Teachers strive to bring more parents into personal finance education

It’s a question that many personal finance educators have asked: What’s the best way to involve the parents of my students in the financial literacy that I teach?

Tamara Gordon, 8^e a social studies professor at Atlanta’s Centennial Academy, is one of them.

“Some parents think teaching personal finance education is nonsense. How can I overcome this? »She asked a panel of experts on May 5th. Investing in Teachers: Loan. Together. Grow. event, a partnership with CNBC, the Council for Economic Education and Next Gen Personal Finance.

“Sometimes you meet that resistance because, frankly, parents are ashamed of where they are, they are ashamed not to know,” said Tiffany Aliche, founder of The Budgetnista and former teacher in Newark, New. Jersey.

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To bridge the gap, what Aliche would do when teaching was gamify financial education for her students – in a game, they would assume adult characters and practice paying bills with Monopoly money. . On those days, she also invited the parents of her students to come and play.

“What your child learns, too, you can learn in a way that preserves your dignity,” she said. “Invite these parents into the classroom.”

There are also ways to bring the conversation home.

“I think you can outsource tasks that involve asking parents financial questions,” said Dan Otter, executive director of 403 (b) wise, an education advocacy service, adding it might tell about parents’ first job or how their families handled money. .

“You don’t want to make it threatening,” Otter said. “I think you have to start with these basic questions.

Personal finance education in the United States varies by state, city, and even school. Only 21 states require high school students to take a personal finance course, and few require it to be a stand-alone course, rather than part of another course.

In 24 states, high schools are required to offer personal finance education, but it is not mandatory. According to a study by Next Gen Personal Finance, a nonprofit organization focused on providing financial education to middle and high school students.

But this share is lower for students of color, exacerbating existing wealth gaps. Only 7.4% of Black and Maroon students and 7.8% of low-income students are required to take a personal finance course to graduate.

Use personal stories

Beyond school and state requirements, many students may not have examples of adults in their lives who have strong financial literacy and have modeled good personal finances.

“Studies show parents would rather talk to their kids about sex than about money,” Brad Klontz, financial planner and certified financial psychologist, told Wednesday’s panel.

Some teachers also make a point of bringing their personal finance experience to the classroom to engage their students and lead by example.

Yamiesha Bell, a 10^e A special education teacher at Gotham Collaborative High School in the Bronx, New York, was keen to share her personal finance story with her students.

She kept them in the loop by paying off about $ 27,000 in credit card debt over seven months and bringing her total net worth to $ 100,000.

“I thought it was important for someone who looked like them to show them that there are options for building wealth,” said Bell, who also recounts his personal financial journey on an Instagram account called The Bold Budgeter. .

The expert panel also encouraged teachers to do their own personal financial research and planning, as well as to talk about finances with their students and peers.

“I think it’s incredibly helpful because there’s a good chance other people will breathe a sigh of relief,” Klontz said. “All you have to do is start talking about it and the others will take it easy.”

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