finEDge Newsletter Early Fall 2021

UChicago Financial Education Initiative

Early Fall 2021 newsletter

NEWSLETTER | EARLY FALL 2021

PROJECT UPDATE
Digital Games Release

Images of digital games icons

We are excited to share our digital games — the latest offering for finEDge teachers. The finEDge digital games are uniquely effective tools for promoting the adoption of productive behaviors and attitudes. The games are designed to be used as part of the finEDge program and are accompanied by lessons to guide integration of learning from the games with learning from the corresponding modules.

TEACHER SPOTLIGHT
Real-World Connections

Richard Persaud discusses how he uses finEDge.

"As a math teacher, I want all students to understand how math can be used in the real world. It's not always easy for all students. With this course, they see it right from the beginning. It also helps many of them see how previous math knowledge (and other classes as well) does come up after high school, especially when looking at interest rates and compound interest. The students really get to figure out what they want financially in the future and start making plans towards that. There is not a right or wrong answer." — Richard Persaud

OPPORTUNITY
Applications Now Open to High School Educators Nationwide for Complimentary Access to finEDge

Teachers new to teaching financial education wanted

We are excited to announce that the Jackson Charitable Foundation is supporting the University of Chicago Financial Education Initiative to provide high school teachers with free access to finEDge, a semester-long financial education curriculum designed by the University of Chicago in partnership with the Magnetar Capital Foundation. This sponsorship will provide students and teachers access to the high-quality curriculum along with extensive professional development and certification for participating educators.

IN REAL LIFE
Invest Early

Thomas Coffey shares how finEDge impacted his financial decision-making.

"Retirement investing. I didn't realize that investing early was beneficial. I figured that I would invest once I obtained more money. With the political contingencies of social security and choosing the right career to secure retirement benefit packages, you don't realize that the decisions you make early can set you up for a better financial future." — Thomas Coffey

WHAT WE'RE READING
Fintech for Kids: Part of the Solution or a Danger to Our Children?

Girl using a smartphone

Everybody loves a great app. Apps can help us learn a language, communicate with friends and family, entertain and inform ourselves, and do a million other fun things.

There are lots of money apps: banking apps, credit cards apps, payment apps, investing apps, and more. Most of these are designed for adults, but a growing number target young people and even minor children. Money apps are paired with personal finance instruction and then promoted as a tool for teaching financial literacy. These apps market themselves as training wheels for raising financially smart kids while creating an avenue to connect with customers early. We read “Debit Card Apps for Kids Are Collecting a Shocking Amount of Personal Data” (Feathers, 2021) and “Apps Try Putting Financial Literacy at Kids’ Fingertips” (Carrns, 2021) with great interest and some alarm.

CAREER CORNER
Helping Immigrants with their Finances

Adina Appelbaum discusses his job as a sales territory manager.

"There is nothing better than seeing someone in our community become more financially empowered. Whether it's starting their first budget, opening their first investment account, or getting their first paying client in their new business, it fills me with hope and inspiration, because I know the rest of their lives will transform. I also love hearing about when our clients apply what they've learned—for example, to help their parents, siblings, and other family members open their first investment accounts." — Adina Appelbaum

FOR YOUR CONSIDERATION
Is School-Based Financial Education Worth the Effort?

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Educators and advocates across the country are working tirelessly to increase the number of states that mandate a financial education course to graduate from high school. This work is not for the faint of heart. It requires rallying school boards and administrators, teachers, students, parents, and community groups; demonstrating the importance of financial education; and working with policymakers to develop and pass legislation that positively impacts students. Before putting in this massive effort, it’s important to ask: Why bother? Is school-based financial education really that important? There are other ways to learn about money. Would watching a video series or using an app on your own have the same impact?