Teaching Money Skills Can be Accomplished in Eight Phases
Nowadays there are many individuals and organizations interested in teaching money skills for a variety of reasons. Here you will find tips for how to teach money skills in eight simple phases.
There are 8 steps in the best practices for teaching money skills to any given target audience. In the illustration that follows, you’ll learn how the steps worked for an individual who had a passion for helping others gain financial health.
What are the best practices for teaching money skills? Brenda Perry recently asked herself. Brenda was a partner in a local maid service franchise, and also very active in her local Kiwanis Club. The Kiwanis Club membership was made up of 32 small business owners in her hometown, and Brenda wanted to teach money skills that would help them build their client bases. To determine where they stood in terms of personal finance knowledge, Brenda opened up a discussion at the next Kiwanis meeting. What she found was that they would benefit from gaining some background in the fundamentals of entrepreneurship.
Ms. Perry had gained an understanding of her present goals and image for the future. The next part of teaching money skills effectively is determining how to deliver materials. The Kiwanis Club members were savvy business owners, and they wanted information about entrepreneurism. So Brenda realized that achievement-based pacing, and in-person instruction on the day of the class coupled with online follow-up, would best meet their objectives.
Brenda needed a financial educator to meet with the Kiwanis members. She sought top-notch credentials in content knowledge and pedagogy alike. By asking around, she discovered that Leona, her partner in the maid service business, was qualified through the NFEC as a Certified Financial Education Instructor. Leona agreed to do the Kiwanis presentation. She also partnered with a money coach from a local nonprofit organization to offer personal support after the event concluded.
Brenda attended the Kiwanis Club presentation along with 29 of the rest of the members – almost 94% of the total group. Kiwanis attendees completed the same test before and after the class, showing an average increase of 35% on the test scores. Brenda compiled these data into a press release that she distributed to gain media attention for her project.