Teaching resources, financial literacy for kids - Teacher resources for teaching children finance - financial education, financial literacy, money management and understanding money for primary school children.
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The developers of the MakingCents program have created a teachers’ guide dedicated towards lower primary students with a focus on using money – the unit provides students with the knowledge, skills and understandings related to budgeting, saving, making financial decisions, financial products and services, technical terms related to finances, being entrepreneurial and being financially responsible.
There is a suggested activity in the guide that encourages students to differentiate between needs and wants, which requires money and which does not. It will require a slight modification in order to suit kindergarten students.
As a class, students can brainstorm things that we need to live and what we would like to have to make ourselves more comfortable. Go through the list again, but this time, have students hold up a card with ‘$’ on it if the need or want requires money. This increases all students’ level of participation in class and teacher can also see whether students’ have an accurate understanding through their responses (Kounin, 1970). A mathematical link could be to order the priced items from least to most expensive – this could be done through organising the pictures (hand drawn or prepared by teacher) of the items along a line (this meets NSW Mathematics K-6 Syllabus DES1.1 – represents and interprets data displays made from objects and pictures).
For an assessment task, the guide recommends having students to draw, write or cut and paste pictures of their own needs and wants and categorise them. To stimulate higher-order thinking and improve collective understanding of using money, students can compare and contrast each other’s concept map to appreciate the diversity in human needs and wants (Newmann and Wehlage, 1993 as cited in Gilbert & Hoepper, 2011).