Gen Z is the least financially confident generation, with one in four admitting they feel uncertain about their financial knowledge and skills, according to a recent survey. The survey also found that 30 percent of those born between 1997 and 2012 don’t budget for their monthly expenses. Though concerning, these findings aren’t surprising given the lack of financial education in our schools. Currently, only 35 states require students to take a personal finance course, and just 28 mandate some study of economics to graduate from high school. 

“[Financial literacy] is extremely important because we’re making decisions that have a pretty big impact on our well-being; when we go to get a car loan or a mortgage or decide whether or not to put money in a 401K,” says Bruce Sacerdote, Ph.D., the Richard S. Braddock 1963 Professor in Economics at Dartmouth College. “So these things have really big implications.”

Though many parents may feel uncomfortable discussing money with their children, 74 percent say they would move their child to a different school if it offered financial education and investment courses. Unfortunately, that’s not an option for parents in Massachusetts, one of only eight states that don’t require economics or personal finance courses for high school graduation. 

Introducing Ms. Money

Recognizing the importance of financial literacy, executives at Rockland Trust decided to take action. In 2011, they enlisted Julie Beckham, an accredited financial counselor and educator, to create a fun, accessible way for kids to learn about money. The result was “Ms. Money & the Coins,” an award-winning musical about saving, sharing, and spending. Over the next decade, Beckham, who also had a background in theater, performed the musical with two other actors 500 times across over 150 Massachusetts schools. 

“A total of 80,000 students sat crisscross applesauce in their auditoriums and sang about making, saving, sharing, and spending money,” says Beckham, AVP/financial education development and strategy officer at Rockland Trust, adding that the musical was performed throughout COVID-19 virtually. “I was Zooming in and I thought, ‘We need to be able to reach more children, more families, and more schools.’” 

That’s how Ms. Money’s Classroom was born. The free, online resource offered by Rockland Trust incorporates bits of the musical in five songs with an activity sheet for each. There’s also a teacher-driven lesson plan that outlines the vocabulary and lessons from each song. 

Ms. Money tips for parents with young children and elementary schoolers: 

• Make money a part of everyday conversations — Narrate purchases, explain the difference between needs and wants, and let kids play pretend games like “store” to introduce basic financial concepts.
• Encourage earning and saving — Talk about how you earn money, help kids brainstorm simple ways to earn their own, and practice saving together for a family goal.
• Teach responsibility with money and belongings — Show kids how to take care of what they own, return borrowed items, and introduce the concept of a savings account.

From theory to practice

Kristin Masciarelli, a math teacher at Milton High School often uses real world applications in her lessons. After her son saw a Ms. Money presentation in his elementary school, Masciarelli invited Beckham to address her senior math class in person. 

In a 50-minute session, Beckham covered everything from compound interest and bank fees to how to build a good credit score — reinforcing many concepts Masciarelli had been teaching throughout the year.

“It was nice for me because it was a wrap up and reinforcement, but I think if we had done that in the beginning of the year, it would have been more eye opening for sure,” Masciarelli says. She adds that her students were particularly struck by the importance of starting to save at an early age.

Some YMCA of Greater Boston programs take a hands-on approach, awarding children with (ages 5-13) ‘Y bucks’ that they can spend on small items at makeshift stores. Justine Neeson, regional director at the YMCA of Greater Boston, started incorporating Ms. Money’s Classroom lessons into the after-school program last fall.

“One of the videos is about going to a school store, so they could see the correlation between the Y bucks and the lessons,” Neeson says. “We didn’t talk so much about having a savings account, but how you save for something that’s more money versus just spending all of your money right now.”

The lesson about needs versus wants also resonated with the children because it’s a concept that’s often discussed in the Y’s programs. 

Similarly, Holly Googin, a Girl Scout leader in Abington, Mass., discovered Ms. Money while depositing funds for her troop at Rockland Trust. With the holidays and cookie sales approaching, she invited Beckham to lead a lesson with her second-grade Brownie troop.

“She was totally adaptable. She came in and chatted with the girls a little bit and they brainstormed different ways that money was going to be playing a role in the upcoming holiday season and in our cookie sales,” Googin says. Beckham also led the girls in an activity about the ways to be good stewards of their money as a troop within the community. “We sang some songs and [Beckham] helped us think about what we wanted to do to help out our community during the Christmas season. It was really meaningful.” 

Ms. Money tips for parents with middle schoolers and high schoolers: 

• Give them hands-on money experience — Pay middle schoolers for chores and encourage high schoolers to get a part-time job or manage an allowance to learn budgeting firsthand.
• Let them take financial responsibility — Have teens pay for certain expenses, like their phone bill or non-essential purchases, to teach smart spending habits.
• Introduce banking and saving habits — Open a checking account for your teen, link it to their savings, and set up automatic transfers so they learn to “pay themselves first.”

The game of life

Rockland Trust is also a founding sponsor of Student Financial Education Initiative, Inc, a nonprofit that supports experiential financial education in local schools and communities. The collaboration offers Credit for Life Fairs, a half-day event for high school students to learn real-life budgeting and money management skills. 

Beckham, who often leads the fairs herself, explains that participants start by choosing a career. They get a paycheck and a budget, and then visit booths to make purchasing decisions about things like transportation, housing, clothing, food, pets, and vacations. Then, they have to figure out how to pay for it all. 

Masciarelli, who would like to see financial literacy as part of the curriculum for middle school students, sees the benefits for people of all ages. 

“I’ve learned a lot teaching financial literacy. I’ve started to have a better relationship with money,” Masciarelli says. “When I graduated, I had no idea what I was doing.” 

With the help of these kinds of resources, kids — and even their parents — can build confidence in their financial knowledge and make smarter money decisions. As Beckham notes, talking about money doesn’t always have to be taboo. It can be empowering, eye-opening, and, in many cases, even a little fun.