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2006 Virginia Financial Literacy Summit

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Economic and Financial Literacy Education at Collegiate School/ The Powell Center ... At The Powell Center and Collegiate School, We Teach Economic Principles to ... – PowerPoint PPT presentation

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Title: 2006 Virginia Financial Literacy Summit


1
2006 Virginia Financial Literacy Summit
  • Economic and Financial Literacy Education at
    Collegiate School/
  • The Powell Center

2
So Much to Teach! Where Do I Begin?
  • How do I impart the wisdom my parents and life
    experiences have taught me about financial
    matters?

3
At The Powell Center and Collegiate School, We
Teach Economic Principles to Guide Decision Making
  • We all make choices.
  • All choices have consequences.
  • These consequences often lie in the future.
  • Economic thinking is marginal thinking.
  • TANSTAAFL
  • (there aint no such thing as a free lunch)

4
Someones sitting in the shade today because
someone planted a tree a long time ago.Warren
Buffett, Billionaire Investor
5
We believe that educating our students about
personal finance should begin in the early years
when habits are being formed.
  • Goals
  • Students will understand that looking after their
    own money is a big part of looking after
    themselves.
  • Students will learn how people earn income,
    budget money, save for the future and spend
    wisely.

6
How Do I Get the Attention of Kids Who Live in a
High Speed, High Tech, Insatiable Consumer
Society?
  • How can kids learn and practice habits based on
    healthy financial values?

7
The Six Big Ideas
  • Setting Goals
  • Earning Money
  • Spending Money Wisely (Budgeting)
  • Understanding the Time Value of Money (Saving and
    Investing)
  • Using Credit Responsibly
  • Protecting Assets

8
No Wonder Todays Financial Environment is
Confusing to Young Children!
9
Ages 5 - 7Starting to Make Choices
10
Ages 8 - 10
  • Strengthening the Financial Foundation

11
Kids learn best when they are actively involved
in real-life interesting experiences.
  • Examples
  • Cougar Savings Bank, K - 4
  • Cougar Cashe
  • Student-run businesses

12
Work With Parents of Young Students
  • Start Young
  • Finance courses are typically taught in high
    school. But children learn best about money from
    age 6 to 12.
  • Talk with your child about managing money at an
    early age as everyday opportunities arise.

13
Offer Helpful Ideas to Parents
  • It is easier for kids to save when they have
    something concrete to save for.
  • Encourage parents to talk with their kids about
    what they would like to buy, what it will cost,
    and what theyd be willing to forgo to get it.

14
A Closing Word
  • Learning to manage money wisely and well is a
    lifelong endeavor.
  • Setting children on the path to financial
    understanding should begin in the formative
    years.

15
Resources
  • www.powellcenter.org

16
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