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What is Financial Literacy?
Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Why is financial literacy important? Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively. Without it, our financial decisions and the actions we take—or don't take—lack a solid foundation for success.
Our goal at Colony Bank is to help both kids and adults have the proper tools to be able to save money, distinguish the difference between wants and needs, manage a budget, pay their bills, buy a home, pay for college, and plan for retirement. Check out our workbooks, activity sheets, interactive games, virtual field trips and more below to learn with your student!
Here are some additional resources to make learning and managing money fun for the students in your life.
Elementary:
- Have fun with family game nights! Classic board games like Monopoly and Life teach children about saving, investing, and career choices while spending valuable time together.
Middle:
- Strengthen math skills and learn about US currency while trying to escape a museum.
- Taking Ubers on vacation this summer? Use this as a way to teach your kid how the gig economy works through this game!
- Trying to teach your preteen about healthy spending habits? Try this budgeting game for filming a movie!
High School:
- If they are getting their first job, now’s a great time to get them their first saving account. We offer student savings accounts perfect for those starting out.
- Don’t have a job yet? No problem! Set them up for success by testing their money know-how in a series of games.
- Are they starting to pay for excursions with friends, or gas? Help them make wise spending decisions with a gamified expense tracker. With our Colony Bank Mobile Banking app, you can also help them understand their spending insights with their debit cards.
- Here they can play as an influencer and manage the cost of living and running a business.
- Are they thinking about college? Use this tool to get an idea of how much money they will need.
- For those looking into the military, here is a budgeting game focused on military options.
College:
- Want your kid to understand the economy before heading out into the real world? Here is a video series covering topics such as supply, demand, and recession.
- Is your kid curious about investing? Use this simulator and compete with your young adult on investing options.