How to get students excited about personal money
Most people struggle to get interested in learning about personal money. For high school students, in particular, money lessons can feel alienated and unrelated to their lives. In fact, it could be very good.
And yet, money will play an important role in the life of every adult. Entering adulthood with background knowledge not only helps people avoid mistakes, but it can equip them with the knowledge needed to make decisions that will set them up for lifelong financial success. The question is: How do you get students excited about personal financing on an e-learning platform? In this article, we look at tips that will help your students succeed.
Tips to keep students interested in e-learning courses
1. Context key
Most of the college students get their degree without any practical knowledge about managing their personal finances. This not only makes it difficult for them to realize their full business potential — a person is more likely to start their own business and succeed at the age of twenty — but it also makes them unprepared to start repaying their college loans.
Very few college graduates realize the value of financial fluency until it is too late. By emphasizing the importance of financial literacy and communicating the benefits, you increase the chances of being a highly engaged student audience.
2. Mixed media
Remember that there will be different types of students in your class. On e-learning platforms, it is very easy to overload on independent lessons, including occasional community postings or video lectures to fill the class. Diversity is key.
If you teach only one way on an e-learning platform, you will automatically lose a portion of your audience. If you teach primarily through independent lessons, you will lose students who learn by listening. If you only lecture, you will lose your visual learners etc.
Mix things up. Personal funding is already going to be a normal turnoff for many students. Present the information to them exclusively in a format so that they do not feel comfortable and your chances of reaching them are reduced to zero.
Gamification is a stimulus strategy that uses games to inspire behavior. Games naturally appreciate the way most people’s brains are inspired, providing regular rewards that not only keep students engaged, but also motivate them to continue to do better.
Gamification can have a significant advantage in teaching subjects such as personal money, which students may otherwise be resistant to. There are many online learning programs available that use games to teach lessons about money. OnGuardOnline is a government-sponsored game that teaches teens and college students how to handle their personal finances responsibly.
Simulation is an effective way to teach ideas that might otherwise feel very abstract. By saving your students from a simulated budget, you not only help keep them more engaged, but you also improve their financial decision-making ability that can set them up for financial responsibility in later life.
For example, consider giving your students an “income” (a simulated salary from which they can make the rest of their budget). Using this income, ask them to select an apartment and car available online in your area. From there, you can get as much depth as you like about how you spend. This can range from insurance and loan payments to tire bursts or leaking pipes. The simulations not only make the lesson plan more interesting, they also give your students a budget and a definite idea of how to spend as adults.
5. Teach your students about investing
The investment situation is another way of introducing simulation in the classroom as well as teaching students a valuable skill that they can pay significantly as soon as they graduate from college. To teach investing through simulations, ask your students to “select” stocks at the beginning of the term and observe the growth of their portfolio throughout the term. It will teach them a selection of real-world influences that can play a role in market performance. When they graduate from college it may be ready to make their actual investment.
People in their twenties are in a uniquely good position to invest because the consequences are less serious if they make a mistake. Because people in their twenties usually don’t have much cash to invest, their losses are small, and any mistakes they make can be recovered throughout their careers. When things go as planned, they are in the best position for the benefit of compound interest. Stock portfolios grow at an average rate of approximately 10% annually, which means that the longer they stay in the market, the more money they will eventually get out of it.
6. Use the current event
Combining current events with finance lessons is a great way for your students to feel more real. For example, if your students have cars, they are well aware that gas prices have reached record highs across the country. Using gas prices or inflation to formulate lesson plans is a great way to base financial lesson plans in a way that your students can already relate to. From there, you can discuss many issues, including both the cause of inflation and how it affects a person’s personal spending power.