Financial Literacy With Greenlight: Imagine how different the world would be if young children were taught how to manage their money. The possibility of learning to live within your means, creating and adhering to a budget, starting to save as a teenager or youngster, and preparing for a secure retirement are just a few of the positive outcomes that could occur. This utopian strategy for beginning to save for your child’s future isn’t as outlandish as it once was. In reality, you can teach your children about money in a lot of wonderful locations online.
You might even discover that the material your children use on a daily basis, such as video games, TV, streaming services, and other outlets, teaches them a lot about money. However, there are no resources provided in our schools for students to use to learn about money. It is the responsibility of the parents in this scenario to take the initiative and enroll their children in courses that teach them about money. But a lot of work has been made in this area during the last few years. There is still a long way to go, despite the fact that more parents now demand it in schools.
Even those who majored in corporate finance in college claimed to have learned little about managing their personal finances. As a result, businesses like Greenlight are assisting kids in learning about money at an early age, which is a huge step toward financial literacy for youngsters. Therefore, we’ll talk about how to teach kids financial literacy using Greenlight in this article.
Financial Literacy With Greenlight
1. Greenlight Debit Card
The Greenlight card is a debit card for children and teenagers that helps them learn about money management and keeps their money safe. The card is secured, therefore funds must be loaded into it in order to use it. Through the Greenlight app, parents may send money to their children, who can then receive it straight in their bank accounts. Parents also need not worry since real-time notifications will allow you to immediately learn what your children are attempting to purchase with their money. Greenlight will also inform you if a purchase has been rejected or if extra funds are required for the account.
Transacting can be done rapidly and in a variety of ways. Imagine your youngster is in a store and is ready to make a purchase. You will then be given the option of saying no if you object to the purchase or sending them money immediately to cover the expense.
Also, the Greenlight card has a mobile app that both parents and kids can utilize. However, there are a few things that separate what parents and children can accomplish on the app. Children, for instance, are able to check the balances on their cards, monitor their spending, and set savings objectives. Despite the fact that parents can restrict how much their children can spend and keep an eye on how they use their debit cards. Additionally, parents can transfer funds from their own accounts and set up allowance payments.
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2. Task and Payment System
In the Greenlight app, parents can create task schedules and check-off lists. Parents can use the app to compensate their children when they complete their duties. Parents can save time by setting up recurring duties, and it’s a terrific way for kids to keep track of their chores in one spot. Another helpful feature is the ability for parents to set up notifications to remind their children to do chores.
Kids may use the app to track their spending, learn how to create a budget, and keep track of their allowance. It benefits both the parents and the children to have such an enjoyable manner to complete chores. Kids will feel more independent and proud of themselves, and parents will appreciate how simple it is to create a chore calendar.
3. Get Investment Knowledge with Greenlight Invest
Children and teenagers can acquire the fundamentals of investing with Greenlight Invest and purchase fractional shares of stocks and exchange-traded funds (ETFs) for as little as $1. Parents must consent to all investments made by their children.
Greenlight Invest has two resources for learning more: Greenlight Invest for Kids and Greenlight Invest for Parents. Both offer parents and their children the chance to learn more about investing. Parents can also save money for significant purchases like a first automobile or for education. Moving money anyplace else in Greenlight is the same as moving money into Invest. The Greenlight Family Cash Card, a credit card that allows parents to invest in their rewards, is also available. Plans for the entire family, which include up to five children, start at $4.99 per month after your one-month trial.
4. Visual Instructional Support
Since traditional bank accounts rarely generate interest, it can be difficult for children to observe how their money develops over time. They might be able to observe the growth more rapidly by using Greenlight. Kids might be inspired by this to save more money and handle their allowance more responsibly. This is a terrific approach to capitalize on the fact that some children learn best by experiencing things firsthand.
5. Teaching and Learning in the Classroom
Financial literacy is the subject of the online, interactive library for educators known as Greenlight for Classrooms. From kindergarten through high school, it offers lessons for students of various ages and grade levels. The national standards for K–12 personal financial education are linked to each course. The Council for Economic Education and financial specialists both contributed to the publication of these lectures. These requirements cover important financial subjects like earning, spending, saving, investing, and credit management, among others.
The collection of animated movies in Greenlight for Classrooms numbers over one hundred. Thousands of vocabulary words and exam questions are also included in an assessment bank for practical learning. These inquiries could take the form of multiple-choice, true-false, or scenario-based questions. You have the opportunity to add quizzes, ideas for personal projects, group discussion activities, and an instructor’s guide as extras.
Conclusion
In the modern world, it’s just as important to give students a basic education as it is to teach them a wide range of skills, such as how to manage their money.
Financial literacy is without a doubt one of the most important skills to have in today’s world, which calls for a rise in the number of people who can think for themselves and have the skills they need to make good financial decisions on their own.
Teaching kids how to handle money not only helps them become more independent but also gives them the confidence they need to face the challenges of adulthood without fear. So, if you are a parent looking for a good place to start teaching your child about money, GreenLight for Kids could be a great place to start.