More free time for students over the summer also means more spending opportunities,
so making sure students know how to manage money becomes extra important! Even though
many teachers probably can’t relate to having much free time over the summer with the
amount of prepping that goes into the upcoming school year, students will find themselves with
more opportunities to practice managing money throughout the next few months. Remember
calculating whether it would be worth it to buy a pool pass for the whole summer or just pay
for each visit and going back and forth with our parents on whether we would really make use
of the investment? Moments like these are great examples of how money management skills
may be practiced over the summer!
Parenting: It’s a Life incorporates concepts on parenting into our modules. These are
important skills for students to understand before they consider becoming a parent because
being able to manage money while taking care of yourself and a child is a whole different
undertaking! If students choose to become parents, they will need to be prepared and have a
plan in place in order to meet the needs of their child financially. Even if students do not have
parenthood on their minds, they may still apply these skills to their day to day lives.
The objectives of PIAL’s Module 7: Managing Money include having students first
distinguish between a want versus a need and secondly create a monthly budget. As a part of
the post-visit survey, students are asked to complete a short-response question where they
have time to elaborate on how they can apply the content of the module. Graduate Research
Assistant Mikaela Scozzafava, Madeline Robinson. and Isha Crawla analyzed themes emerging
from students’ responses. They found students understood the importance of money
management. Out of the two module objectives noted above, students were more likely to
show comprehension of creating a budget rather than distinguishing between wants and needs.
You can see this represented in the frequencies of themes in the chart below. This may be a
result of students feeling like a budget has more long-term applicability to their lives than
wants versus needs. These 4 major themes present in the responses indicate to PIAL that
students have a variety of takeaways from the module related to money management. Overall,
the content addressed in module 7 is very relevant and applicable to student’s own finances.
We encourage students to take this information with them into the summer months and
continue to both spend and save responsibly while keeping their long-term financial goals in