Financial literacy teaches essential money habits to Haxtun 4th graders

Financial planning is essential for overall financial well-being and Colorado State University Extension is taking steps to provide resources to educate youth and adults on various financial topics. These resources include four programs: Dollar Works2, All My Money, $pend Some, $ave Some and $hare Some. The fourth and most notable initiative involves the collaboration with fourth graders through the Piggy Bank Primer educational program, developed by the Federal Reserve Bank of St. Louis. This program, supported by Family and Consumer Science Extension Specialists nationwide, is aligned with the goal of encouraging students to develop smart money management habits early in life.

Research from The Journal of Youth and Adolescence underscores the importance of early financial education. It reveals that children often model their parents' financial behaviors and attitudes. Research indicates that as little as 10 hours of financial education can positively influence students' spending and saving habits. This highlights the potential of our programs to lay the foundation for future financial responsibility. Parents can significantly influence their children's financial well-being by fostering a healthy perspective toward spending, budgeting and saving by discussing these topics openly.

The Piggy Bank Primer is a comprehensive student workbook introducing young learners to fundamental economic concepts. It covers saving, spending, budgeting, scarcity, wants versus needs, goods and services, decision-making and opportunity cost. The program begins with a pre-test to gauge the students' financial knowledge. The results are impressive, with fourth graders showing a 22 percent increase in correctly answered questions after just one hour of financial education. This demonstrates the program's effectiveness in improving financial literacy among young learners.

Mrs. Amy Duvall and Mr. Joey Gerk's fourth graders are then encouraged to enter a piggy bank contest by creating their own unique piggy bank from recycled materials or having the option to decorate existing piggy banks using various craft supplies. The piggy banks are then judged based on their ability to hold coins and dollar bills, creativity and size restrictions (no larger than 12 inches tall by 12 inches wide). These creative savings tools are then displayed at Points West Community Bank, allowing the community to appreciate the students' efforts. This competition sparks innovation and helps students set personal savings goals.

The financial education series concludes with a visit to Points West Community Bank, where students deepen their understanding of banking operations, including debits and credits, writing checks and balancing a checkbook. Lance Chapdelaine speaks to the students about his role as a loan officer and awards the piggy bank contest winners with cash prizes to jumpstart their savings journey. The winners were: first place, Nicolas Kleeve ($15); second place, Evan Atchison ($10); and third place, Connor Goddard ($5).

When asked what the students enjoyed learning the most about, they responded with, "That everything is a choice," "Everything has a benefit and a cost," "It's important to spend money wisely," "I can save and share," "I learned what opportunity cost is," "What income is" and "How to save money."

These programs offer practical guidance to enhance financial literacy and empower individuals to make informed financial decisions. Participants of these programs also have the opportunity to utilize Money Habitude cards, facilitating engaging discussions about money. Money Habitudes examine individuals' money-related attitudes, habits and behaviors, providing valuable insights into the factors influencing financial decision-making. By leveraging Money Habitudes, individuals and couples can identify and address the root causes of financial conflicts and behaviors hindering their progress toward financial and life goals.

For assistance with financial resources, contact Phillips County's Family and Consumer Science Extension Specialist, Stephanie Starkebaum at (970) 854-3616 or visit the LiveSmart Colorado Blog at http://www.livesmartcolorado.colostate.edu. The blog covers financial education and a range of Family and consumer Science-related topics.