As quickly as hands popped up, youngsters shouted out answers.
“The money machine at the bank,” said one student.
“From my parents,” said another.
And finally: “Money comes from trees.” That response brought a wide smile across Warren’s face.
“Yes, money is printed from paper that comes from trees,” he said, “but real money doesn’t grow on trees.”
For nearly an hour, Warren and colleague Thomas Clough bantered about saving, investing and other money topics with an ethnically diverse mix of about 75 fourth- and fifth-graders from Stony Point North Elementary School in Kansas City, Kan.
Warren and Clough were volunteer instructors for the day as part of Project Change, a new financial education program sponsored by the Securities and Exchange Commission; the Jumpstart Coalition for Personal Financial Literacy and the Financial Industry Regulatory Authority, or FINRA, a self-regulatory group.
There is a growing push from educators and legislators nationwide to incorporate instruction on personal finance into classroom curriculum starting at the grade-school level. In addition, 21 states, including Kansas and Missouri, now require some form of personal finance exposure for students before they graduate from high school.
Project Change represents another test of the idea of starting students early on the financial ABCs. Volunteers such as Warren, an SEC attorney from Chicago, and Clough, a FINRA associate vice president in Kansas City, helped introduce Project Change in late November at 18 elementary schools around the country, including Stony Point.
The program, which includes online lessons and other content at projectchange.sec.gov, emphasizes basic principles about money — saving, spending, sharing and investing.
One of the goals is to help the students understand that making smart choices can lead to financial security.
“Everyone has a choice when it comes to money,” said Gerri Walsh, FINRA’s vice president for investor education. “One of our goals is to show the importance of getting started with saving money early on. With so many people in debt, we want to teach the flip side, which is growth.”
Warren and Clough took those messages to heart, whether it was discussing the importance of compound interest, the stock market or how to save up for an Xbox or PlayStation. They also asked the students questions to increase the interaction and create learning opportunities. Who likes money? Why do you need money? What special skills would help you earn money? Why do we work?
“We all have dreams,” said Clough, in answering the last question.
At the end of the program, each student received a three-slotted “saving, spending and sharing” bank from Moonjar, and teachers were handed a set of books and games, including Monopoly.
Several students said they also came away with a better understanding of the need to save.
“I can’t buy all the things I want,” one student said.
With comments like that, Project Change just might be a keeper.
To reach Steve Rosen, call 816-234-4879 or send e-mail to srosen@kcstar.com.
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