Financial literacy is the possession of the set of skills and knowledge that allows a person to make informed and effective decisions about their money.
For today’s secondary school students, in light of a growing number of complex money concepts, gaining financial knowledge has never been so important. Additionally, using real world examples and non-technical terminologies is essential to learning.
Within the MoneyWhizz financial education programme, various aspects have been developed to support core aspects of the business curriculum including:
- Accounting – students are provided with working examples of budgeting and tracking income and expenses.
- Economics – students are offered real world examples of how global supply and demand impacts outcomes on product price and economic inflation.
- Business – students are taught about planning, credit, credit reports, self-employment and taxation.
The earlier students learn the basics of how money works, the more confident and successful they can be when it comes to their personal finances and managing them effectively.
But it is not just about teaching students, it is also about helping them to understand and discuss key concepts.
These skills also translate across to business too. Examples include:
- Evaluating financial risk
- Projecting investment return timelines
- Credit risk analysis
- Prioritising and allocating financial resources
Within the financial education content students will begin to learn in a way that is relevant, engaging and fun.
Other, more broad topics are also introduced to students. These include banking, investing and other key pillars that underpin most of the financial decisions people will make in their daily lives. For example, students are given real world examples on how banks use tools such as credit scores to evaluate who they will lend money to. Students will also learn how compound interest can work to their advantage or not depending on how they use money.
“We want students to learn from real-world examples that happen every day” said Frank Conway, Founder of MoneyWhizz.
Examples include the rise and fall of popular investments, including digital currencies.
“We demonstrate to students how investments work, the risks different forms of investments carry and the ways they need to approach different investment choices so that they are prepared to make informed decisions” said Mr. Conway.
In addition to extensive financial education material, the programme also offers students an opportunity to engage, ask questions and discuss topics that are meaningful to them.
Budgeting, planning, employment, taxation, banking, credit, debt, managing money, those are all core topics of the programme. They are also important areas for any student that wants to develop a practical knowledge in how each will have a direct impact on their own daily lives in the future.
Accessing the content and programme
All of the MoneyWhizz financial education material is available at no cost as part of the Bank of Ireland Money Smarts Programme for Secondary Schools. Delivered virtually by a team of Bank of Ireland Youth Coordinators, with the 6 pillars of financial wellbeing front and centre, this award winning and award nominated programme not only includes this vital financial education material, but in addition there are key life skill workshops, activities and events all with the objective of broadening students understanding of financial literacy and more importantly, the freedom this knowledge can bring in making sound financial decisions and the positive impact this knowledge can have on their overall wellbeing.
The jewel in the crown of the programme, the virtual all Ireland Money Smarts Challenge, allows students to take everything they have learned across all programme elements and put it to the test in this fun, interactive financial quiz.
Considered by teachers to be the No. 1 Financial Literacy Programme for Schools*, its value is highly regarded with 100% happy to register again. All information about the programme can be found on Money Smarts | Secondary School Programme | Bank of Ireland http://boi.com/schoolhub
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