Recommended Website:

KidsBank.com

Age Range: 5-12 (approximately)

This website, sponsored by Sovereign Bank, explains the fundamentals
of money and banking to children. It demystifies money and banking
and teaches good savings habits so that children will have the
confidence to spend and save their money wisely.

When you get to the site, you can choose to see the website through
one of two versions. Before you make a selection, click
on “introduction and download pages” just below the illustrations.
There you can learn what this site has to offer and the best way to
navigate the main sections that include:

• The Story – The five-chapter story begins on the homepage, where
  children join the KidsBank characters on a tour of Money, Savings,
  Interest, Checking, and Electronic Banking. Begin your journey with
  Penny to follow a logical progression through the topics. While the
  story is written with young children in mind, older kids should look
  for the click-able icon, known as “The Professor,” who provides more
  detailed information. For example, interest is discussed in simple
  terms in the story, but the Professor explains the difference between
  simple and compound interest.
• Calculators – Use 2 interactive calculators to see how time,
  contributions, and interest rates impact a child’s savings. The first
  is The Holiday Savings Calculator that shows how much money a child
  can save by a specific date, based on principal and weekly savings.
  The second, a Car Calculator, shows a child how much he/she can save
  over a certain number of years, based on principal, interest, and
  weekly savings.
• Game Room – Try your hand at 10 multiple choice quizzes based on
  information about money and savings learned in the story. Try the
  simple Story Quizzes for youngsters, or the more challenging
  Professor’s Quiz for older students.
• Links- Find Internet Sites about money and other topics of interest
  to children and parents.

Recommended Website Scholastic:
Money In Motion

Scholastic.com offers FREE, brand new lesson plans designed to teach students how to manage finances. The website introduction says, “In 2003, teens spent a whopping $175 billion, yet less than 40 percent of high school students receive any formal financial education.” To rememdy that dire statistic, The American Bankers Association Education Foundation, in collaboration with Scholastic Inc., developed a series of lesson plans to provide students with a financial education. The program meets national standards in math, social studies, economics, and financial literacy.

While the program is designed for students in grades 9-12, many of the concepts and activities could be understood and completed by younger students with parental guidance. In fact, parents may want to read through the lesson plans and use the information just to discuss managing money with children when the topic comes up at home.

When you get to the site you will see the introduction and a menu that provides:

• Lesson Plans – Downloadable and printable lessons, worksheets, and quiz that cover topics such as credit, checking accounts, investing, and taxes.
• Teacher Resources – Downloadable pdf files with tools designed for classroom teachers such as posters, answer keys, etc.
• Student Resources – A downloadable pdf file called “Student Finance Guide.” This contains a glossary of financial terminology, worksheets and exercises in long-term financial goal-setting, and information on credit cards.

The information provided here offers a great introduction to money management — information that everyone should know. Use it to introduce a conversation about money management, discuss various financial concepts, and practice money management skills. It may springboard your students or family into furthering their financial education, by learning how to make money work for you — so that you don’t always have to work for money.

Recommended Website:
The Federal Reserve: Economic Education

Learn about math through money and economics. The Federal Reserve offers this website designed to provide visitors with an interactive introduction to the purpose and functions of the Federal Reserve. The site is geared toward middle school and high school ages and up, but portions of it may be appropriate for younger students as well. When you get to the site you will see a screen divided in 2 parts. The menu on the left includes:

• The FED 101 Website — Click on this link to find the history and structure of the Federal Reserve. You can learn about the evolution of banking, the life of a check, how the Fed creates money, and even take a virtual tour of a bank. If you click on the “Teacher’s Guide” link — a new page opens with free printable and downloadable lesson plans, quizzes, activities and more.
• The FED TODAY Video — Click on this link to order your FREE VIDEO that explains the workings of the Federal Reserve System. The 13-minute video covers the Fed’s history from its creation in 1914 to the high tech banking practices of today. You will need the video to do the lessons included at the FED 101 website mentioned above.

The menu on the right of your screen provides a link to the “Personal Financial Education” pages that are really designed for junior and senior high students as well as adults. There’s lots of information on mutual funds, annuities, banking on the Internet, electronic banking, mortgages, interest rates, loans, credit and more.

All students should get an economic education — but few get it in school. This site provides great resource materials to learn about money and economics in the comfort of your own home. Highly recommended.

Diane Flynn Keith
for ClickSchooling
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