Math & Financial Decision-Making

AMY KLIEWER, ELEMENTARY PROGRAM SUPERVISOR, FEPPP

DEEPTI BURGULA, MATH TEACHER, CASCADIA MIDDLE SCHOOL

Amy Kliewer�Elementary Program Supervisor, FEPPP

• Born and raised in Spokane, WA
• Masters in Elementary Ed, EWU
• Classroom experience
• Spain | Post Falls, ID | Glendale, AZ
• As Elementary Program Supervisor, my goal is to provide K-5 educators with high quality, low- and no-prep financial education resources that reinforce core subject skills and social emotional development.
• Coffee connoisseur, true crime aficionado, newbie gardener and devoted fur mom
• Contact me! amy.kliewer@k12.wa.us

Deepti Burgula�Math Teacher, �Cascadia Middle School

Webinar Agenda

• Learning Objectives

1. Introduction
1. Who is FEPPP?
2. Connecting the Standards
3. Why is Personal Finance Important?
2. Consumer Skills
• Comparison Shopping
• Decision-Making
3. Resource Guide
• Summary of lessons
• CFPB lesson walk-through
• Money Smart lesson walk-through
4. Closing

FEPPP: The Financial Education Public-Private Partnership

• Partnering with Auburn SD through Grant SB572
• Created by the legislature to bring together public and private stakeholders
• Primary role is to promote K-12 personal financial education
• Administratively housed at OSPI

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• FEPPP’s mission:
• Identify strategies to bring financial education to students
• Provide quality financial education information to districts
• Provide financial education instructional materials and professional development to educators

The Importance of Financial Education:�K-5 Students are Consumers

As soon as a child can access a screen, they are confronted with spending opportunities.

The rise of “frictionless” spending makes it possible to spend money at the touch of a button.

• Research shows that money habit are set by age 7.
• A 2014 study found that self-responsibility, is developed up until the age of 9.
• Personal finance – and social emotional – skills like planning ahead, budgeting, experiencing delayed gratification, and returning borrowed items are habits that we develop in childhood and then carry into our adult lives. 

Consider: How did you learn “the value of a dollar?” What different challenges do the students of today face when exploring this concept?

The Importance of Financial Education

• Total Credit Card Debt: $986 billion (end of 2022)
• Total Auto Loan Debt: $1.5 trillion (end of 2022)
• Total Student Loan Debt in America: $1.6 trillion (March 2023)

Student Loan Debt in Washington

Debt in America (www.debt.org)

According to the National Endowment for Financial Education(NEFE), research shows students who benefit most from receiving financial education are students in the most disadvantaged categories

Financial Education & SEL: A natural connection

Like social and emotional skills, financial literacy is used every day, touches most parts of life, and is a part of overall wellness – but has not been historically (explicitly) taught.

Like math, financial literacy and social emotional learning skills can be developed like a muscle (we’re not inherently “good” or “bad” at it). Skills and strategies will vary from person to person.

- Problem-solving mentality

- Decision-making strategies

- Developing logic

- Seeing self as capable

- Growth-mindset approach

Financial Education & SEL: A natural connection

Resources:

• K – 2 Activity Books
• CEE Personal Finance Printables
• Money Monsters Activity Book
• Classroom Economy
• Teaching Personal Finance through Children’s Literature

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FEPPP’s Financial Education & SEL (K-5) Resource Package

Like social and emotional skills, financial literacy is used every day, touches most parts of life, and is a part of overall wellness – but has not been historically (explicitly) taught.

Like math, financial literacy and social emotional learning skills can be developed like a muscle (we’re not inherently “good” or “bad” at it). Skills and strategies will vary from person to person.

Areas of Opportunity:

Problem-solving mentality

Decision-making strategies

Developing logic

Seeing self as capable

Growth-mindset approach

Connecting the Standards

Money in Math Standards: Upper Elementary

Money in Math Standards: Middle School

Washington State Financial Education �Competencies

Financial Ed

• Competency
• Standard
• Benchmark

Embedded Math in Financial Education (4-5)

Embedded Math in Financial Education (6-8)

Embedded Math in Financial Education (6-8)

Expanding Mathematical Thinking with Financial Education

Scarcity & Allocation

G1-2 - Who Should Get What? (1, MCEE)

• Students are reminded that an item is scarce when there isn’t enough to meet their “unlimited wants,” brainstorm strategies for allocating scarce resources, and think about whether allocation strategies are fair, easy, and safe.

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Using a budget to shop for a party (4-5, CFPB)

• Make choices about what food to buy for an imaginary party.
• Reflect on what it was like to work within a budget.

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• Figuring out how much to tip (6-8, CFPB)
• Learn about common tipping practices and percentages
• Calculate a tip for a service that is based on the total bill amount.

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Calculating Energy Costs (6-8, CFPB)

• Calculate and compare the costs of operating energy-efficient appliances and bulbs with standard appliances and bulbs.
• Consider ways to save money by using less energy in their homes.

Resources (natural, human, human-made) are limited, meaning we cannot have everything we want. The economic concept of finite resources is scarcity.

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There are many strategies for allocating, or passing out, resources. Different strategies will be appropriate for different resources, situations, and communities.

Calculating Energy Costs �(6-8, CFPB)

Figuring out how much to tip (6-8, CFPB)

Choices & Opportunity Cost

Comparing video game subscriptions (6-8, CFPB)

• Calculate the costs of three levels of video game subscriptions
• Identify benefits and drawbacks of each level

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Paying for fitness (6-8, CFPB)

• Compare types and costs of home exercise equipment and gym memberships
• Make an informed buying decision

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Customizing your new vehicle (6-8, CFPB)

• Choose the options they’d want to have in their new vehicle.
• Determine the vehicle’s final cost and decide whether they’d be willing to buy it when they’re old enough.

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Being a Savvy Shopper (Smart Shopping)

Consider the role of needs and wants in decision making.

Evaluate the credibility and motivation of marketing and advertising.

Distinguish the best value of goods and services.

Define and apply opportunity cost to purchases.

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We always have choices. The option not taken, or the thing given up, is the opportunity cost of that choice.

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As resources are scarce, decision-making strategies can help us consider opportunity costs when making choices.

Paying for fitness (6-8, CFPB)

Comparing video game subscriptions (6-8, CFPB)

Personal Finance PBL: Budgets & Decision-Making

Using a Buying Plan (4-5, CFPB)

• Students read a scenario and then practice creating a buying plan and comparison shopping for a computer.

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G4-2 - A Day at the Amusement Park (4, MCEE)

• This lesson takes students through the five Steps of the PACED process with respect to deciding what to do at an amusement park.

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Furnishing your first apartment (6-8, CFPB)

• Choose furniture and other items for their imaginary first apartment.
• Calculate the costs of furnishing the imaginary apartment.

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Practicing comparison shopping (6-8, CFPB)

• Identify the features and costs of three watches.
• Analyze and compare the data gathered on the watches’ features.
• Decide on a watch that meets their needs, wants, and budget.

Making spending decisions based on pre-determined criteria, or budgeting, gives students practice at tackling real-world, open-ended problems.

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Lessons allow for student-centered discussion based on personal values, priorities, definitions of wealth, etc.

G4-2 - A Day at the Amusement Park �(4, MCEE)

G4-2 - A Day at the Amusement Park �(4, MCEE)