How Financial Literacy can affect overall well-being
Support your students in learning the fundamentals of how financial choices and decisions can affect their overall well-being.
Financial literacy is the knowledge and skills a person needs to make good decisions about money throughout their life.
Why is learning financial literacy so important? Here are three reasons:
- Money and health go hand-in-hand. While it may be true that money can’t buy you happiness or good health, knowing how to manage money can help people lead healthier, more productive lives. In the short-term, students understand budgeting, saving, and the difference between needs and wants. In the long-term, it empowers them to become citizens and critical thinkers who have the resources they need to make good decisions and take care of their bodies, minds and relationships—something which, over time, will contribute to their overall well-being.
- Being financially literate builds stronger families and stronger communities. Some adults feel that kids don’t need to worry about managing money until they’re adults themselves. However, conversations and experiences about money are not only appropriate—they’re essential if we want to help kids gain a solid understanding of financial basics and set them up to succeed and navigate today’s (and tomorrow’s) complex financial world. By making connections between financial literacy, and health and well-being, kids learn early on how their choices and behaviors affect themselves, their family and others in their community.
- Financial literacy develops competence in various subjects. By learning financial literacy in school, students are able to build their skills and proficiency in a number of subjects including math, language, media studies, and H&PE. Not only does this allow teachers to check off different curriculum expectations all at once, but it gives students the opportunity to see how their in-class studies are interconnected and directly linked to real-life. With the added bonus of teaching financial literacy through the lens of H&PE, students are able to learn and practice Living Skills which include personal, interpersonal, critical, and creative thinking skills — all essential skills that students can take with them and use in many other aspects of life now and in the future.
How can you support the financial literacy of your students?
Thanks to funding from TD Bank, Ophea’s Wallet Wellness has a new free take-home resource called the Wallet Wellness Activity Booklet. The Activity Booklet introduces students in grades 4-6 to financial literacy themes like: budgeting, comparing prices, and decision making in a fun and interactive way. Limited quantities of free hardcopy class sets are available to order now! In addition Wallet Wellness includes activity cards for Grade 4-8 with cross-curricular connections to language and math, a supporting Facilitators Guide, and animated videos as well as professional learning videos to assist educators with teaching their students the importance of budgeting and saving money.
In a rapidly growing digital world where we are constantly bombarded with advertisements, it can be difficult for kids to make healthy and responsible choices with their money. Financial literacy can help them make the right decisions!