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Helping your child to learn about moneyMakingCents - Parents' guide
In this guide, the word ‘parent' is meant to include guardians, caregivers, and other family members who can help young children with their learning.
The MakingCents program supports the National Consumer and Financial Literacy Framework which means that financial literacy is now being taught in schools. The topics in MakingCents are related to key learning areas of Mathematics and Human Society and its Environment (HSIE) in NSW or Studies of Environment and Societies (SOSE) in other states and territories. MakingCents for parents Supporting your child's program of learning can make a huge difference. If you or any other adults in the family would like to know more about managing money see out money topics for parents. These topics for parents also refer to activities that you can do together as a family. MakingCents Topics The MakingCents program topics that teachers will cover in class include:
In years 1 and 2 children will learn about:
Also they learn that advertising:
What will they do in class? Students will:
In Years 3 and 4 children will learn about:
What will they do in class? Students will:
Years 5 and 6 children will learn about:
What will they do in class? Students will:
About this guide If your child is doing the MakingCents program in school this guide will help you to engage in their learning and support them with homework or school-based activities linked to the program of work. It is aimed at parents or adults who support a child at home with their learning. There are MakingCents topics for children and there are topics for parents too but it can be good fun to learn about good money habits together or as a family. Use this guide to help you learn about finanacial literacy together In MakingCents there are a number or references to numbers and calculations using money as the stimulus for learning. You may use money regularly, you might budget, sort out a food plan, or make transactions that are to do with money. You can use these everyday situations to discuss, question and explore understandings with your child. Children learn best through activities that encourage them to:
Children learn easily when they can connect concepts with their own experience. By using everyday events such as going shopping for food, or planning for a birthday, or saving for something, they can "see" the ideas that are being taught. Encourage your child to use learn that there may be more than one way to solve a problem and more than one answer. Ask them to guess, ‘How much change do you thing we will get?' How much would two of these cost if one costs $1.20?' Is it best to buy a 6 pack or a individual ones?' They also learn to express themselves clearly as they explain their solutions. Why is it important for my child to learn about money? Research shows that primary school aged children (7 - 12) are engaged in financial activities such as saving money, making informed purchases, and learning about the implications of using mobile phones. They are also thinking about the impact of these decisions on the environment. It is important for all young people to learn about consumer and financial literacy. Young people need to be able to make informed consumer decisions and manage their personal finances effectively. 'being able to manage personal finances in a variety of changing contexts in life and society. It includes understandings, developing skills and exploring values in varying contexts about the impact on one's financial decisions on self, others and the environment.' If you would like more information to read or to give to your school please refer to Financial education - it makes sense. This leaflet explains why financial literacy is a vital life skill, why learning at an early age is important and how the MakingCents program was developed as part of a bigger education initiative between the YWCA NSW and Citi Australia.
Financial education it makes sense explains the importance of learning about financial understandings and skills and how important these are to a child's success - both at school and in everyday life. Understanding money builds confidence and helps children as they grow to make choices that are right for them. In the MakingCents program children will also learn about and apply some maths understandings. In our everyday lives, understanding maths enables us to:
What tips can I use to help my child learn about money? 1. See everything as a learning opportunity 2. Be positive about money matters, numbers, budgeting, saving up for something, planning. 3. Use some of the activities around money to learn about numbers too in a fun way. 4. Use positive sayings like ‘I'm learning about money too' or its fun to save up for something special let's try together.' Avoid negative reinforcement with sayings like ‘I was never good with money' or ‘I will never be able to save'. 5. Introduce the characters from MakingCents like Hein or Alex to create stories about them and what they do. 6. Let your child know that you think financial literacy is important and fun and every child can learn about it. 8. Point out the ways in which different family members use financial skills on a daily basis. 9. Encourage your child to be persistent if a problem seems difficult. 10. Praise your child when he or she makes an effort, and share in the excitement when he or she solves a problem or understands something for the first time. 11. Make this part of your child's day and it will also help them to understand maths. 12. Encourage your child to tell or show you how he or she uses maths or numbers in everyday life by relating it to real things and the money exchanges you make. 13. Include your child in everyday activities that involve money - making purchases with cash, explaining what you are doing at the checkout if you use cards or the ATM, planning an event or holiday. 14. Play games and do puzzles with your child around money matters 15. Encourage your child to give explanations. 16. When your child is trying to solve a problem, ask what he or she is thinking. If your child seems puzzled, ask him or her to tell you what doesn't make sense. Talking about their ideas and how they reach solutions helps children learn to reason. 17. Treat mistakes as guesses. Ask your child to guess again or work it through again. Offer opportunities to help your child learn something new.
Children learn about numbers best through activities that encourage them to:
An important part of learning mathematics is learning how to solve problems. Children are encouraged to use trial and error to develop their ability to reason and to learn how to go about problem solving. They learn that there may be more than one way to solve a problem and more than one answer. They also learn to express themselves clearly as they explain their solutions. Parents count too is a helpful guide around how children learn about numbers and what you can do at home. It has been developed by the NSW Department of Education and Training. If you visit your own local education website you may find useful information about helping with learning, numbers, homework and other useful topics. Some of the activities in the parents section include questions you can ask to help your child build problem-solving skills around using and understanding money. What activities can I do with my child? As well as the tips in the previous section, there is a selection of activities that you can do with your child from the MakingCents primary school program units or from within the money topics for parents section. If you need to find some age-related activities you can use these guidelines: MakingCents for primary children Topics in Years 1 and 2 (ages 7-8)
Topics in Years 3 and 4 (ages 9-10)
Topics in Years 5 and 6 (ages 11-12)
Home tasks Each school develops its own homework policy after consultation with parents and teachers. Encouragement and support from parents helps students to have a positive approach to home work tasks. Homework helps to bridge the gap between learning at school and learning at home. It reinforces work done in class. It helps to develop skills good habits like time management and problem solving. If your child is doing the MakingCents program in school they might come home with the following home tasks: Asking family members to show and explain some of the banking products, services and procedures they use, help with collecting information for the SUPERstore activity, discussion about mobile phones and financial commitments at home, analysing a mobile phone bill, developing a market research questionnaire to run a class fundraising event.
You can find some additional ideas for activities and about talking to your child about money in money topics for parents section 11 Other examples of useful activities are: Money for Hein - pocket money scenario Owning and using a mobile phone |
What tips can I use to help my child? 
Children learn easily when they can connect math concepts and procedures to their own experience. By using common household objects (such as measuring cups and spoons in the kitchen) and observing everyday events (such as weather patterns over the course of a week), they can "see" the ideas that are being taught.
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