08-18-2024 Back to School - Flipbook - Page 12
12 A Special Advertising Section of Baltimore Sun Media Group | Sunday, August 18, 2024
Financial Lit
Literacy as Important as Reading,
Writing and Arithm
Arithmetic
By Lisa Baldino, Contributing Writ
Writer
D
id you know children ccan grasp
and
the basic concept of currency
cur
money as early as age 3? At age
5, they begin forming financial
habits, and by the age of 9, many
have
ma
formed the concept of money they
the will take
with them into adulthood.
Educators and financial
financial professionals
pro
say parents should be introducing the purpose and management of money even
before
e
school age. Studies show that up to 71% of
financially
stressed. This
Americans feel fi
nancially stres
cause for a
should be eye-opening and a ca
financial
education.
push to focus on fi
nancial educa
director of the
Julie Weaver, executive direc
Maryland Council on Economic Education
(MCEE), says, “We want to create llong-term
needs to be a
change. Financial education need
This
Thee way w
we’re going
priority. Th
is is urgent. Th
[financial
to get there [fi
nancial literacy] is rooted in
improvement.”
quality education and improvemen
thousands of
MCEE works with thous
Maryland educators each year tto reach
financial
students with quality fi
nancial literacy
programs featuring activities that are
Weaver says
engaging, fun and educational. W
way to work
that the schools are an equitable wa
children have
the programs because “all childr
access to school.”
The programs require consistency and
skill-building over time. “Parents can start at
home with a little money. For example, take
children to the grocery store and work with
them on various ways to spend $5,” Weaver
suggests.
Families can find financial literacy
resources from knowledgeable members
of the financial and money management
communities, as well as educators. Liz Monti,
AVP Financial Education at APGFCU says,
“We provide free money management for all
ages.”
She points first to the credit union’s
award-winning Banzai program designed
for students to follow throughout their
elementary, middle school and high school
years. The interactive, online educational
platform is customized for every grade level
and reinforces key skills in reading, writing,
math and teambuilding. “Students learn to
solve financial issues in real-life scenarios
and have a presentation by a certified
personal financial educator,” Monti explains.
APGFCU also offers free webinars and
in-person seminars on budgeting, homebuying, identity theft and financial wellness.
Monti says, “It ties back to our community
focus and making financial education
accessible to anyone. We know it will
have long-term impact, so we [APGFCU]
invest significant resources to advocate for
financial education.”
When children understand finances,
they can watch their savings grow through
various financial products like interestbearing accounts, annuities, certificates, or
stocks and bonds.
Weaver says the Stock Market Game is a
popular long-standing tool made available to
educators by MCEE to familiarize students
with investing. “It models investing in the
stock market. Students get a sum of money
to buy and trade stocks, bonds and mutual
funds after researching them. They create a
portfolio of their selections and watch the
market,” she explains. “It’s the passion of the
teachers that makes this program a success.”
She notes that thousands of Maryland
students participate in the program each
year. Its success is noted in a study by
Learning Point Associates, a leading
educational research organization, “Students
who played the Stock Market Game scored
significantly higher on mathematics and
financial literacy tests than their peers that
did not play.”
Adding a little more skin in the game,
The St. Paul’s Schools in Brooklandville,
Maryland, not only has a student investment
board, but those 11 board members are
responsible for $10,000 of the school’s
Left: CNBC contributor and NFL veteran Brandon Copeland speaks to St. Paul’s students about the importance of financial planning, Top: St. Paul’s students participate
in an industry visit at the Baltimore investment firm
f Brown Advisory