Hofstra University’s Money & Me Program
Designed to Bring Financial Literacy to Local Fourth and Fifth Graders
Hofstra University's Frank G. Zarb School of Business and the School of Education partner with local banks to teach the importance of financial literacy and money management. Apple Bank, Flushing Bank, and TD Bank sponsor the Money & Me program. This program allows Hofstra undergraduate and graduate students the opportunity to give back to surrounding communities by offering personal money management skills as well as the importance of a good education.
The interactive curriculum incorporates mathematics and ELA concepts, as well as practical applications, in every lesson. The curriculum consists of approximately nine lessons, with one lesson presented each week.
Periodically, the Money & Me program offers parent workshops for participating districts. The goal of the parent workshops is to provide parents with information about integrating financial literacy habits into family life. Working with school administrators and parent leaders, workshops are offered on several topics ranging from maintaining good credit to saving for education.
Curriculum:
- Wants vs. Needs: Students learn to differentiate between wants and needs, discover how money is spent, and understand the consequences of poor spending habits.
- Savings Accounts: Students gain an understanding of the differences between types of savings accounts and develop the skills necessary to maintain accounts. The importance of saving and "Paying Yourself First" is stressed.
- Sources of Income and Expenses: Students are introduced to the concept of earnings and how these funds are allocated to living expenses.
- Budgets: Students learn how to create a budget, which carefully plans for future saving and spending.
- Checking Accounts: Students develop the skills necessary to maintain checking accounts, including writing checks, reconciliation of checking accounts and using ATMs. The dangers of identity theft are also covered.
- Credit and Debit Cards: Students learn about responsible use of credit and debit cards and the implications of poor practices. The benefits of establishing strong credit ratings are also discussed.
The Virtual Savings Account
Each class has a virtual savings account. Throughout the program, the class earns "money", which is deposited into this account.
- These virtual savings accounts earn interest, reinforcing the benefits of savings versus spending.
- Two class bank tellers are appointed for each lesson. They are responsible for counting the money earned and depositing funds into the virtual savings account.
- The class will withdraw virtual money from their savings accounts to purchase program rewards.
Mathematics and ELA Classroom Connections
Classroom teachers are provided with activities after each lesson that include both mathematics and ELA concepts. These activities can be integrated into the classroom lessons to support connections to the common core standards.