The NFEC’s alignment of its money management resources with research-based educational principles is intentional by design. They’ve developed financial literacy materials in curriculum modules that support various learning styles and learner abilities, with scaffolding in place so participants progress incrementally toward measurable outcomes in terms of knowledge, ability, beliefs, and habits.
The lessons are adaptable, so instructors can modify their focus and connect learning to topics on which students place highest priority. Instructional activities in this financial literacy teaching curriculum can be adapted visually, kinesthetically, or socially. Thus the learning process transitions from passive to active – that is, students become invested in their own learning through metacognition, personal reason development, and self-regulation. Visual and social learning techniques allow learners to actively process and apply information as they learn it.
The Federal Reserve has featured the NFEC’s multimethod approach on college campuses as a case study example of best practices.
Have a great idea for a small business startup? Then it will be vitally important to consult some money management resources to help develop a business plan. Just like a quarterback needs a game plan to face a given opponent, you need a business plan to serve as a roadmap toward success.
The National Financial Educators Council is a recognized leader in providing financial education resources, including tips for writing a viable business plan. This social enterprise organization recommends you start by jotting down a few bullet points. In its initial stages, the business plan does not have to be perfect. You can start planning at any time, even if you’re not yet ready to start the business.
The NFEC’s approach to money management suggests the following steps toward writing a business plan:
- Describe your goals and/or the product or service you plan to sell. Write down all the selling features you can imagine.
- Identify the need. Do some research to find out whether the market needs your product or service.
- Identify your competition. What do they offer, at what price, and who are their customers?
- List your skills. What expertise positions you as a top provider of this product or service?
- Identify risk and reward. Entrepreneurship means taking risk, but it should be a calculated risk weighed against the potential rewards.
- Identify your target market. Clearly describe who will benefit most from consuming your service or product.
Even young people can make use of these important skills. The NFEC also provides money management resources that promote money management for kids, and part of those programs involves helping youth start their own small business efforts. For example, a teenager might start a lawn and landscaping business, or offer his or her skills in computer setup or repair. Going through the steps of writing a business plan, marketing and selling a service is an excellent mode of teaching kids money management.