Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Breaking News

U.S. crude inventories up 4.14M barrels last week, hit 20-month highs

Your Money: U.S. teachers take hands-on approach to financial literacy

Stock Markets Oct 17, 2019 06:48PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Wood-cased coloured pencils are pictured in a shop at Faber-Castell manufacturer in Stein
 
SCHW
+0.19%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Chris Taylor

NEW YORK (Reuters) - There are a lot of hard truths about money, but here is one of the hardest: We are really bad at passing along money smarts.

As it stands, only 57% of American adults can be considered financially literate, according to a global survey by Standard & Poor’s.

A new initiation from education fundraising website DonorsChoose.org and the Charles Schwab (NYSE:SCHW) Foundation is aiming to change that with a new hands-on approach. Rather than kids reading about starting a business, why not actually open a school store? Rather than reading about concepts like supply and demand, why not start making T-shirts, and see if they can sell them?

The “Innovation Challenge” prompts teachers to craft creative FinLit projects, helps them get funded, and then monitors which ones pay off.

“Experiential learning is so important, especially for lower-income families,” said Casey Cortese, managing director of Schwab’s community services, which is taking a new hands-on approach to teaching financial literacy. “If you make lessons tangible and real, it really cements learning.”

This year's overall winner of an online fan vote: Students of Rapunzel Galang in Lanham, Maryland, undertook virtual-reality field trips to different historical landmarks through time. They did that using VR headsets – but first they had to plan, budget, and pay for such trips, by researching about the places they wanted to visit.

Another innovative project: Xavier Lewis in Dayton, Texas, combined financial literacy with a “Mission to Mars” STEM project. Students earned money in their virtual bank accounts with attendance, class participation, and completing assignments. They could then spend that money to buy supplies to assemble rockets, rovers and hovercrafts for a simulated flight to Mars.

Other projects included creating a virtual-reality bank, filming a how-to video series on personal finance, using dinosaurs to pass along money lessons, and teaching the idea of “wants versus needs” via dramatic play.

KEEP IT GOING

While 92% of teachers say financial education is important, only 12% actually undertake it - because they just don’t have the resources, said Cortese.

To combat that with the Innovation Challenge, 15 of the top projects were developed into full lesson plans. Teachers across the country could then download them for free and use them in their own classes. The first 200 teachers who did so, and submitted a report on how it went, got a $250 credit to apply to future projects on the site.

The initiative has encouraged educators to think bigger and more creatively than just using a crowdfunding site like DonorsChoose to cover things like basic supplies. Since the Innovation Challenge first got started, “There has been a 66% increase in FinLit projects posted,” said Rianne Roberts, partnerships manager for the fundraising site.

Financial literacy is a long game, though. You can teach a third grader about money smarts today, but you will not know for years whether those habits have actually taken root.

When the Schwab Foundation first started partnering with the site in 2017, 350 teachers participated in its financial literacy campaigns, reaching 36,000 students. In 2019, in comparison, they have already reached 1,600 teachers and 250,000 students.

So far this year, Schwab donated $375,000 to the Innovation Challenge, and $500,000 total to DonorsChoose. Of those teachers who used the resulting materials, 98% said they plan to keep teaching financial literacy in schools.

Your Money: U.S. teachers take hands-on approach to financial literacy
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email