sometimes poor) financial behavior of previous generations. Early financial education can be key to stopping this cycle, thus preparing students for a trajectory of smart money habits.
Christopher T. Sneed, PhD (csneed@utk.edu) is Assistant Professor and Consumer Economics Specialist; Ann A. Berry, PhD, is Professor and Consumer Economics Specialist; and Marci Hethmon is Extension Specialist I. All authors are at The University of Tennessee Extension in Knoxville, TN.
p r a c t i c e
M
Money Week: Impactful Financial Education for Young Learners
It is never too early to begin the process of developing financial management skills (Smith et al., 2018). Indeed, acquiring the skills and knowledge for dealing with money begins in childhood (Gudmunson et al., 2011). Research has demonstrated that developing an awareness of spending and savings concepts early can lead to greater financial competence later (Pandey et al., 2020).
It is never too early to begin the process of developing financial management skills.
The Money Week curriculum builds on this core understanding by providing financial education for first and second grade elementary school students. Money Week is a dynamic way to reach the youngest members of our communities with solid financial education. Lessons within Money Week align to National Jump$tart standards as well as state academic standards in mathematics and foundational literacy, and they address core understanding of personal finance. After completing Money Week, students are able to: 1. Identify relative value of money 2. Count currency of different denominations
vol. 115
■
no. 2
■
2023
JFCS
39