Elementary: 4th Grade Financial Literacy Concepts
EARN, SAVE, SPEND, GROW
Students will learn how to make good financial choices, such as deciding what is most important, setting money goals, and planning for the future. Students will also practice good money habits, such as saving, spending wisely, and distinguishing between what they need and what they want.
BIG IDEAS
- Financial SMART goals are important.
- It is important to create positive spending habits early.
- Savings can help prepare for emergencies.
- There are pros and cons to using cash, credit, or debit cards to make a purchase.
- Investing is a way to grow money over time.
- The longer money is saved, the greater its growth potential.
- There may be a penalty for not paying something back when we promised.
- Interests and skills should play a part in career choices.
- We can choose to work for an employer or to work for ourselves.
OPTIONAL QUESTIONS
- What is a SMART financial goal I have, and what is my plan to achieve it?
- What are the advantages of saving?
- Why should I practice saving money now?
- What type of expenses will I face as an adult?
- What is a late fee?
- How can I be my own boss?
LEARNING OUTCOMES
- Create a SMART goal, describe the advantages of saving, compare payment methods, and explain the skills needed for employment.
- Describe the purpose of an emergency fund, the advantages of cash/credit.
- Identify penalties associated with borrowing agreements (e.g., library, bank).
- Describe what an entrepreneur is, explain the skills needed to be a good employee, and identify skills/interests for career choices.
Vocabulary
Social Studies Standards
How did the Transcontinental
Railroad Change Utah’s
Economy?
Standard: Expansion (1847-1896) Standard 4.3.7
Financial Literacy Concept: Investing is a method for increasing money over time.
The longer money is saved, the greater its growth potential.
Concept Match: Grow
Description: Students will read about how the railroad changed Utah’s economy. The students will write a letter as an immigrant farmer or miner to their friends and families about how the railroad has changed Utah’s economy.
Investing & Utah’s Economic Growth Lesson
Standard: Expansion (1847-1896) Standard 4.3.7
Financial Literacy Concept: Investing is a method for increasing money over time.
The longer money is saved, the greater its growth potential.
Concept Match: Grow
Description: Students will read about how the railroad changed Utah’s economy. The students will write a letter as an immigrant farmer or miner to their friends and families about how the railroad has changed Utah’s economy.
Working for an Employer vs. Working
for Yourself
Standard: Post-Statehood (1896-1999) Standard 4.4.4
Financial Literacy Concept: Describe what an entrepreneur is, explain the skills needed to be a good employee, and identify skills/interests for career choices.
We can choose to work for an employer or to work for ourselves.
How can I be my own boss?
Concept Match: For example, recreation, tourism, mining, information technology, manufacturing, agriculture, and petroleum production. Earn
Description: Students will understand the difference between working for an employer and working for themselves (entrepreneurship) by participating in role-play, group challenges, and discussion.
Mathematics Standards
SUMMER BBQ BUDGET ACTIVITY
Standard: OPERATIONS AND ALGEBRAIC THINKING Standard 4.OA.3
Financial Literacy Concept: Saving money helps you achieve your wants, prepare for long-term plans, benefit from growth potential, and avoid penalties for not paying back borrowed money.
What is a late fee?
Identify penalties associated with borrowing agreements (e.g., library, bank).
Concept Match: Applies to budgeting, calculating interest/penalties, and interpreting leftovers/savings. Save
Description: Challenge your students with this fun, real life, multistep math problem. Includes a delicious menu, and "budget chart" to help with planning.
Can you afford it? - Income vs Expenses
Standard: OPERATIONS AND ALGEBRAIC THINKING Standard 4.OA.3
Financial Literacy Concept: Saving money helps you achieve your wants, prepare for long-term plans, benefit from growth potential, and avoid penalties for not paying back borrowed money.
What is a late fee?
Identify penalties associated with borrowing agreements (e.g., library, bank).
Concept Match: Applies to budgeting, calculating interest/penalties, and interpreting leftovers/savings. Save
Description: An activity in determining monthly net income and deducting common monthly expenses.
Savings & Interest
Standards: OPERATIONS AND ALGEBRAIC THINKING Standard 4.OA.3.b
Financial Literacy Concept: Current decisions influence future goals.
What are the advantages of saving?
Why should I practice saving money now?
Concept Match: Relates to long-term financial planning and checking calculations like potential growth or interest costs. Save & Grow
Description: In this lesson plan, students will explore the concepts of saving and interest by setting up and managing checking and savings accounts using ClassBank. They will transfer money between accounts, understand the impact of interest rates, and set financial goals for bigger purchases. Additionally, the lesson engages students in calculations of simple and compound interest to highlight how savings can grow over time.
The Power of Saving Over Time
Standards: OPERATIONS AND ALGEBRAIC THINKING Standard 4.OA.3.b
Financial Literacy Concept: Current decisions influence future goals.
What are the advantages of saving?
Why should I practice saving money now?
Concept Match: Relates to long-term financial planning and checking calculations like potential growth or interest costs. Save & Grow
Description: Students will understand that saving money over a longer period of time leads to greater growth, especially when money earns interest or builds up through repeated saving.
Pros and Cons of Cash, Credit, and Debit
Standard: MEASUREMENT AND DATA Standard 4.MD.2
Financial Literacy Concept: Pros and cons of using cash, credit, or debit cards.
It is important to create positive spending habits early.
Concept Match: Applicable to calculating total costs, budgeting, borrowing, and comparing payment methods. Save, Spend, Grow
Description: Students will be able to identify cash, credit, and debit as payment options. Describe the pros and cons of each and decide which payment method is the best choice in different situations.
Less Than Zero
Standard: MEASUREMENT AND DATA Standard 4.MD.2
Financial Literacy Concept: Pros and cons of using cash, credit, or debit cards.
It is important to create positive spending habits early.
Concept Match: Applicable to calculating total costs, budgeting, borrowing, and comparing payment methods. Save, Spend, Grow
Description: In this lesson, students learn about saving, savings goals, interest, and borrowing by reading Less Than Zeroby Stuart J. Murphy. Students use a number line and a line graph to track spending and borrowing in the story.
English Language Arts Standards
The Piggy Bank Primer
Standard: WRITING Standard 4.W.1
Financial Literacy Concept: Financial SMART goals are important.
Create a SMART goal, describe the advantages of saving, compare payment methods, and explain the skills needed for employment.
What is a SMART financial goal I have, and what is my plan to achieve it?
Concept Match: Applicable to arguing for saving/budgeting methods or choosing a career path. Save and Spend
Description: This lesson will help students understand that people have different attitudes toward money.
Make the Most of Your Money
Standard: WRITING Standard 4.W.2
Financial Literacy Concept: Describe the purpose of an emergency fund and the advantages/disadvantages of cash/credit.
What types of expenses will I face as an adult?
Concept Match: Applicable to explaining financial concepts clearly to an audience. Spend
Description: Want money for the things you would like? Check out how these student super savers do it! This lesson includes, creating a budget, saving, interest, and smart shopping skills. View the lesson poster.
Money Basics
Standard: WRITING Standard 4.W.2
Financial Literacy Concept: Describe the purpose of an emergency fund and the advantages/disadvantages of cash/credit.
What types of expenses will I face as an adult?
Concept Match: Applicable to explaining financial concepts clearly to an audience. Spend
Description: These lessons are designed to help students recognize coins and grasp key financial concepts, including income, spending, and planning.
DEBIT CARDS VS CREDIT CARDS
Standard: Reading Standard 4.R.13
Financial Literacy Concept: Saving helps prepare for emergencies.
There are pros and cons to using cash, credit, or debit cards to make a purchase.
Concept Match: Applicable to analyzing texts about financial products, claims on saving, or investment strategies. Spend
Description: This lesson is designed to introduce students to the advantages and disadvantages of using debit cards and credit cards. This lesson will help students understand the similarities and the differences between the two cards. It will also help students use the appropriate card when making a purchase in order to avoid unwanted consequences.
When I grow up I want to be...
Standard: WRITING Standard 4.W.4
Financial Literacy Concept: Interests/skills play a part in career choices.
There are pros and cons to using cash, credit, or debit cards to make a purchase.
Concept Match: Applicable to researching future careers and the skills required. Earn
Description: This writing project is a great way for kids to express their hopes for the future. The pre-write page get kids thinking about why they want to do this job!
Starting your own business
Standard: Reading Standard 4.R.11
Financial Literacy Concept: Identify skills and interests that could help inform my future career choices.
Concept Match: Applicable to researching historical economic events or comparing accounts of entrepreneurial success/failure. Earn
Description: Starting your own business may let you earn money by doing what you love or solving problems you care about. Use this worksheet to to come up with a few business ideas.
Additional Resources:
- Finance In the Classroom Additional 4th Grade Activities
- Take Charge America Money Lesson Plans Grades 1-5
- EconEdLink Education Personal Financial Resources: K-5
- Federal Reserve Teaching Resources K-5
- JA K-12 Self-Guided Program Resources: Grades 3-5
- Smart Path All-Access Learning: Enabling Students with Developmental Disabilities
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