The Massachusetts Financial Education Collaborative (MFEC) had one big reason for targeting its video contest to middle school kids: advertising.
“Hey, you gotta have a cell phone. You gotta have these jeans. The contest seemed like a great way to bring awareness” to the issue of kids and our consumer culture, said Andrea Wrenn, mother of five, education consultant, and the MFEC volunteer who oversees the contest.
Two Massachusetts middle schools submitted videos exploring kid consumerism in the first year of MFEC’s contest: the Norwell Middle School and the Hill View Montessori Charter Public School in Haverhill.
Squared Away encourages readers to support the new effort by clicking here to vote for your favorite video! The voting deadline is April 27.
The contest is among the creative ways communities are encouraging children and teenagers to learn about the money issues they deal with – a play recently staged by Cambridge high school students was another.Learn More
New research adds a dash of spice to our understanding of how people handle their personal financial matters: families who dine together grow wealthy together.
Three professors at the University of Georgia have discovered that families who commit to gather regularly around the dinner table – or, presumably, dine out or cook together – are better prepared financially and will accumulate more wealth faster.
As with any statistical analysis, their research can’t prove cause and effect. Is it that dining together causes wealth to go up, or is that families who know how to handle their finances also tend to be the type of people who enjoy meals together?…Learn More
“Money Matters,” a play that opened last weekend in Cambridge, Mass., demonstrated the financial wit of its teenage actors at the same time that they – and the audience – embraced the complexities of money.
Credit versus debt, income differences among classmates, money and relationships, certificates of deposit, needs versus wants – this only scratches the surface of the subject matter in the Youth Underground theater production, which begins touring the Boston area in February.
The actors clearly were having fun, but their performance served as an educational tool that might be replicated. For example, the screenplay was based on the actors and other teenagers’ 80-some interviews of community residents about their financial viewpoints and mishaps. The stories generated ideas for the vignettes that were stitched into a screenplay.
“Very eye-opening!” audience member Cameron Netland, 16, said after the performance.
“I learned the difference between saving and spending and between debit and credit!” said Aaliyah Nathan, 14, who, wearing black suede boots to the performance, admitted a weakness for new shoes. …Learn More
The Boston Globe is providing a cool list of holiday toys for your children, to help them learn early and often about handling money – while it can still make a difference. In July, Squared Away wrote about another idea that would make a fine gift – call it “not your average piggy bank.” A May blog post was about a great book to teach children about what bank accounts are all about.Learn More
Susan Beacham’s company has sold nearly one million of its piggy bank with four slots – for spending, saving, donating, and investing. She has now developed an iPhone application based on the iconic pig.
Children who use the clear blue piggy bank like to watch their money clink to the bottom of one of the four separate sections in the pig’s innards. Beacham has developed an entire curriculum around the four choices. The Money Savvy Pig has been adopted as a teaching tool by more than 200 Chicago public schools and by school systems in Seattle, North Dakota, Europe, and elsewhere.
The idea behind the game app, called “Savings Spree,” is the same: to help children “strengthen the muscle of choice and, therefore, their self-regulation and self-control,” said Beacham, chief executive of Money Savvy Generation Inc., a small, mission-driven company employing four people. …
Paul Solman, a business reporter in Boston for the NewsHour on PBS, put together an excellent piece about educating preschool children about saving. In it, Solman interviews Grover and the children of behavioral economist David Ariely of Duke University, among others.
The piece discusses a research study on self-control among young children, which was covered recently by Squared Away.
Young readers have given a thumbs-up to the new children’s book, “I Got Bank!”
The book is about 10-year-old Jazz Elliott, who follows the frugality lesson his late granddad taught him: he has saved $2,000 in a bank account.
Beverly Moss’ after-school reading of “I Got Bank!” The students, counter-clockwise, are: Jaida, Saba, Kevin, Ellen, Anthony, Yaovi, Jepherson, Carlos, and Kent.
On Friday afternoons in May, eight- to 12-year-olds take turns reading the book aloud during the after-school program at the Mission Park Apartments in Boston. It elicits all kinds of discussion.
One of the readers, Ellen, had a Eureka moment after librarian Beverly Moss explains how regular savings accounts work.
“Oh, that’s an interest rate!” Ellen said.
The book’s author, Teri Williams, is also president of a bank that is giving away free copies of “I Got Bank!” to grade schools and after-school programs. Williams, who grew up in a low-income housing project in Bridgeport, Connecticut, said she wrote the book to help children who have similar backgrounds start learning financial skills. …Learn More