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New initiative: the school store instead of the theory about financial literacy

Evgeniy Purtov - 19.10.19

We live in a world of money, without it we cannot exist, but which of us is confident that we know well what it is - money. According to the Standard & Poor’s global survey, there are not many such people - 57% of American adults can be considered financially literate.

A new initiative from education fundraising site DonorsChoose and the Charles Schwab Foundation aims to change this through a new practical approach. The essence of the initiative is that instead of spending time on theoretical knowledge about business, it is better for schoolchildren, for example, to sell T-shirts of their own production in a school store.

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With the Innovation Challenge, the top 15 projects were developed as complete lesson plans. Teachers across the country could download them for free and use them in their classrooms.

The first 200 teachers to do so and submit a report on how things went received a $250 loan to participate in future projects on the site.

"Experienced learning is very important, especially for low-income families," said Casey Cortese, Schwab’s managing director of community services, which takes a new practical approach to financial literacy learning.

According to an online vote, the best project was created by students of Rapunzel Galang in Lanham, Maryland, who made virtual trips to different historical landmarks. They did this with VR headsets, but first they had to plan, budget and pay for such trips by studying the places they wanted to visit.

Another innovative project: Xavier Lewis in Dayton, Texas, combined financial literacy with STEM 's Mission to Mars project. Students made money in their virtual bank accounts through attendance, participation in classes, and completion of assignments. They could then spend the money to buy materials to assemble rockets, rovers and air-cushion vessels to simulate a flight to Mars.

Other projects included setting up a virtual reality bank, shooting videos about personal finances, using dinosaurs to share lessons in money and teaching the idea of "desire versus needs" in a dramatic game.

#DonorsChoose #Financial literacy #School #Students #Teachers

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