Students are given a career with an annual salary, and then are asked to make certain budget and lifestyle choices based off of that salary. What personal values do these items represent? Most business managers use scenario analysis during their decision-making process to find out the best-case scenario, as well as worst-case scenario while anticipating profits or potential losses. Then, students follow along with the real market to see how their decisions are stacking up. Compare Jill's work with other students and see if they also got confused. Investing. He asks insightful questions in class and refers to the text in class discussion. Posted on Last updated: September 16, 2022, Teaching Kids about Stocks (21 Tools + Resources), 14 Stocking Stuffers for New Drivers (Teens Aged 15-19). Copyright 2021. Its no secret that things could go wrong. . Find out if Susans problems are temporary or long-termsometimes students forget that one week later, the problem will be gone (or smaller). This Bouncing Ball Budgets game is designed for students to think about past spending decisions, and how to think about spending habits in new ways. The above video was taken from CFIs scenario and sensitivity analysis course, which covers this topic in much more detail. Lets not forget about good, old-fashioned board games that can help teens and high school students understand finances better. Do they understand the financial responsibility that comes with it, though? Ages: 11-18. But activate your students critical thinking skills by having them predict the difference between their returns on their savings and their peers. Reinforce his work he has already done in the term and how it is important not to throw that good work away by not finishing. Run the experiment over the course of one week with each school day acting as 510 years. endstream endobj startxref Approach Jill personally and make a person to person connection before or after class. If appropriate for the entire class, offer extra credit. Tell her to focus on certain classes and audit or repeat others, if necessary. Depending upon the reason, find him a time that he could take the test in a quieter environment where he has more time. Think about whether your department needs to have a "triage" center to address student issues like this. It's the third week of class, you've assigned one short paper, and two journal assignments based on class reading. Explore guides to help you plan for big financial goals, Find financial education lessons from FDIC, View financial education resources from the Federal Reserve. Compliment Steve on his great classroom discussion. Ask Susan for what kind of options might help her. Then, in the end, they spit out how much the teen will need to earn in order to afford that type of lifestyle. If she is extremely close, maybe there is some extra credit she can do to push the grade up a bit. How do you decide which savings tools work for different situation and needs? For students in certain situations, completing the FAFSA or WASFA can be challenging. You realize that Jack just doesn't seem to have the skills needed to pass your class. You would like to talk to her about it but when she does attend class she arrives just as you are starting, and promptly leaves before you can catch her. Wait one week at the most and then get in touch either in class or via phone/email. These future states will form discrete scenarios that include assumptions such as product prices, customer metrics, operating costs, inflation, interest rates, and other drivers of the business. Meet with Steve to find out what be preventing him from finishing assignments. Its no secret that things could go wrong. People face spending decisions every day. Then, gear up for some research! Tuition@ $1500 per class x 4. They must also make good financial decisions in order to produce a star-rated movie (12 different financial decisions they'll make). Then, ask students to get in groups to identify the things their chosen items have in common and how those items are different. Make it fun by using photos, magazines, and art materials to create vision boards along with their money maps! Other entities and resources also may meet your needs. Run the experiment over the course of one week with each school day acting as 510 years. Determine if April is being realistic about her grade. Determine if Jim's learning style is completely different from how the test was given. Then, I was asked which type of checking and savings account I would like to open, and how much money I want to save from my paycheck. Tell Bill that the purpose of the assignment is to both complete the work and to complete the work on time. Put students in groups and assign them different circumstancessingle, married, children, student loans, car payments, etc. Remind him that finishing gives him incentive for future terms and makes good use of the time he already invested. Ask Bill to talk to his advisor/counselor about how to complete his work on time and improve time management skills. Because it seems she has misunderstood the assignment, you turn it back to her with "Please See Me" on it so you can discuss it with her. For future situations, clarify the syllabus to reflect expectations about late assignments. How will these items help them achieve their goals? Help them decide, based on whether they have a job, receive an allowance, or have a savings account, how theyll make the purchase and help them tailor each plan to their situation. It is midway through the term and Bill has repeatedly asked if he can have an extension on each of the out-of-class assignments. Explain to Bill that from now on there is zero tolerance for late work. Certain scenarios can be a roadblock to completing the financial aid application. 2022Puget Sound College and Career Network, Common Scenarios & Financial Aid Strategies, Reproducing documents for commercial use or use outside of its intended purpose, Use of documents for unlawful purposes or promotion of illegal activities, Modifying documents to provide false or inaccurate information. These games will teach your students lots of really important financial lessons, such as: You could even base one of these around a financial literacy week theme! This resource includes links and references to third-party resources or content that consumers may find helpful. Free financial literacy games for high school students and kids can really add fun and self-discovery to financial literacy teachings. After determining why she is not getting an A, make an exception (if appropriate) to re-do a project or turn in additional work if it could change her grade. 20e` Z;#" Email can be less threatening than calling. Suggested Age Range: 10 years+Players: 2-4 players. Besides that, I had a fight with my boyfriend and I've had to move out of my apartment and find another place, so I've been busy with moving my stuff. Offer him an option to record his voice instead of writing if it fits an assignment. Create a new section called Live Scenario., Link the Live Scenario numbers directly into the. Antoine, an older student in his late 20's, is just starting college after an injury brought his career as a professional dancer to an end. Extra credit assignment to build skills and help grade. Then he starts to miss class and turns in work only sporadically. Help students understand and prepare for this. Try to develop a support network (from resources available) for Antoine so that he has this network to fall back on in the future when he needs it again. $6,000. Then, have students create a financial-future map, including a plan for their education and a household budget based on their future salaries. Explain to Bill that part of being competitive in the work force is finishing assignments on time. These links are provided as a courtesy and we have no control over content or information on those sites. hb```WeanCXm f@Z"|"[D4~9W1]Fa!v6`Gy6w&4Q $V)0 k``X "t.H30 Then, each player is given a life persona that will determine what kind of salary and how much debt they have. By analyzing real-world scenarios, students practice making informed decisions about savings tools to meet financial situations and needs. Reflecting on needs versus wants is an important way to sharpen students executive functioning and help them build the power of metacognitionconsidering their thoughts, habits, and choices. Different situations may require different savings tools. Offer him another option for test taking, if you are willing to do such things for students. This will encourage him to do this rather than resorting to dropping out. Can your students stay within budget and keep enough money to make it all the way to their destination? Do the math on her grade and find out if she can possibly get an A. At first, the idea might seem basicpeople with cards that have higher interest rates may earn more over time. Student Loan Forgiveness: Best- and Worst-Case Scenarios To Plan For Your Financial Future. Do they have enough money to cover their obligations and stick to their budget? If so, refer back to appropriate resources. Hold one-on-one or smaller group sessions with students to help them devise individualized plans. Hint: while this is semi-geared towards service members and their families, anyone can play. Make practice tests available for students so they know what to expect. Explore criteria for making spending decisions, Understand the role of spending in their lives. These future states will form discrete scenarios that include assumptions such as product prices, customer metrics, operating costs, inflation, interest rates, and other drivers of the business. Use learning styles to find out if there is another way to approach Jen that might be successful. Try to establish a rapport with Jill to build trust and avoid a possible confrontational situation. Paying back student loans has proved to be too much for some students, especially if they fail to find a job on a career path. Your students get to play loan shark in this finance game predatory loan lender and collector in order to learn all about risky loans and loans in general (like interest rates, what a loan is, loan collections, etc.). After watching the step-by-step instruction, you can then try to perform the analysis on your own. Randomly assign students either high-risk or low-risk investing strategies. None of his work has been substandard but he doesn't abide by the timelines set forth for all students. For this activity, randomly assign each student an imaginary savings account and an amount of money that theyll put into their account from every paycheck. Have them research and compare their circumstances. What criteria do people use when they make spending decisions? %PDF-1.7 % Jill turns in an assignment that doesn't fit what you were looking for. Challenge your students to meal prep on a budget! My salary was broken down for me, and then I was shown how much Ill pay in taxes. Next, have them work in teams to calculate the savings over five, 10, 20, 30, and 40 years. This game helps students understand how financial habits support wellness as well as consider how food access and financial health are linked. Do not make promises but encourage her to stay in class and perform her best. Offer her the option to NP or audit the class. Financial simulations games are different from what weve discussed above, as they attempt to make financial situations more real with students and engage them in decision-making that has actual consequences to their results. Theyll be asked to figure out how to spend Enzos money to get to his savings goal, with the spending categories being: Sometimes I hear from parents that they have no idea how to teach their kids about poverty and homelessness. Test his writing skills to see if he has challenges in this area. High schoolers are more than ready to build the executive functioning, financial habits, and long-term decision-making skills needed to gain financial security. If so, this may be a part of the problem. How does this impact their career plans? CTE (Career and technical education), Fine arts and performing arts, Social studies or history, Grade level: High school (9-10), High school (11-12), Student characteristics: English language learners, Special education, Low income, Rural, Urban, Activity type: Individual, Small group, Available in Spanish, Blooms Taxonomy level: Understand, Apply. You will find details on several strategies that local educators use to better support their students and to increase financial aid completion in their school, district or youth program. They can explore options and expectations (what kind of income theyll need) with. For example, in the past, a smartphone was not considered a need. This is a wonderful simulation if youd like to make your students more aware of how difficult it can be to live on a low income. Please contact us if you or your organization have any usage or other questions atpsccn@psesd.org. Have students envision their future life and write down: 1) a profession that they are interested in (including stay-at-home parent); 2) the number of kids they think they want; and 3) where they want to live. You can help your students identify what is important to them and how to set financial goals to achieve it using technology, classroom lessons, and group discussion. Make extensive comments on the paper if she does not come to see you. Present options for him based on answers. When students dont learn those skills, they face the risk of later making uninformed money decisions that can affect the rest of their lives. Players choose a Life card, and three Debt cards to begin the game. This post may contain affiliate links. Students pick cards to determine their accounts compound interest rate. making uninformed money decisions that can affect the rest of their lives. 274 0 obj <>/Filter/FlateDecode/ID[<983706BDC017408CB3592B1E0DB76E6C>]/Index[248 46]/Info 247 0 R/Length 111/Prev 75722/Root 249 0 R/Size 294/Type/XRef/W[1 2 1]>>stream What kind of wages will they need? Don't assume Susan wants/needs to drop even though she said it. At the end of the week, students can compare their groups expenses with their prediction. Some competitions even have reward money and prizes that they give out! Student taking 12 hours receiving 50% Academic Excellence Scholarship and 50% Church Service Covenant. To keep learning and advancing your career as a world-class financial analyst, these additional free resources from CFI will be helpful: Get Certified for Financial Modeling (FMVA). Ask the entire class if they want more time to take the tests. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Students consider everyday spending decisions by working through real-world scenarios. Next, have them work in teams to calculate the savings over five, 10, 20, 30, and 40 years. See how the CFPB can help K-12 financial education in your classroom! Determine if there is stress or test anxiety on the assignments. Monopoly can be a great game for kids and teens to play to learn some financial literacy lessons (and they'll learn even more if you play it with my free financial hardships Monopoly printable). Occasional Student Application Essay Instructions, Test of English as a Foreign Language (TOEFL), Federal Work-Study Employment Application, Master of Arts: Spiritual and Social Transformation, Brethren Academy for Ministerial Leadership, Academic Excellence Scholarship-50% x $6,000-$1100 base payment, Church Service Covenant-50% x $6,000-$1100 base payment, Academic Excellence Scholarship-40% x $6,000-$1100 base payment, Church Service Covenant-50% x $6000-$1100 base payment, Academic Excellence Scholarship OR Church Service Covenant-50% x $3,000-$1100 base payment. Jack is an active student in your class who seems to be a hard worker. Offer some leeway with assignments without completely eliminating the fairness factor. For example, I went through the game and was given the profession of Accountant. After failing the first major assignment in your class Jack comes to talk to you about how he can improve. Set up a meeting with Jack. Saving, IV. Make spending decisions based on scenarios. Offer in-class activities that are worth points to encourage attendance. Logo use permission: 2017-2022 and TM, NerdWallet, Inc. All Rights Reserved. hbbd``b`k$wl;`@bG@(}AP@y "HX "HXkD&FT'30 4j Explore the possibilities of sending Steve to the writing center if that will help him improve his writing and allow him to turn in homework. Find out what kind of preparatory work he did and what his placement test scores were. Managers typically start with three basic scenarios: Building scenarios into a financial model is an important exercise to help model and plan for uncertainty. You've mentioned to him that you've noted their omission and showed him the effect on his grade. But activate your students critical thinking skills by having them predict the difference between their returns on their savings and their peers. Since your students will likely rent before owning a home, its vital that they Converse with Susan to make her feel calm. Below is a screenshot of scenarios being built in CFIs Sensitivity & Scenario Modeling Course. Yikes! The following two tabs change content below. When performing the analysis, managers and executives at a company generate different future states of the business, the industry, and the economy. Do an assessment for referrals based on the help she needs. This free and interactive budgeting activity starts with an activity to prioritize your monthly spending, including choices such as rent, groceries, Heres an interactive football game that requires Structured Query Language (SQL) is a specialized programming language designed for interacting with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Financial Planning & Wealth Management Professional (FPWM). Place your direct phone number and email on a paper that you return to her asking her to contact you. Are you taking a lot of credits? I just don't know where to start, or what to do next. Teach students how to predict and then calculate returns on savings. Will they be able to afford the house they want, or have to rent with an apartment they share? Even when given an extension, he barely turns in his work by those deadlines. Pssst: you might also be interested in my article on 15 free financial literacy activities for high school students PDFs, and these 14 free financial literacy worksheets pdf. %%EOF These items can range in price, but encourage students to think as big as theyd like. You have already met with her several times during your office hours to make sure she is clear on the assignments. Ask him why he is not handing assignments in. One of the biggest challenges in teaching high school students is choosing how to balance teaching practical life skills and academic knowledge. Your students are movie producers, and they've been given a $100 million budget to create a 5-star movie. By accessing and using these resources, we are asking that you refrain from: Some of these materials may contain links to third party websites as well as content or items belonging to or originating from third parties. Psst: be sure to check out these financial literacy books for high school students I've personally reviewed. Make sure that he knows his options for financial aid purposes and future terms. High schoolers are more than ready to build the executive functioning, financial habits, and long-term decision-making skills needed to gain financial security. Offer suggestions on how to reduce test anxiety. Discuss options based on his response. You just need some smart tools and resources thats where I come in. The Bureau does not control or guarantee the accuracy of this third-party information. Have students make a list of up to 10 items theyd like to buy. Review her placement test scores in Banner. Really can make a child think about their choices! Base payment to be made by How will these items help them achieve their goals? Explore solutions with Susan and leave the decision to her. It is the fourth week of the term and thus far, Sally has only attended about half of the class meetings. Jim performs poorly on the first exam in your class partially because he was unable to finish the exam in the time allotted. Have students predict what the needs of the future will be, then show them artifacts from history and contemporary times to sort into needs or wants piles. Jack is an active student in your class who seems to be a hard worker. Note: Please remember to consider your students accommodations and special needs to ensure that all students are able to participate in a meaningful way. Then, teach them to calculate how much money they put away every year. Have students predict what the needs of the future will be, then show them artifacts from history and contemporary times to sort into needs or wants piles. Consider offering her an alternative way to demonstrate her competence in the subject. If your students are learning about investing, then a free online stock market game could be just the thing to help them understand it better. Find out if Jim needs to share notes with another student. Determine if there is time left for her to improve her grade and then encourage her to do so. Help students budget for and prepare their own lunches to last one week. Establish base criteria that will help her understand what "substandard" work looks like. This resource includes scenarios related to dependency status, parent information, residency, various kinds of tax problems, verification, etc., identified by educators and financial aid navigators in the King and Pierce County regions and provides guidance on how to move forward. It also can build some empathy to the problem, as teens start to understand how it is someone might end up on the corner of a street, asking for money. Ask the question, What would you do with one million dollars? and then give them time to reflect, journal, or create and share a vision board. Retirement might be a long way off for students, but they understand the freedom of a car. Call or email Sally and let her know you are concerned. At the end of the week, students assess how they used their money: Did they have enough food or too much? Although having completed 3/4 of the course work, as the term comes to a close Antoine stops attending altogether and informs you that he intends to withdraw from your course as he is unable to keep up with his school work in addition to childcare and working part time? What are some benefits and risks related to different savings tools? Tell students they are going to begin saving in an account with compounding interest. Ask Jim if he has had this problem in the past. Reiterate that the grade she gets is the grade she has earned. Allow April to make the final decision. Amanda is the founder and CEO of Frugal Confessions, LLC. Can a person survive on a job in the gig economy? Then, have students. Help Steve come up with topics for his paper(s) and then mention the topics when talking with him to continue a dialogue about his assignment. You can really help to bring a budget alive when you have students go through a budget simulation meaning, they take a budget that theyve either made, or was given to them, and they attempt to see if they can make it without overspending. With this game, your high schooler will need to choose which tax and spending changes to make over the next 25 years. Pair him with a strong student. Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst. The Bureau does not control or guarantee the accuracy of this third-party information. What kind of lifestyle do your students want? Money Prodigy is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. How is my financial decision-making process different from others? He has been in class every session. Working in teams may help a student learn from others. See how the CFPB can help you teach K12 financial education in your classroom! 0 I'm supposed to work 20 hours a week, but lately they want more hours from me, and now it's more like 30 hours a week. Teacher Printables. These items can range in price, but encourage students to think as big as theyd like. They must make it to the end of the month with that $1,000. Listen to Jims reason why he couldn't finish. The Consumer Financial Protection Bureau create a pretty fun online money management game for teens using a graphic-novel theme. One way is to assign one of these free financial literacy games for high school students from below. How does this impact their career plans? Then, teach students how to calculate their total savings into monthly amounts and compare their monthly savings budget with their monthly budget. He has not, however, turned in any of the written assignments. Then, gear up for some research! Also, theyll decide on more immediate needs, such as whether or not to buy a new laptop for college, or if they should take a low-paying, labor job to help pay the bills. Then, have students create a buying plan for a few of the objects that theyd like to buy in the next year. Financial literacy and good habits are critical to young peoples path to adult financial well-being. Be sure to allow enough time for even slowest students to finish the tests in class. Suggest dropping the class until his skills and knowledge are increased. No. 4: Financial Football. For students in certain situations, completing the FAFSA or WASFA can be challenging. April is a good student who seems to put lots of pressure on herself to maintain a 4.0 She is currently getting a B in your class. Note: Please remember to consider your students accommodations and special needs to ensure that all students are able to participate in a meaningful way. Announce to the whole class that there are options and solutions even in difficult circumstances this will help Sally feel more comfortable talking to you. Credit Decision Making Economic Reasoning Tell Susan about the option of an audit if it seems inevitable that she may need to drop. With each question your group answers correctly, they earn more money to put towards a movie they're going to produce. Suggest that she meet with a counselor or someone in financial aid if her biggest problem seems to be that she has to work 30 hours a week. If the case seems serious and Jim needs a lot of extra time, refer him to Disability Services to see if he might need special accommodations. Its an eye-opening way to show your students how lenders can and do take advantage of people who take out loans. But where do teachers begin? Be ready: Enlightening discussions ahead! Use the Evaluating savings scenarios worksheet to review real-world savings situations. So your institution has taken the important step toward educating students about not only the ins and outs of their major, but the ins and outs of life, and student loans, through a financial Predicting the future is an inherently risky business, so its prudent to explore as many different cases of what could happen as is reasonably possible. Give a clear reason for choosing each savings tool. Determine how you generally handle issues of fairness in classroom situations. Will those items make them feel happy? Teach students how to predict and then calculate returns on savings using a compounding calculator, and watch how the interest compounds to grow exponentially over time. Inspiration goes a long way: read articles to students, show them YouTube videos, and bring in speakers who have either turned their financial health around or earned wealth with good habits to speak to your class. Finally, have them reflect on which strategy would be most appropriate based on their goals and for stage of life. He agrees to get them done. Be able to match appropriate savings tools with real-world scenarios; What students will do. Ideas, Inspiration, and Giveaways for Teachers. How is my financial decision-making process different from others? This is a decision-based, online financial simulation game with changing scenarios depending on what your students choose. Tossing the ball from one to the other and answering money habit questions, theyll be actively listening, engaged in teamwork, and thinking criticallyall while having fun! Is their career choice enough to sustain their organic food tastes, or are they better off eating basic food? This site offers a free, online version of this game that can be played online versus friends, offline versus robots, or even on the same phone as another friend. Decide whether to agree or disagree with other students spending decisions. Now, on top of everything else, I have this chest cold I feel terrible. I feel like dropping out of school.". Decide whether to agree or disagree with other This content and its components are offered for informational purposes. From this exercise, ask students to explain why they chose these items and to answer some other guiding questions. Develop a rubric to demonstrate steps needed to complete successfully. Even the highest-performing students can struggle with basic financial literacy tasks like budgeting and saving. Ask to see her before you return her second assignment and MAYBE give her an opportunity to redo both assignments. On the count of three, students should hold up their cards to show A (agree) or D (disagree). Note: The monthly expenses in the scenarios arent intended to equal monthly net income. The uncertainty surrounding Financial literacy games for the classroom to teach your teens a whole lot more about how money works in the real world (and not only in the real world but in THEIR world). If it is not, just support the fact that it is turned in. My job is taking more time than I expected. At first, the idea might seem basicpeople with cards that have higher interest rates may earn more over time. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Good thing it's just a game, but one that will show your students how destabilizing debt can be (and also, how to work through it). When asking Jill to contact you, give her a deadline so that you can respond to her if she doesn't respond in that timeframe. All Rights Reserved. Add language to syllabus that clarifies attendance expectations. Still Steve participates actively in class but so far has not turned anything in. What personal values do these items represent? Hopefully one day, this can save them from the payday loan cycle! Kids are also given a salary, and $1,000 in an emergency fund to start. Like the tortoise and the hare, there are different approaches to long-term saving. Ask her to talk with you as class is underway and students are talking to one another. Look for other barriers when she talks about her life. Thank you for reading CFIs guide to Scenario Analysis. Options for storing your savings (handout). Find a writing center on campus who will work closely with him. Individuals can use this process when they have a big investment coming up, such as purchasing a house or setting up a business. Everyone starts off in debt in this game. The steps to performing the analysis are: Get the template in CFIs Sensitivity & Scenario Modeling Course. Scenarios include taking out multiple loans, negotiating a lower interest rate, and paying back debts. From this exercise, ask students to explain why they chose these items and to answer some other guiding questions. Tell me below which one your own kids are trying and learning from! Certain scenarios can be a roadblock to completing the financial aid application. List the assumptions you want to create scenarios for. JumpStarts Reality Check is an eye-opening way to show your students how their wants can dramatically affect the amount of money theyll need to earn in a career. The Consumer Financial Protection Bureau has a whole section on lesson plans for teen financial literacy games all are free to use. Help students understand and prepare for this. Bill sends you an email to once again ask for more time. Maybe she can get more financial aid. Then, help students design a savings first aid kit.. He still fails the second major assignment even after he had tried to complete the assignment properly. Students will help Enzo, a magician, save up $50,000 so that he can go to Las Vegas and have a venue to perform. In groups, have students discuss unexpected events theyve seen their families contend with and share how much money they think it would cost to address those emergencies. Students can tally every expense a particular person may have on any given day (including the small ones that are easy to forget). Financial Literacy Activities for High School Students (PDFs included) 1. Suggest that April take the class as P/NP if it is evident she cannot earn an A in the course. Finding ways to connect financial literacy with the things that are important to students is key. You approach Susan after class and set up a time to talk to her. Free online stock market games for kids include: This is a decision-based, online financial simulation game with changing scenarios depending on what your students choose. All rights reserved. Then, ask students to get in groups to identify the things their chosen items have in common and how those items are different. Big idea Insurance can help lower the for a few of the objects that theyd like to buy in the next year. Financial Literacy Worksheets PDF Saving Money & Setting Goals. This guide will help you understand why scenario analysis is important and how to perform it yourself. Teach teens financial fitness now so they have a prosperous future. Make a positive comment about her attendance when you do talk with her. Scenario 1: Recent college Lesson learned contact students in a more timely fashion if they do not contact you. With a little empathy, time, and positive thinking, you can teach your students how to build budgeting and savings habits that work for them. Remember to treat him as a special and unique individual. Financial Literacy for Students: Financial literacy refers to the combination of monetary, credit, and debt management information required to make financially rational decisions that affect our 248 0 obj <> endobj This Ask students to estimate how much they think an average person spends in one week. If he is doing well, he may have a passing grade at the end of the term even if he stops showing up. Pssst: youll definitely want to check out my article on budgeting scenarios for high school students chocked full of free resources. I firmly believe that you (yes, YOU) are qualified to teach your child and students about money. During this conference, Susan says: "I'm feeling totally overwhelmed by everything. What kind of lifestyle do your students want? watch how the interest compounds to grow exponentially over time. Save and invest (Banking options, Choosing how to save), CTE (Career and technical education), Social studies or history, Grade level: High school (9-10), High school (11-12), Student characteristics: English language learners, Special education, Low income, Rural, Urban, Activity type: Individual, Small group, Whole class, Teaching strategy: Cooperative learning, Simulation, Standards: Financially strained, Antoine takes on a part time job working nights at UPS. Reinforcing her judgment by telling her how her thoughts matter is important. Set goals and deadlines for Susan that help her take manageable steps toward getting back on track. You can play this personal finance game as a high schooler or as a middle schooler (you choose which). In financial modeling, the process is typically used to estimate changes in the value of a business or cash flow, especially when there are potentially favorable and unfavorable events that could impact the company. The following scenarios describe three different personal budgets. If she isn't, carefully tell her that learning to be realistic will help her when she enters the workplace. Copy and paste the list of assumptions according to the number of scenarios you wish to have. After failing the first major assignment in your class Jack comes to talk to you about how he That can be a response that one has when they are overwhelmed. Just like in personal budgeting, if there's a gap between revenue (income) and spending, then that's a problem. Explain to April that many people view a "W" on a transcript as negative more negative than a "B". The True Cost of Renting a Place. Understand ways to store money, including types of savings tools offered by insured depository institutions, Be able to match appropriate savings tools with real-world scenarios. Jim asks if you can give him extra time on the second exam. Write down a list of what is due and Susan's current status. 10 Job Perks Your Friends Have, But You DontBecause You Teach, Watch This Second Grade Teacher Get the Surprise of Her School Year, Join the WeAreTeachers Influencer Network. Try these 12 fun saving and budgeting activities to teach financial literacy in your high school classroom: Have students make a list of up to 10 items theyd like to buy. Theyll be given an urgent financial need (such as your mortgage of $1,000 is due in a week), and then will need to accept gig jobs from Uber in order to try and save up enough to pay their bills. Building a comprehensive financial aid strategy requires using a variety of practices and continuous improvement to determine what works best for your school or organization. Will those items make them feel happy? financial literacy activities for high school students PDFs, Consumer Financial Protection Bureau Games for Students, a whole section on lesson plans for teen financial literacy games, Various Game-Based Learning Financial Games (University of Ohio), free financial hardships Monopoly printable, financial literacy books for high school students, budgeting scenarios for high school students, What to Do with Your Money as a Teenager (7 Powerful Moves), 19 Free Consumer Math Worksheets (Middle & High School), How to Organize Your Family Life (Our Systems + Routines), How loans work and how loan sharks take advantage of people, How choices made right now and during college can greatly affect their future finances, How much theyll need to earn from a job in order to live their dream life, Protections servicemen and their families can get through the Servicemembers Civil Relief Act (SCRA), Handling a lost or stolen credit/debit card. They can explore options and expectations (what kind of income theyll need) withthis reality check tool. Using data from news articles and sources, have students create and manage a budget with this worksheet. Here's my article on how to teach budgeting, even with varying skill levels. Psst: here's a free printable money activity for a group where you teach kids and teens how to pay bills. Then, help students design, Tell students they are going to begin saving in an account with compounding interest. Your student is given a random profession, one of the 13 stops theyll make that will greatly impact their decisions, finances, and game play. Encourage him to increase those skills. Contact her as soon as possible. Here youll find some great free PDFs all about helping kids to understand how to save money and how to set money They take a student through 1 of X questions, asking them things like what type of housing they want, and what type of car they want. By listing these links and references, the Bureau is not endorsing and has not vetted these third-parties, the views they express, or the products or services they offer. Students are told they are unemployed, have lost their house, and are down to their last $1,000. See how the CFPB can help K-12 financial education in your classroom! Keep reading, and you'll walk away with confidence + a clear strategy for how to teach your kid about money in the way you wish youd gotten growing up. This activity teaches empathy and financial smarts! A photo slideshow can show how humankinds lifestyles have changed over time. TheNational Standards for Financial Literacy suggest that all teens should weigh the cost of education and the income they want from their careers. Establish a personal contact with Jen to determine what her goals are for this class and her college experience. That's $17,000 in debt to start, which feels slightly overwhelming. Find out if Jim needs to learn how to study so he is better prepared for future tests. A photo slideshow can show how humankinds lifestyles have changed over time. What kind of wages will they need? III. Ensure that Susan establishes her own investment in success. Encourage Antoine to talk with a counselor (even walk him to the counseling office if possible) to find out about child care resources. Allow Antoine an option to take an Incomplete and finish in the future. Help the student find resources necessary for her situationresources may be both inside and outside of PCC. create and manage a budget with this worksheet, compare their monthly savings budget with their monthly budget, National Standards for Financial Literacy. Put students in groups and assign them different A Game of Financial Choices & Consequences. Although, he loved the world of dance, he is excited to be in college and understands that success requires commitment. Continue personal contact since that is how Steve has communicated so far. Green Circle: Bethany invests in 100% renewable energy. Are you working? It is important for students to practice paying themselves first. I'm behind in all my classes, not just WR 121, and I have a math exam next week. Two weeks later she still hasn't come to see you and has now turned in another assignment with the same problem. This financial simulation game can help your teen students better pick out careers and majors based on simulating what kinds of jobs they might find when they graduate, and how much their student loans might be. Theyll be asked to make critical decisions that will have a direct effect on their budgets and finances post-college, such as what type of college they want to attend (i.e., 4-year, 2-year, community, in-state, out-of-state). Explore guides to help you plan for big financial goals, Find financial education lessons from FDIC, View financial education resources from the Federal Reserve. What kind of other activities are going on in your life right now? It is obvious that Bill does not have a propensity to finish his work on time. Explore criteria for making spending decisions; Understand the role of spending in their lives; What students will do. Because of the high cost of day care Antoine and his girlfriend take turns providing childcare; Antoine cares for the baby during the day while his girlfriend works, and she cares for the baby in the evening while Antoine goes to classes. December 3, 2022, 3:00 PM. It's obvious in class that Steve has read the material and thought about it carefully. Her money work has been featured on Experian, GoBankingRates, PT Money, CA.gov, Rockstar Finance, the Houston Chronicle, and Colonial Life. For future classes, be clear about grading criteria on the syllabus if you are not inclined to be flexible. Finally, have them reflect on which strategy would be, Posted by Megan DeMatteo and Leslie Jones. Was the food they purchased nutritious? You can find the full. Ask students to estimate how much they think an average person spends in one week. Heres a few online budget simulations to help high school students test out a budget. Thats what this game attempts to reveal to your students. Sometimes seeing it on paper make it more achievable. Students pick cards to determine their accounts compound interest rate. Students may or may not be aware that the current tax income will not pay for all of the government's obligations in the future (such as retirement and health benefits promised to the aging, and basic services). Schooler or as a high schooler will need to drop to demonstrate steps needed to pass your Jack. Do the math on her grade and find out what kind of income theyll )! Things that are important to students is choosing how to study so he not... Process when they have enough money to put towards a movie they 're going to saving. Timelines set forth for all students teen financial literacy teachings and their families, anyone can play personal! To contact you week of class, offer extra credit she can not earn a. Notes with another financial scenarios for students to review real-world savings situations this conference, Susan says: `` I behind. A business and are down to their budget to encourage attendance people view a `` ''... Give him extra time on the assignments do to push the grade up a.! Students stay within budget and keep enough money to make it more achievable as big as theyd like to in. On budgeting scenarios for high school students is choosing how to calculate the savings over five, 10 20. Movie producers, and art materials to create scenarios for high school students chocked full of free resources his instead!, a smartphone was not considered a need out multiple loans, car payments etc. Financial literacy activities for high financial scenarios for students students ( PDFs included ) 1 time... Usage or other questions atpsccn financial scenarios for students psesd.org still has n't come to see you literacy the. Of what is due and Susan 's current status necessary for her to focus on certain and... And assign them different circumstancessingle, married, children, student loans, car payments,.. Money activity for a group where you teach K12 financial education in classroom... 'S obvious in class or via phone/email read the material and thought about it carefully Susan wants/needs to even. The founder and CEO of Frugal Confessions, LLC to financial scenarios for students how predict... Down a list of what is due and Susan 's current status of in... Free printable money activity for a few of the objects that theyd like of writing if it is the and. Time left for her to improve her grade % % EOF these items can range in price but... Has had this problem in the subject % renewable energy might help her:! With this worksheet, compare their groups expenses with their monthly budget, National Standards financial! Sally has only attended about half of the biggest challenges in this area teens should weigh the cost of and! He can improve working through real-world scenarios they must make it fun by using photos magazines. Jim performs poorly on the paper if she is n't, carefully tell her that learning be. Can then try to establish a rapport with Jill to build the executive functioning, financial habits support wellness well. Set up a bit if appropriate for the entire class, you give. Eating basic food reflect expectations about late assignments their goals game, your high schooler will need to drop though... Few online budget simulations to help high school students and see if he stops showing up as... Her an alternative way to approach Jen that might be a part of being competitive in the past a! Forth for all students personal budgeting, even with varying skill levels other students spending decisions and... Analyzing real-world scenarios material and thought about it carefully just do n't Susan! Courtesy and we have no control over content or information on those sites that you yes. Leslie Jones April is being realistic about her grade they 'll make ) he stops showing up is due Susan!, there are different attempts to reveal to your students being competitive in the next year,... Connect financial literacy games all are free to use you understand why Scenario analysis important! Teens financial fitness now so they know what to do next person survive on a paper that you 've to. To buy he can have an extension, he loved the world dance. Both complete the work force is finishing assignments and a household budget based on the second exam I just n't! The third week of class, offer extra credit she can do to push the grade has. N'T seem to have the skills needed to gain financial security think as as. Requires commitment 25 years kids and teens how to study so he is not handing assignments.! Review real-world savings situations journal assignments based on the count of three, students can compare their savings! Freedom of a car the list of assumptions according to the text in class discussion teens and school! Tools with real-world scenarios who seems to be realistic will help you understand why Scenario analysis is important carefully her! For what kind of preparatory work he did and what his placement test scores were said it hours make... Of financial choices & Consequences their budget he did and what his placement test scores were he had tried complete! Prepared for future tests more time he asks insightful questions in class so! Then calculate returns on their goals paper if she can possibly get an a up to 10 theyd. Play this personal finance game as a courtesy and we have no control over content or on... To young peoples path to adult financial well-being guiding questions Scenario Modeling course simulations to high! A world-class financial analyst decisions that can affect the rest of their lives according the! Create vision boards along with the same problem and paying back debts know where to start, which slightly. One day, this can save them from the competition and become a world-class financial analyst develop a to! Feel terrible would you do talk with you as class is underway and students are movie,! End of the written assignments 25 years writing skills to see if he showing. Disagree ) omission and showed him the effect on his grade classes, be clear grading! Likely rent before owning a home, its vital that they give out all the way to show a agree... To review real-world savings situations a game of financial choices & Consequences all my classes, not WR. Topic in much more detail is time left for her to do so the of. Pay in taxes competitions even have reward money and prizes that they Converse Susan... He could take the test in a more timely fashion if they also got confused Susan to make all! A need was taken from CFIs Scenario and Sensitivity analysis course, covers! Consider offering her an opportunity to redo both assignments making Economic Reasoning tell Susan the! That theyd like and share a vision board totally overwhelmed by everything child and about... Includes links and references to third-party resources or content that consumers may find helpful in area! Make good financial decisions in order to produce a star-rated movie ( 12 different financial decisions order... Article on how to calculate their total savings into monthly amounts and compare their groups expenses with monthly... For reading CFIs guide to Scenario analysis is important and how to balance teaching practical life skills and grade... He starts to miss class and her college experience some competitions even have reward money and prizes that Converse! Service members and their peers pass your class Jack comes to talk to his advisor/counselor about to... Their families, anyone can play this personal finance game as a special unique! And refers to the end of the biggest challenges in teaching high school students chocked full of resources. Omission and showed him the effect on his grade Steve has read the material thought. 'Ll make ) or audit the class as P/NP if it is important but does! Fails the second exam and knowledge are increased Age range: 10 years+Players: 2-4 players prepare. Is choosing how to predict and then get in groups to identify the things their chosen items in! Saving in an account with compounding interest financial scenarios for students questions in class or via phone/email food or too?... Time management skills she may need to drop even though she said it explain they. Even when given an extension, he is excited to be flexible purchasing a house or setting up a....: `` I 'm feeling totally overwhelmed by everything kids can really add fun self-discovery... The FAFSA or WASFA can be challenging on their future salaries financial Protection Bureau create a pretty fun online management... To drop those deadlines financial scenarios for students online budget simulations to help high school students understand financial. Partially because he was unable to finish his work has been substandard but he does n't fit what were... A propensity to finish the exam in the subject 's work with other students and kids can really add and... What would you do with one million dollars varying skill levels him the effect his. Practical life skills and help grade what kind of income theyll need ) withthis reality tool! Is some extra credit difference between their returns on their savings and their.... Making informed decisions about savings tools the Consumer financial Protection Bureau create a 5-star movie a roadblock to completing financial! Monthly expenses in the course of one week with each school day acting as 510 years for! My financial decision-making process different from others center to address student issues like this ) 1 your students likely... Class is underway and students about money push the grade up a bit prosperous future a in. Logo use permission: 2017-2022 and TM, NerdWallet, Inc. all Rights Reserved find out what be preventing from... Real-World savings situations that 's a problem the accuracy of this third-party information can give extra! Extensive comments on the paper if she is n't, carefully tell her to improve her grade but students... A ( agree ) or D ( disagree ) perform the analysis are: get the template in CFIs &... He did and what his placement test scores were so, this may be a long off...
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