Money Week: Impactful Financial Education for Young Learners

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.

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).

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

3. Explain the difference between wants and needs

4. Identify ways money can be used

5. Use a spend, save, share bank for managing money

Money Week utilizes in-class instruction, readaloud activities, and changes to the school environment to achieve program objectives. (See Figure 1.) This program is designed for first graders and second graders and includes five money lessons for each of the two grades. An optional extender lesson completes the curriculum. Teachers at the intervention schools are trained to implement Money Week by local FCS Extension agents who have expertise in personal finance and education.

Lessons cover the topics of identifying money values, counting money, understanding wants and needs, using money, and managing money. A newsletter in English and Spanish is sent home to students’ caregivers each day. The newsletters explain what the students learned that day. Each newsletter also contains a money tip that caregivers can use. Last, each day during Money Week, local community and business leaders read a children’s book about money to the students. Each book reinforces the topic of that day’s lesson. At the conclusion of Money Week, each student is given a copy of a money-themed book.

In addition to daily money-themed lessons, newsletters, and read-aloud activities, the Money Week program includes changes to the school environment that help promote the messages of smart money habits among the students. A large vinyl banner reading “It’s Money Week” is placed in front of the school, marketing the program to the community. Daily money facts that correspond to each day’s lesson are read each morning on the announcements. A photo booth at the entrance of the school allows students to have their pictures made with the mascot for Money Week: Mr. Money. (See Figure 2.)

The initial pilot of the program focused on first and second grade students at a Title I-designated school located in an urban setting. Eight teachers and 97 students participated in the spring 2021 pilot.

At the conclusion of the pilot program, teachers were asked to complete an online survey to provide feedback regarding program design. Additionally, teachers were asked to report their perceptions of student learning as a result of the program. The impact of the initial pilot was encouraging. With all eight classrooms reporting (97 students total), teachers reported that 88% of the students gained literacy skills, 75% of students learned to count currency, 100% learned to manage money using spend, save, share banks, 100% learned the difference between wants and needs, and 100% learned to better identify money values. All educators indicated that they would implement the program again in the following year and that they would recommend it to other teachers.

Teachers reported that 88% of the students gained literacy skills, 75% of students learned to count currency, 100% learned to manage money using spend, save, share banks, 100% learned the difference between wants and needs, and 100% learned to better identify money values.

Plans are currently underway to expand the Money Week program from one pilot school to 10 elementary schools located in various geographic communities across the state. The state treasurer’s office has generously provided funding for expanding this program.

A variety of lessons were learned during implementation of Money Week. The authors have synthesized these lessons into the “3-Cs”:

• Connect: In today’s school climate, it is imperative that Extension programs connect (integrate) with content standards of the grade level. Cross-walking program content with standards helps classroom educators understand how the program dovetails and addresses specific standards and content critical for the grade level.

• Communicate: A constant flow of communication is necessary for success. This communication should start early, ideally involving partner educators in co-creation of educational programming. Communication with partner classroom teachers as well as school administrators is important. Teachers and administrators need (and want) to know what is happening in their schools. Find out their preferred means of communication and communicate early and often.

• Conclude: At the conclusion of the program, knowledge gains and student successes should be shared with both teachers and administrators. A post-program report is a great way to highlight this information. Aim for high visual impact with pictures and graphics.

The simplicity of this intervention holds potential for national replication. This program also is a perfect means for fostering collaborations among local FCS Extension agents, FCS teachers, and elementary schools. FCS Extension agents could partner with and train FCS teachers on the program. FCS teachers could in turn work with their FCS students to train local elementary school teachers to implement the program. Or, the FCS students themselves could teach the lessons and oversee— with support from their FCS teacher and local Extension agent—implementation of the program. Teaching the Money Week concepts is a great way for older youth to expand their own knowledge of personal finance. The process of preparing for the lessons and developing foundational background necessary for teaching the content can reinforce and expand students’ own personal finance knowledge. The possibilities and power of FCS professionals collaborating and engaging around a common need and program are exciting and could be transformative for both our discipline and the families we serve. The Money Week program will be made fully available in the near future. (Contact the first author by email for details.)

Engaging young learners in financial management concepts is a powerful ideal supported by research and one that can serve as a means of coalescing FCS professionals. Involvement of financial professionals in the program through read-a-loud activities can help to generate excitement and support for the program throughout a community. Programs such as Money Week that can bring together FCS professionals across a community help to unify our presence as leaders in real-life education—education that makes a difference for families, individuals, and yes, even young elementary school students.

References

Gudmunson, C. G., & Danes, S. M. (2011). Family financial socialization: Theory and critical review. Journal of

Family and Economic Issues, 32(4), 644–667. https://doi. org/10.1007/s10834-011-9275-y

McGurran, B. (2021, June 8). What is financial literacy and why is it important? Experian. https://experian.com/ blogs/ask-experian/what-is-financial-literacy-and-whyis-it-important/

Pandey, A., Ashta, A., Spiegelman, E., & Sutan, A. (2020). Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well‐being of young adults. International Journal of Consumer Studies, 44(6), 531– 541.

Smith, C. E., Echelbarger, M., Gelman, S. A., & Rick, S. I. (2018). Spendthrifts and tightwads in childhood: Feelings about spending predict children’s financial decision making. Journal of Behavioral Decision Making, 31(3), 446–460.