Teaching Kids Financial Literacy in the Age of SVB
Words of support to our community, the importance of financial literacy education and our seven favorite financial literacy resources to use at home with kids.
In the wake of the second biggest bank collapse in US history, many of us are left wondering...why didn't we learn about any of this at school?
First, to those of you in our community who are scared and uncertain about your future, and the future of your company, I want you to remember this:
To those of you who love you, to your family and children you are immeasurably more important than the dollars you make or the company you started.
You are important to your child because you’re you. And you’re here. That is infinitely more valuable than a big house, a fancy school, or a favorite toy.
As a parent, it’s ok and it’s natural to depend on others for help, your family, your friends, and your government. It’s good and healthy to ask for support from mental health professionals if that’s what you need to get through these uncertain times. Parents need support and there is no shame in asking for it.
Also remember, at Modulo, we’re a community. We were created to help get parents and kids through the hardest times. So, if you need someone to talk to, if you need to find resources to get through, just ask.
Reply to this email, leave a comment, post in our Facebook or slack groups, or contact us below.
Financial stresses can have a greater toll on mental health than almost any other event, especially for a parent.
We’re here for you.
💰 Teaching kids about financial literacy earlier
As the SVB crisis continues to unfold, I can’t help thinking about the poor state of financial literacy education in US schools and around the world.
Even though I graduated Summa Cum Laude from a top US college, I struggled to stay afloat for most of my twenties, barely staying ahead of credit card debt. I read my first book about how to manage finances in my early thirties, and learned that I should have started saving for retirement ten years earlier.
I learned to build my first financial model when my company went through Techstars in 2017. I couldn’t help but wonder, why I hadn’t learned to do this before?
How is it that a skill so fundamental to getting through life and contributing to the economy isn’t taught in school?
🤷🏽♀️ How to sort through it all
We’ve heard many conflicting viewpoints about the crisis (and the ethics surrounding it) in the news and social media. Some of my own mentors have been deeply critical of those investors who encouraged startups to withdraw funds from the bank.
Others have been adamant that billionaires should not be bailed out by government funds.
has suggested that citizens use this opportunity (of big companies asking for a bailout) to demand financial reform that would reduce the wealth gap and further democracy.Still others suggested that bank leaders moving millions of dollars of stock out of SVB weeks earlier suggested they knew about the impending crisis (While initially shocked, further reading revealed that this conclusion was far from straighforward).
There’s also been conflicting advice about “what to do.” One prominent entrepreneur suggested that mass panic could cause people to put all their money in US Treasury funds, leading to the collapse of the US banking system.
He advised companies who withdrew their money not to put it in another bank, but instead to put $250K into FDIC backed accounts, $1M into Insured Cash Sweep accounts and the rest of go into Treasurydirect.gov or BTC / ETH “if comfortable with crypto risk.”
I found myself asking chatGPT to explain what he was saying and googling words he used so I’d understand.
💪 Take back your power with financial literacy
This crisis has left me with so many questions about ethics, civic engagement financial management, and where to deposit our next grant.
And I am reminded once again why I love education.
Education is power. By teaching our children about money, we can help empower them to understand where there values lie, towards upward mobility, to break through cultural barriers and social conditioning associated with their race, gender, education or geography. And how to make meaningful contributions to their community.
In these uncertain times, taking action, educating your kids, making systemic change, can help ease the pain of uncertainty.
🏆 Our top seven financial literacy resources for kids
Over the last three years, we’ve been collecting recommendations from families about their favorite financial literacy curricula and apps, reviewing them with our teachers and testing them out with our own kids.
All the resources we feature have been specifically recommended by multiple parents who loved using them with their own kids, and then reviewed by our teachers at Modulo.
If you want to teach your children to be financially literate or are curious about learning more about money yourself, these are a great place to start.
While these are not all designed specifically for children, but they’ve enjoyed using them and learned a lot in the process.
1. Money MunchKid$
Textbooks, Podcast and Board Games
Money MunchKid$ is a financial education curriculum designed specifically for children that teaches them about different aspects of finance such as income, bank accounts, credit and debit cards, interest, budgeting, supply and demand, investing, and taxes. This curriculum is engaging, fun, and conforms to both federal and many international education standards. The curriculum uses hands-on exercises provided in workbooks to ensure that children learn and have fun at the same time. Parents appreciate that Money MunchKid$ is able to reach young kids, even those studying in kindergarten, and educate them about money in a way that is easily understandable. While some parents have noted that the structure may be too rigid for some children, it is suggested to order the Instructor’s Guide along with the student workbook kit to facilitate better learning. It is dyslexia-friendly and approved by the AHA for children with autism.
2. Mr. Money Mustache
Blog and app
"Mr. Money Mustache" is an engaging and effective approach to financial literacy that uses contemporary language and humor to make money management fun. The blog's advice is concise, data-driven, and applicable to daily life. The creator, Peter Adeney, began the blog after realizing that good financial literacy is essential for a better quality of life. The blog offers informative posts on financial management and includes a forum for users to ask questions and receive a more in-depth understanding of the skills they are learning. Parents should be aware that the blog's language may not be appropriate for younger readers. Additionally, there is a Mr. Money Mustache mobile app available for download that offers even more resources for financial literacy. The app features a variety of tools, including budgeting tools, savings calculators, and investment trackers, making it an all-encompassing resource for anyone interested in managing their finances.
3. Finance in the Classroom
Finance in the Classroom is a K-12 learning resource program developed to empower Utah's youth with financial knowledge that will lead to future stability and success in homes and the economy. The program was developed as a result of a legislation sponsored by Senator Pat Jones in 2008, requiring financial and economic education to be taught in grades K-12 through core areas such as Math, Social Studies, and Language Arts. The program offers comprehensive online resources, including lessons, activities, PowerPoints, videos, books, and music compiled to facilitate the teaching of these concepts. Parents can use the program with kids by encouraging them to complete age-appropriate activities and lessons to earn a Financial and Economic Passport Certificate.
4. FoolProofMe
Website, Videos
FoolProofMe is an online resource designed to teach financial literacy to high school students through a challenging and rigorous curriculum. The platform uses short videos and animations to convey financial concepts instead of lengthy passages. The idea for FoolProofMe was sparked by a conversation the founder had with a 12-year-old who was working multiple jobs to support his family. Students and teachers can register for a free account and the teacher can monitor and control the student's progress online. The program offers constantly updated curriculum to suit the needs of all learners. While some parents find the use of meme-like videos and funny animations unprofessional, others appreciate the free and challenging resources available on FoolProofMe.
5. Practical Money Skills
Financial literacy brochures, teaching materials, student and parent resources, comics, educational games and more
Practical Money Skills is a financial literacy resource developed by Visa in partnership with state and national governments, consumer advocates, educators, and financial institutions. The program offers interactive tools and educational resources to help individuals and communities build stronger financial futures. The resources are available in 19 languages and 46 countries and include personal finance articles, lesson plans, mobile apps, games, and more. Visa has extended the program's reach globally by working collaboratively with leading partners and developed World Cup-themed Financial Soccer and NFL-themed Financial Football games. The program is founded to empower people to better manage their money and improve their quality of life through financial knowledge. Parents can use the free resources to teach their children about money management in a fun and age-appropriate way, laying the foundation for a more successful financial future. Some parents find it frustrating that game area, learning area, and quiz section are located in different places, making it less user-friendly. However, most families find Practical Money Skills a valuable tool for those looking to expand their financial knowledge and make better financial decisions.
6. The Actuarial Foundation
Programs, scholarships, tutoring and interactive digital activities
The Actuarial Foundation is a non-profit organization dedicated to promoting financial literacy and education. Founded in 1994 by the Society of Actuaries, the foundation’s mission is to provide math education and financial literacy to underserved communities in the United States. It works towards achieving this goal by offering various financial education programs and resources to students, educators, and the public. The foundation's programs include the Math Motivators tutoring program, the Modeling the Future Challenge, the Learning Through Giving Program, and the Advancing Student Achievement program. Parents can use the foundation's resources to help their kids learn about money management and other financial topics. The foundation's resources are available online and can be used by anyone, anywhere, at any time. The Actuarial Foundation's programs and resources are aimed at helping individuals and communities build stronger financial futures.
7. Money Bags Value Game
Educational Board Game
Money Bags Coin Value Game is an interactive game that helps children learn about different coin values while playing. It was founded by an individual who believes that all children should enjoy learning, regardless of their background. Parents can use this game with their children by competing with them to accumulate the highest sum of money through rolling dice and spinning the wheel. Some parents find the instructions initially a bit difficult to follow. The game is designed to make learning fun and stress-free, and children actively request to play and learn more. Substituting real currency instead of the fake coins in the game can help children apply what they have learned to real-life situations.
📣 Join the conversation
All the resources we feature have been specifically recommended by multiple parents who loved using them with their own kids, and then reviewed by our teachers at Modulo.
If you have tried any of these resources and want to offer your feedback (If you have additional resources you’ve used with your kids that you’d like to share), please join the conversation in the comments section!