Elementary Financial Literacy Institute Day 2 Melissa Groves, Ph.D. Karen Kokernak, MBA

Financial Literacy Institute Topics for Today The Game Plan Morning: Fin Lit Standard 4 Afternoon: Fin Lit Standard 6 MSDE Credits Quiz Technology Training

Financial Literacy Institute Standard 4: Manage Credit and Debt Why Borrow? Sources of Credit Interest Payment Methods Credit Worthiness

Why Learn about Credit?

Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 2, 3 & 5 Lesson #’s 4,5 Teaching About Interest

How Would You Like to Pay? Sources of credit Payment methods Lesson # 8

Financial Fitness for Life How Would You Like to Pay?

Credit is Based on Trust Credit Worthiness Lesson #12 Do we have any budding thespians in the audience?

Financial Fitness for Life Credit is Based on Trust The Cast

Financial Fitness for Life Credit is Based on Trust

Standard 6: Manage Risks and Preserve Wealth Insurance Advertising Fraud Identity Theft Source: site/youarehere/pages/parents_and_teachers.htmlwww.consumer.ftc.gov/sites/default/files/games/off- site/youarehere/pages/parents_and_teachers.html The Federal Trade Commission (FTC) Standards include:

Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6 What is Insurance? 6.5.B Explain the need for and various types of insurance within the life cycle. 6.5.B.1 Explain reasons for insurance.

Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6 The greater the risk, the more the need for a safety net.

Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6 Insurance is financial protection against loss or damage

Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6 “INSURANCE”

Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6 Divide students into groups of three. One student in each group will be assigned the job of READER. A second student will be assigned the job of NOTE-TAKER. The third student will be assigned the job of REPORTER. Distribute one card from Resource 1a-c to each group What is Insurance? Group Research Activity:

Be a Wise Consumer Advertising

Be A Wise Consumer Advertising Techniques HUMOR: The ad makes a person smile so they are more likely to feel like buying the product. BANDWAGON: The ad states that “ everyone ” of any importance is buying the product therefore others should too. TESTIMONIAL: The ad uses a famous person or expert to convince people that a product is better than other products.

A Bonus Question! What advertising technique was used in this advertisement?

Elementary Personal Finance for the Classroom Maryland Financial Literacy Standard 6 Source:

Federal Reserve Educational Resources The Piggy Bank Primer Maryland Financial Literacy Standards Standard 1: Decisions Standard 2: Income Standard 3: Spending Plan ORDER NOW! piggy-bank-primer

Federal Reserve Educational Resources Great Minds Think A Kid ’ s Guide to Money Maryland Financial Literacy Standards Standard 1: decision-making, opportunity cost, goal Standard 2: Relationships between skills and income and Sources of income To order go to: _think/ or

Fun with Building Wealth Piggy Bank Craft A shoe box Pink paper Scissors Glue/tape Creativity All you need is…

The Matrix: How Does it Work? GRADES 3 – 5 STANDARD 1: MAKE INFORMED, FINANCIALLY RESPONSIBLE DECISIONS Students will apply financial literacy reasoning in order to make informed, financially responsible decisions. 1.5.A Explain that people make financial choices based on available resources, needs and wants. 1.5.A.1 Explain the consequences of making financial decisions. FFFL Lessons 4, 5, 7, 8, 14 & 15 Lessons: Managing Your Money: Planning Your Budget; Alexander, Who Used to Be Rich Last Sunday A.2 Identify opportunity cost of financial decisions made by individuals. Hands on Banking: Budgeting Lessons 4 & 5 FFFL Lesson 4, 5, 7 & 13 Lessons: Managing Your Money: Spend or Save; Rock, Brock, and the Savings Shock; Alexander, Who Used to Be Rich Last Sunday; Beatrice’s Goat; The Pickle Patch Bathtub Lists standard Lists objectives Recommends materials to meet each objective

The Matrix: Where Can I Find It? Click on: “Educational Resources” Click on: Correlated Lessons Grades 3-5 Source: essons-grades-3-5/Lessons essons-grades-3-5/Lessons Personal Finance Standards (Grades 3-5)

MSDE Credit Forms Must be filled out in ink Do NOT indicate credit on the form Enter information shown on the screen

An online educational simulation that teaches about the importance of saving and investing (Standard 5) Participants develop skills in mathematics, language arts, research and critical thinking, while building and maintaining a stock portfolio. Common Core connections! Grades 4-12 (Materials are grade-band leveled.) AfaSeAFpwWZXhd3o5RCJ

Coming Down the Home Stretch Part 1: Room 310 Complete quiz. Turn in ScanTron sheet MSDE Credit Form and Envelope Part 2: T. Rowe Price Finance Lab Meet on 1 st floor after quiz Please spread the word about the class!