There are many reasons why students should learn about financial literacy. Although the topic may not have always been a priority in the classroom, financial literacy lessons for students is an important part of education.
Students need to understand how the basics of money, finance, investing, saving, debt, and spending work. These are valuable skills that are needed as students become independent in adulthood.
Why should financial literacy lessons be taught in schools?
Teachers can help enhance financial literacy lessons by adding engaging and interesting content.
Students being taught about finances can learn how to become more informed consumers and to think critically about purchases and how that contributes to their local and global impact.
Financial knowledge is also important for helping with the transition from childhood to adulthood, as well as helping students understand risk management and the consequences of their actions. By developing financial understanding, students can have the opportunity to take responsibility for their decisions and learn how they can set goals to achieve what they want.
Becoming more informed consumers
Many people purchase things on a daily basis, or at least multiple times a week. It’s crucial for students to become informed consumers and understand what they are buying, why they are buying it, and what value (real or perceived) it has.
Becoming more informed through financial literacy lessons can help kids learn that their decisions are part of a wider system and that they have an important role to play in that as consumers. It can also help them make better purchasing decisions (e.g., spending more on an item that will last longer).
Thinking critically about their impact
Financial literacy lessons can help kids better understand that what they choose to buy and sell (or not) can have a wider local and/or global impact.
For example, understanding that fast fashion may be fun, but that it has global implications (in addition to implications for personal spending) is important for students to recognize as they make purchasing decisions.
Transitioning from childhood to adulthood
Skills around budgeting, saving, investing, debt and more are all important to know as students transition into adulthood.
As they start part-time work, they will need to figure out how to allocate what they make in ways that make sense for them and their family situation.
Learning how to budget, about taxes, and how to create a financial plan are all essential tools needed in adulthood.
Understanding risk management and consequences
Through financial literacy lessons, kids can start learning about the risks and consequences of financial decisions.
They can learn that, for example, it might be exciting to risk lots of money on a stock or buy a dozen Labubus (or Beanie Babies if you are of a certain age), but that those decisions don’t always mean a strong financial reward in the end.
Thinking critically about risk and reward can help students make stronger financial decisions now and in the future.
Taking responsibility for decisions
Students learning about financial literacy can also learn about how they can be responsible for their financial decisions, as well as the results of those decisions. Students need to learn, just as with assignment deadlines or following homework instructions, that there is a responsibility that comes with making decisions involving money.
Using money as a way to teach this can be helpful because students will be able to directly see how they can run out of a resource (money) if they do not make informed decisions.
Setting goals
Financial planning does not have to be overwhelming for students and can start small with some of the ideas already mentioned in this blog post.
Learning about making informed decisions, risk and consequence, personal responsibility, and critical thinking can help students set goals around finances.
This could mean committing to being an informed consumer and thinking carefully about purchases, deciding to support local and small businesses, coming up with a plan to save part of each paycheque, and more.
Through financial literacy lessons, students can set and work toward goals.
Ontario Financial Literacy Curriculum Overview
Grade 6
- Pros and cons of different payment methods.
- Learn about financial goals and things that could impact these goals.
- Investigate interest rates: What they are, and discover different rates offered by financial institutions.
- Money management practices: trading, lending, borrowing and donating.
Grade 7
- Learn about international currencies, the way exchange rates work, and how these currencies are valued in comparison to Canadian dollars.
- Compare fees and interest rates for different kinds of loans and accounts, and learn about borrowing costs so that they can be better informed consumers.
- Look at how savings and investments can be impacted by interest rates.
- Become aware of financial planning and how to reach financial goals.
Grade 8
- Create a plan to achieve financial goals.
- Find ways to keep budgets balanced.
- Compare ways to enhance value for money, such as sales and rewards programs.
- Investigate types of interest, such as simple and compound, through the use of technology.
- Share how long-term financial planning is affected by interest.
Financial Literacy Lessons Examples
2 Peas and a Dog offers a wide range of financial literacy lessons for students that will help them think critically about spending their money.
Students will practice their math skills while finding the best value for their money by calculating the cost of a real chocolate fudge recipe at two different grocery stores. They need to make the best financial decision for their “Sweetness Bakery.” Measurements are in metric.
Podcast Listening Comprehension Lesson – Unit Pricing
Students will learn about unit pricing and why some stores have it on their shelves and others do not. Understanding unit pricing is helpful when learning about value for money as students become more informed consumers. It also helps students think critically about what is actually the best deal, and learn about how unit pricing is an important shopping strategy.
This lesson goes beyond simple math and pricing and asks students to become more informed consumers by examining the ways to get the best value for money. Students will look at the differences between outlet and retail stores, including product quality, psychological pricing tactics, and consumer perception. This is a real-world example that will help with financial literacy lessons, while helping them think critically about purchases they may make today.
Students will learn about gender-based pricing and the marketing strategies companies use to influence buying behaviour. They will critically evaluate the role of product packaging, colour, and branding in consumer decisions, allowing them to become more informed buyers. They will also be able to see the differences in gender-based pricing, which can then be used to examine how that could impact a budget and financial goals.
This lesson will help students become more informed consumers with an example they likely encounter now in their lives – checkout charity donations. Students will examine persuasive tactics used by companies, consider consumer pressure, and evaluate the transparency of donation programs. They can use this example to think critically about their charitable dollars and how they can have the strongest impact.
Food Prices in Northern Canada
Help students understand the complexities of financial planning and budgeting with real-life examples of different grocery prices in Canada, especially in the North. This resource promotes thoughtful discussion, comprehension, and analysis through learning about a basic resource with geographically different costs. Students can think about how food pricing challenges can impact budgeting and financial goals.
Podcast Listening Comprehension Lesson – Dollar Store Prices
Use this podcast comprehension lesson to enhance your students’ financial knowledge about pricing and how that can impact budgeting. Students will learn about the cost of items at dollar stores, why name-brand items are cheaper, and why dollar stores have become more accepted now. They will be able to become more informed consumers while thinking critically about how to get the best value for their money.
Podcast Listening Comprehension Lesson – Pay What You Want Stores
Students will learn about the concept of Pay What You Want Stores, where value is assigned at the discretion of the consumer. Students will love learning about this unique retail model, which raises questions about real and perceived value.
Podcast Listening Comprehension Lesson – TikTok Creator Fund
This lesson is a perfect fit for middle school financial literacy lessons. They can learn about how finances relate to content creation and what it takes to be financially successful. Students will learn about the work creators put in to make money, which often includes creating planned content for brand deals.
Podcast Listening Comprehension Lesson – Impulse Shopping
Many students will be familiar with impulse shopping. This lesson will help them examine their shopping habits with a podcast comprehension lesson. They’ll be able to become more informed consumers by learning about store layouts and how they impact people’s impulse shopping habits. This topic is also a great starting point for discussions around budgeting and financial planning.
Podcast Listening Comprehension Lesson – Food Delivery Tips
A great addition to your financial literacy lessons is this podcast comprehension lesson on food delivery services, specifically how consumer tipping habits impact food delivery times. Students will learn about how tips work on food delivery apps, and it’s a great starting point for discussing how food generally costs more on apps, while also adding a cost with the delivery and tip, which can affect budgeting and value for money.
Podcast Listening Comprehension Lesson – Donation Bins
This podcast comprehension lesson helps students understand what happens to their items when they are put in a donation bin. They’ll love that this lesson examines what happens to their used stuff, and the topic can help spark discussion around the amount of goods we buy, the amount of used items being donated, and how buying so much can impact financial planning and goals.
Podcast Listening Comprehension Lesson – Chewing Gum Sales Decline
Help students learn about product sales and declines with this Chewing Gum Sales Decline Podcast Listening Comprehension Lesson. Students will learn about why researchers think chewing gum sales have declined in recent years, allowing them to think critically about how demand can fluctuate, impacting financial planning, budgeting and goals.
Podcast Listening Comprehension Lesson – Egg Prices
This lesson will help students understand why egg prices vary by type of egg through a podcast comprehension activity. Students will be able to gain an understanding of what determines egg pricing, highlighting the factors that go into how a price is set. By considering all of the factors that impact egg pricing, students will be able to see how different prices can affect both business and personal financial planning and goals, as well as become more informed consumers.
Podcast Listening Comprehension Lesson – Fast Food Prices
Students will love learning about how the cost of fast food can vary at different locations through this podcast comprehension lesson. This topic will help connect spending decisions with something many experience in their own lives. This is a great lesson for sparking discussion beyond simple pricing, including how to assess if you’re getting the best value for your money, and what lengths you may be willing to go in order to save.
Podcast Listening Comprehension Lesson – Play Now, Pay Later
Students will learn about in-game purchases as a reality of modern video games. This lesson comes with an engaging listening comprehension lesson based on a podcast segment. Students will be able to think critically about in-game purchases, which can be bought impulsively and add up quickly, affecting budgeting and financial planning. Students will love this lesson as part of their financial literacy learning, as they may be able to connect it to their own experiences.
Podcast Listening Comprehension Lesson – The Rise of Resale
This lesson will help students understand the finances behind used clothing, through the rise of resale. Teachers are provided with an engaging lesson based on a podcast segment about why brands are creating resale programs for their used merchandise. This can help students think critically about perceived value and the financial benefits to companies that are creating these programs.
Podcast Listening Comprehension Lesson – Wallet-Friendly Food App
Students will learn about an app that pairs consumers with food deals with this Wallet-Friendly Food App podcast comprehension lesson. Students will hear about how food businesses with leftover food are matched with consumers. This is the perfect lesson to discuss thoughtful spending, getting the best value for your money through sales, and how savings can impact financial planning and budgeting.
Middle School ELA Sub Plans – Topic: Charitable Athletes
Students will learn about athletes who use their financial resources to make an impact in the non-profit sector. Use these as no-prep sub plans or to help spark a discussion on financial generosity and how that can be incorporated into budgeting, financial planning, and goals.
Expensive Shoes: Are They Better?
Are expensive basketball shoes really worth the hype? In this engaging consumer awareness lesson, students will dive into the world of brand marketing, product performance, and pricing psychology as they explore whether premium-priced shoes live up to their promises.
Students will examine several popular athletic shoe brands and analyze real-world test results to evaluate marketing claims. This is a great lesson for enhancing critical thinking, enhancing consumer awareness, and discussing value for money.
Financial literacy lessons are essential to teach in middle school. Through the lessons outlined above, your students are sure to start their journey toward being financially responsible with ease.
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