Teaching kids to value cents over money
[attach]7878[/attach]Jenni Bolton and Caroline Munshaw were teaching financial literacy to low-income adults when they came up with the idea for their current venture, Cent$ible Students, which gears the same lessons towards a younger generation.
“I thought we really should teach children about money before they make all of these mistakes, like the clients that we were dealing with who already had problems with debt and had difficulties budgeting,” Bolton said from a coffee shop near her office on Yonge Street and St. Clair Avenue East.
The pair created interactive in-class workshops for students from Kindergarten to Grade 8 that tie into the math curriculum. They further financial literacy by helping students develop an understanding of money-related issues such as budgeting, credit, banking and saving.
“We discovered that there was a niche for us because there were a lot of programs for older students and so we started to develop something for younger students,” she said. “We both had younger children, so we knew that they understood the concepts.”
To date, Cent$ible Students has delivered 600 workshops, which consist of stories, activities, videos, online tools and games, to 15,000 students in 200 schools. Students at Branksome Hall, St. Clement’s School, Forest Hill Elementary School, Havergal College, John Ross Robertson Public School, Bishop Strachan School and Ledbury Park Elementary and Middle School have all taken part.
[attach]7877[/attach]“We want to take this and inspire young people to think more carefully about their choices around money,” she said. “We’re hoping to inspire them to be better money managers in the future.”
The sessions aim to introduce financial concepts at grade-appropriate levels, such as making sense of cash, cheques, debit and credit for Grade 4 students or managing finances for those in Grade 7.
Seeing children get excited about managing money, watching them connect with the concepts and realize how they can save for items on their wish list — like an iPad — make running the sessions rewarding, she said.
“Ultimately, we all could use a few tips and look at our habits and find some ways to tweak and improve them,” she said. “If we can start at a young age we will hopefully have a generation that maybe doesn’t get into so much trouble over money.”
Ready… Set… Grow!
Here are a few things Bolton suggests parents consider when trying to get kids started on the path to better money management:
The right time?
Children are ready to learn about money when they learn to count, when they start showing interest in money and when they begin to understand the concept of a need versus a want.
Teachable moments
Bolton suggests parents find the teachable moments in everyday life to reach kids at a young age.
Shopping is a great time to talk about making change, have a discussion about needs and wants, or to introduce the concept of comparison shopping and finding things on sale.
A trip to the bank or going over bills at home can spark a conversation on earning money (and how challenging it can be), the benefits of a bank account, and the difference between debit and credit.
You can explain budgeting by involving the family in talks about saving for a vacation or the cost of cooking at home versus takeout.
Further reading
Money Savvy Kids, by Gordon Pape and Deborah Kerbel.
A Parent’s Guide to Raising Money Smart Kids, by Robin Taub.
