How to Implement and Teach Money Management Skills in the Classroom

We are all aware of the financial affects of having poor money management skills. These effects have been exposed to many of us after the 2008 Market crash. But many experts say, good money management skills, start at school, and should become an essential part of learning in the 21st Century.

The next generation will find borrowing and making money much harder than previous generations who experienced unprecedented economic growth between the late 1950s, and late 2008.

Most educators generally agree that students should have some form of money managing skills as part of their education, either at school or in college.

So how can we teach money- Management Skills in the Classroom?

1. Encourage students to have a "Market Day," where they can sell to other students they make or buy. This teaches important entrepreneurial skills, and also teaches the real value of money.

2. Incorporate practical lessons that discuss the way Credit Cards, and other loans work. Use practical examples that show "poor" money management, and recommended skill's.

3. Create projects that focus on 'Home Finances," get students to create an imaginary Home, give them an allowance, and challenge them with the daily task of paying bills. Winning and Losing, could be the difference between good home management skills and poor financial skills.

4. Get students to collect for a local or International charity. Focus on what the money raised could buy. Students could learn from their own experience how hard it is to raise money, and how little it often buys.

5. Create games around money management techniques. Make them fun, use "money" to show how students manage money well.

6. Encourage students to play online games that teach in a fun way how to manage money.

Schools or Colleges should teach essential life skills that could help students understand how to survive and thrive in a future society. Money management skills are an essential part of a 21st Century Education, and this would create a generation of citizens who are less likely to get into debt easily.

(This article is part of the authors 21st Century Education series)