Journal of the Effective Schools Project, Volume 18, 2011 Page: 27
79 p. : ill. (some col.) ; 28 cm.View a full description of this periodical.
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Financial Literacy for the 21st Century
Laurie Mapes and Melissa Becker
Project-based learning is an innovative approach to learning that applies
multiple teaching strategies to entice the learning modalities of many
students. Students become actively engaged when project-based learning
is paired with real-world experiences. Glen Rose Intermediate School
applies these best practices to prepare students for mastering financial
literacy in the 21s century."If you invest your tuppence, Wise-
ly in the bank, Safe and sound;
Soon that tuppence, Safely invest-
ed in the bank, Will compound!"
(Disney & Stevenson, 1964)
The quote above is advise from
Mr. Banks, Mr. Dawes, and other
Bankers in the movie Mary Pop-
pins (1964). In the bank scene,
Mr. Banks intended to teach his
son, Michael, sound financial prac-
tices. Over one hundred years lat-
er, parents and educators continue
to seek effective methods to teach
21St Century students financial lit-
eracy skills (Mandell & Klein,
2009; Henderson, 2005). Gifted
Child Today (2009) reported stu-
dents of the new century are re-
quired to demonstrate distinct abil-
ities that directly impact money
management, including self-
direction, responsibility, and global
awareness. To integrate financial
literacy into existing curricula re-
quires innovative teaching method-
ologies. Proactive schools nation-
wide have embraced the challenge
by adopting elements of continu-
ous improvement to enhance stu-
dents' ability to manage finances
in the new century (Ghysels,
2009). Glen Rose Intermediate
School is one such school.
Financial skills for a lifetime:
Saving for a rainy day
In the United States, studies have
been conducted to determine theeffectiveness of financial literacy
training for middle school and high
school age students. One study
compared high school students
who successfully completed a per-
sonal financial management course
with students who did not com-
plete the course (Mandell & Klein,
2009). The course was conducted
in a classroom using conventional
teaching resources. The class did
not involve hands-on application
or personal interactions with area
banks or business people. One to
four years later, there was no sig-
nificant difference between the
two groups of students. In self-
evaluation, the students who com-
pleted the course did not view
themselves as savings-oriented
individuals nor did they appear to
have better financial behavior than
the students who had not complet-
ed financial literacy course. Man-
dell & Klein's (2009) study
demonstrated the need for chang-
ing the traditional approach for
teaching money management and
financial literacy to adolescents if
the goal is to change their financial
habits or attitudes.
Project based learning has been
suggested as a more reliable meth-
od for teaching financial literacy
and is pairing the typical curricu-
lum with project based learning
(Akiba & Alkins, 2010; Helm,
2004; Pitino 2004). For example,
Pitino (2004) partnered with a pro-
27To integrate financial
literacy into existing
curricula requires
innovative teaching
methodologies.
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Tarleton State University. Effective Schools Project. Journal of the Effective Schools Project, Volume 18, 2011, periodical, 2011; Stephenville, Texas. (https://texashistory.unt.edu/ark:/67531/metapth201694/m1/31/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Tarleton State University.