Financial literacy class: Even Wall Street bankers’ kids need lessons in financial literacy

This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.

Read below a selection of FT articles picked by financial literacy teachers with classroom questions/discussion points, mapped by theme. View the full selection here.

Also explore the classroom resources produced by the FT’s Financial Literacy and Inclusion Campaign charity.

Specification:

• Financial education

Summary

The article emphasises the importance of financial education for all students, regardless of their backgrounds. Teachers like David Peng use interactive activities to teach essential skills like budgeting and managing unexpected expenses. Even in the US, a country with highly developed financial markets, adults often lack financial literacy, showing the need for education at a young age.

Programs like Next Gen Personal Finance (NGPF) aim to bring personal finance courses to high schools across the country, helping students prepare for future financial decisions. There are also concerns about misleading financial advice on social media, which often promotes risky “get-rich-quick” schemes.

Click to read the article and then answer the questions:

Even Wall Street bankers’ kids need lessons in financial literacy

Questions

• Why is it important for students from all backgrounds to learn about personal finance?

• What are some challenges people might face if they don’t have financial literacy skills?

• Do you think that all high schoolers should take a personal finance course before they graduate? Why or why not? 

• Have you ever seen financial advice on social media? How would you know if it’s trustworthy?

Tim Ranzetta, Next Gen Personal Finance