Teaching students financial literacy with education technology

% of Americans think everyone should budget. These days, it’s much easier to hope for the best than to plan for the worst, but not planning your finances properly can affect you at every stage of your life.

This is especially true for young teens leaving home for the first time and considering taking out a student loan. Fortunately, younger generations have taken a much more productive approach to the budgeting process thanks to fintech.

Let’s take a look at the importance of teaching financial literacy to your students through education technology.

Teaching Finance with Ed-Tech: The Benefits

Using education technology as a tool to teach financial literacy to students can fill knowledge gaps that are not being filled by parents at home. 83% of teens find themselves unable to manage their money due to simple lack of knowledge.

Education technology can help students learn these skills in a highly personalized and engaging way, allowing them to learn at their own pace. We all know that finance can be a complicated subject that most kids and teens will find quite intimidating. Yet education technology can break the topic down into more manageable chunks.

Because children already have access to financial technology and digital tools at home and at school, they may feel more in control of their learning process. Likewise, teachers will also identify areas of difficulty more quickly, allowing them to provide more targeted support to help students on their learning journey.

Gamify education

Education technology can also be used to gamify finance, which will help keep your students engaged and responsive throughout their learning. LMSs (learning management systems) include games that the whole class can play together and a leaderboard that can be personalized to allow students to earn points and badges.

You can also teach financial literacy to your learners using digital apps. In particular, Celebrity Calamity is an entertaining app that taps into the love kids have for celebrities and the glamorous lifestyles they live.

Your learners will be able to manage the budgets of their favorite celebrities and try to keep them afloat despite their far from frugal spending. You can also opt for Bankaroo, a virtual banking application designed for children aged 5 to 14.

The importance of financial literacy

If students want to enter the job market and succeed, they must be prepared financially. Knowing how to budget finances is one of the essential skills that a working individual can have these days, and this skill should be taught from an early age.

Stepping out into the real world without any knowledge of finances and how to spend money appropriately is a death wish, which is why preparing your learners for financial literacy is so important. What better way to do that than with technology – the thing they’ve been surrounded by all their lives.

Final Thoughts

While we are still discovering all the benefits education technology has to offer, one certainty is its ability to promote financial literacy. Thanks to technology, teaching your students about finance will never be a challenge again.