(This post was originally posted on the Money Awareness and Inclusion Awards website.)
9 award-winning financial literacy ideas from the MAIAs
Talking to our teenage children is never easy. This is compounded further if it’s a subject that school isn’t teaching them and that we know is important – like financial literacy. And what if it’s a subject that we the parents are not strong in?
Teaching teens about money can often be compounded by the fact that the world outside only celebrates people who spend money ostentatiously: it is difficult to find role models who save and invest sensibly.
It’s also such an important time. They are starting to make their own decisions about how to spend, and will soon have autonomy over how they earn, how much they save, spend, and invest – and if they start investing younger, their financial futures can be so much more secure.
We know it’s a problem, personally. One of the MAIAs’ co-founders, Michael Gilmore, even went so far as to write a book for his own teenage daughter because he couldn’t find exactly what he wanted. He says, “It’s one of the things that led to the creation of the MAIAs themselves, the desire to help other parents find ideas and solutions to help them talk to their kids about money.”
So here, making good on that original idea is a collection of nine award-winners from the 2022 Money Awareness and Inclusion Awards (find them all here) that might help you communicate with your teenagers about money and teach them important lessons before they learn bad habits.
Money Matter$
Money Matter$ is a YouTube show hosted by influencer Mathura Kannan every Sunday. The show features interviews with various speakers and experts of all ages on matters relating to personal finance, business, and entrepreneurship. What makes the show different is that it also addresses the stigma of common mistakes people make with money.
In addition, Mathura has released a book and conducts talks and personal finance workshops to help people gain control of their money and develop the right habits. As the show is on YouTube, it also serves as a repository of knowledge and is appealing and easy for teens to access. Find out more here.
Gifting Sense
Gifting sense is a mission-driven organisation aimed at developing sound financial habits in children between 3 and 13 that will last a lifetime. The central idea is to create the habit of pausing and considering the true value of something.
The key element of the project is its innovative DIMS – Does It Make Sense?® Score calculator. This is designed to be accessed before children buy anything and let them assess, compare, and categorise potential purchases beforehand. With over 20,000 visits, the site is proving increasingly popular.
To make its platform accessible for all, there is no paywall, fee structure, or registration requirements. Find out more here.
The Museum of Saving
Founded in Turin in 2012, The Museum of Saving aims to promote the basics of financial education. It is the world’s first museum dedicated to the topic and has various innovative spaces designed to teach the art of money management through edutainment and a game-based learning approach.
The museum appeals to all ages. For the younger generations, there are gaming apps, podcasts, educational quizzes, cartoons, and an Artificial Intelligence installation. For older kids and adults, the museum hosts digital events, webinars, debates, and live talks designed for adults to increase their financial knowledge and awareness of social issues.
You don’t have to go to Turin to check out all their interactive options though. Find out more here.
Young Investors Society
The Young Investors Society (YIS) Access initiative brings financial knowledge to high school students in under-resourced communities. YIS provides free high-quality financial education, mentorship, scholarships, and STEM career education to those who might not otherwise be able to access such learning due to demographics or income levels.
The programme consists of over 30 45-minute lesson plans to help students learn the basics of investing, economics, personal finance, and accounting. They include online interactive activities, engaging presentations, and curriculum-supporting YouTube videos. The YIS courses are free to students and teachers at Title 1 schools and under-served communities internationally. Find out more here.
finEDge
The finEDge program is a research-based financial education curriculum for high school students created by leading experts at the University of Chicago. The content and approach are based on learning science and behavioural change research. The aim is for finEDge students to have productive financial decision-making skills, attitudes, and knowledge.
The programme uses various digital tools incorporated throughout each finEDge module. Students create digital portfolios and use calculators to explore the costs of saving, borrowing, and investment decisions. There are also research-based original digital games for each content module. By the end of the course, students can navigate the financial system with confidence and make informed financial decisions. Find out more here.
MoneyTime
Based in New Zealand, MoneyTime is an online financial education program for 10- to 14-year-olds. The digital course consists of 13 modules covering eight essential financial topics. It also deals with the ‘what’ and ‘how’ of teaching, so parents don’t need to be finance experts.
Designed by specialists to educate and increase participation, it is self-taught and gamified. There is a test at the beginning and end of each topic to help monitor progress and effectiveness. In addition, the MoneyTime team constantly updates the content and is localised for every country – so it is directly relevant to all situations. Find out more here.
MoneyPrep
MoneyPrep is a full-spectrum financial literacy program for kids in grades 1-12 that includes a finance course, app, and gamified elements. The program teaches children crucial skills such as being a smart consumer, making responsible spending choices, setting goals, saving money, keeping track of money, creating a budget, and more.
The program is developed by experts in the field of educational publishing, grade school teaching, and financial literacy. The course differs depending on the student’s age, with different topics and modules for those in grades 1-6 and those in 7-12. Find out more here.
Blackbullion
Launched in 2020, Blackbullion is a financial well-being platform. Its Funds Management System (FMS) boosts financial inclusion by improving access to funding. It does this by simplifying the online experience for students applying for hardship, funds, loans, and scholarships.
Blackbullion has partnered with over 50 universities worldwide to help students process applications for financial support. This is crucial as a recent study found that 75% of students actively worry about their finances. The FMS system has successfully reduced the application process from an average of two to four weeks to just 48 hours, reducing anxiety over funding and providing access to education. Find out more here.
The Missing Second Semester
Gene Natali’s book “The Missing Second Semester: Investing and time are a powerful combination. Your age is an opportunity” is a series of short courses on the essentials of making sound financial decisions. The idea came about when the author realised the education system wasn’t teaching financial literacy, and as a result, many young people start adulthood in debt.
The book is about achieving financial freedom and helping young people minimise the impact of common issues such as student loans, car payments, credit card bills, or high rents. It is written to be straightforward and avoid more complex terminology. Essentially, it is the course everyone should have been taught while they were young. Hence the name! Find out more here.
Find more details of all the other winners of the 2022 MAIAs here. For any other information email us at michael@maiawards.org.
Feature photo from Pexels
