The Game of Life: Financial Literacy

Hi everyone and welcome back!

This week in class, we were fortunate to participate in four extremely well done grade seven / eight lessons. From digging holes, moving Steve the stick person, playing the game of life and battleship, all lessons were extremely engaging and relevant to students lives. However, for this post I would like to focus on Dayna’s lesson: The Game of Life.

For The Game of Life, the class was split into five groups. Each group was assigned a different job and monthly salary. In addition, each group was given a series of bills they had to pay based on a specific percentage of their earnings. Groups were also provided with a grocery list and associated costs. Working together, the groups had to determine the total costs of their monthly payments and how much money they had remaining to buy essentials, such as food.

Although a math activity, I was immediately impressed with the cross-curricular and different literacies incorporated into this lesson. As a Physical educator, I really liked how this activity allowed students to get up and moving throughout the classroom. Corresponding with this, it fostered collaboration and communication skills as students were required to work together to discuss their money situation. As discussed during class, the Game of Life can be modified to meet curriculum expectations across all grade levels and presents the opportunity to explore financial literacy.

The Ministry of Education describes financial literacy as, “Financial literacy means having the knowledge and skills to make responsible economic and financial decisions with confidence. In today's complex world, young people need a wide range of skills and knowledge to make informed choices.”

Financial literacy gives students the opportunity to consider their financial choices. For example, in younger grades it allows students to understand the costs of buying fast food, groceries, their monthly cell-phone bill, etc. In the older grades, financial literacy can reveal the cost of buying a car, a home or paying tuition for post-secondary education. Educators should make the effort to incorporate financial literacy into their lessons beginning in the younger grades to ensure they are developing students who understand the impact on their financial choices and thus can participate in society as responsible and knowledgeable citizens. It is important to note that financial literacy can also be incorporated in other subject areas such as social studies or business, however, I believe it is extremely important in the math classroom so students can make the mathematical connections to money.

Reflecting upon my education experience, I was not presented with many opportunities to explore financial literacy. Fortunately, I had parents who made me cognizant of my financial choices. Educating students on financial literacy is important for problem solving, critical thinking and decision making related to real-world contexts. Discussing financial literacy also provides the opportunity for educators to discuss larger societal issues such as inequalities and factors that might contribute to a lower socioeconomic status. As a future educator, I intend to include financial literacy in my classroom in addition to the many other literacies students require to prepare the for the twenty-first century.

To further read about Financial literacy, I highly recommend reading Financial Literacy Education in Ontario Schools. 

Until next week, 

Rachelle