Four Components of Financial Literacy
Financial literacy is not as simple as just learning terms and rules of thumb. It requires the learner to grasp four different areas of learning:
1. Knowledge. Terminology, theory, and basic concepts.
2. Math Skills. Ability to calculate a few critical pieces of information.
3. Critical Thinking. Combining knowledge and skills to solve unique problems in real-time.
4. Experience. Real practice applying critical thinking skills and learning from the results of our own choices.
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We offer the following educational materials that each focus on different aspects of financial literacy:
Textbook
The textbook contains all of the fundamental knowledge necessary for financial literacy. It walks the reader carefully through the logic, purpose, usefulness, and pitfalls of all the major financial decisions a person is likely to face in their life. It is brief and to the point – it doesn’t waste time on terminology that is easily googled and doesn’t dive into topics that are either unlikely to be experienced or unlikely to have a substantial impact on an individual’s life. It also includes professional lectures that integrate textbook concepts into real-world applications and nuance.
Workbook
The workbook contains classroom-proven, step-by-step instructions on how to perform all 9 Essential Financial Math Skills, as well as video instructions for each skill. It also contains instructions on operating a financial calculator, numerous example problems, and a diverse range of practice problems to hone these skills to perfection!
Game
While no educational activity can fully replace the experience of living life, the Midas Game can give players an opportunity to try out financial strategies. Based on a robust history of economic research and evidence, the game guides players through the process of deciding how and when to spend their money. Players are rewarded for giving their character a good life – but they have to watch out for overspending and failing to save! It brings the knowledge and skills they have practiced from the textbook and workbook into a realistic scenario. Rather than teaching with words, the game teaches with example, and players can try different strategies to maximize their score.
Instructor Resources
The course pack is available as a free download for instructors. It contains all the materials a teacher needs to run an effective financial literacy course. Module includes quizzes for students to hone their math skills, a case study to guide students through some critical thinking, an assignment to guide students through the game, projects suitable for in-class activities or as homework, and an essay prompt suitable for use as a “final exam”. When coupled with the textbook and workbook, this course has successfully helped thousands of students become financially literate. Best of all, it doesn’t require lots of expertise or time from the instructor – the information is accessible enough that minimal instructor input is required.
