Elementary: 6th Grade Financial Literacy Concepts
EARN, SAVE, SPEND, GROW
Students will focus on financial influences, budgeting, borrowing, and career planning, the study of world economic systems, the application of ratios and equations, and evaluating claims/researching.
BIG IDEAS
- There is a strong connection between our emotions and how we spend or save.
- Advertising and marketing affect how we spend money.
- A budget helps us reduce expenses and track money.
- We can gain rewards for building good credit.
- Good credit reflects your ability to manage your money well.
- We face consequences if we do not repay a debt or take a long time to repay a debt.
- We can start developing skills now that will help us in our future jobs or careers.
OPTIONAL QUESTIONS
- How do my emotions affect how I manage my money?
- Why is it important to manage my money?
- Why do I want to save?
- How much of my income can I save each week? Each month?
- What categories are in a budget, and why is it important?
- How does a loan work?
- What are some consequences if I do not repay my debt?
LEARNING OUTCOMES
- Describe the impact emotions can have on personal finances.
- Create a budget.
- Identify different types of loans (home, school, auto).
- Explain the difference between a job and a career.
Vocabulary
Community Connection
Social Studies Standards
Counting cash
Standard: World Civilizations Standard 6.1.4
Financial Literacy Concept: Why is it important to manage my money?
Why do I want to save?
Concept Match: Provides a historical context for how different societies manage resources, trade, and measure the value of work (income/expenses). Earn & Save
Description: Students practice handling money through simulated purchases and sales transactions.
Protecting your identity online
Standard: World Civilizations Standard 6.1.4
Financial Literacy Concept: Why is it important to manage my money?
Why do I want to save?
Concept Match: Provides a historical context for how different societies manage resources, trade, and measure the value of work (income/expenses). Earn & Save
Description: Students answer true-or-false questions about safe online behaviors and consider ways to protect themselves online.
Trading and Bartering
Standard: World Civilizations Standard 6.1.4
Financial Literacy Concept: Why is it important to manage my money?
Why do I want to save?
Concept Match: Provides a historical context for how different societies manage resources, trade, and measure the value of work (income/expenses). Earn & Save
Description: Students will lean how trade and barter to get the items they need to survive.
Including giving in your budget
Standard: Our Modern World Standard 6.4.2
Financial Literacy Concept: Budgeting reduces expenses.
How does a loan work?
Concept Match: Provides the macro-economic framework for discussing personal financial management, loans, and credit within market-based economies. Earn, Save, Spend, Grow
Description: Students explore how creating a budgeting rule can help people include giving in their monthly budgets.
Using a budget to shop for a party
Standard: Our Modern World Standard 6.4.2
Financial Literacy Concept: Budgeting reduces expenses.
How does a loan work?
Concept Match: Provides the macro-economic framework for discussing personal financial management, loans, and credit within market-based economies. Earn, Save, Spend, Grow
Description: Students learn about budgets and then use a budget to decide what food to buy for an imaginary party.
Brainstorming household budgets
Standard: Our Modern World Standard 6.4.2
Financial Literacy Concept: Budgeting reduces expenses.
How does a loan work?
Concept Match: Provides the macro-economic framework for discussing personal financial management, loans, and credit within market-based economies. Earn, Save, Spend, Grow
Description: Students review monthly incomes and household expenses to practice making budget decisions, including about housing and roommates.
Why Countries Trade
Standard: Our Modern World Standard 6.4.2
Financial Literacy Concept: Budgeting reduces expenses.
How does a loan work?
Concept Match: Provides the macro-economic framework for discussing personal financial management, loans, and credit within market-based economies. Earn, Save, Spend, Grow
Description: Discover which countries specialize in export products and how to use those specialized products when creating a product of your own.
Mathematics Standards
Brainstorming household budgets
Standard: RATIOS AND PROPORTIONAL RELATIONSHIPS Standard 6.RP.3
Financial Literacy Concept: Budgeting helps reduce expenses and track money.
What categories are in a budget and why is it important?
Create a basic budget.
Concept Match: Budgeting involves calculating rates (income/expense rates) and ratios (e.g., spending ratios). Spend
Description: Students review monthly incomes and household expenses to practice making budget decisions, including about housing and roommates.
Comparing higher education choices
Standard: RATIOS AND PROPORTIONAL RELATIONSHIPS Standard 6.RP.3
Financial Literacy Concept: How much of my income can I save each week/month?
Concept Match: Directly supports determining how much income must be saved (the 'rate') to achieve a goal over time. Save, Spend, Grow
Description: Students explore higher education options by comparing similarities and differences between two colleges near where they live.
Money Doubles by tHe Rule of 72
Standard: EXPRESSIONS AND EQUATIONS Standard 6.EE.6
Financial Literacy Concept: Building good credit. Give examples of how time impacts money.
Concept Match: Used to model loans, interest accumulation, and budget variables over time (Income - Expenses = Savings). Earn & Save
Description: The power of compound interest can help you to earn significant money in the future.
Interest in Your Favor
Standard: EXPRESSIONS AND EQUATIONS Standard 6.EE.6
Financial Literacy Concept: Building good credit. Give examples of how time impacts money.
Concept Match: Used to model loans, interest accumulation, and budget variables over time (Income - Expenses = Savings). Earn & Save
Description: Discover how investing money in an interest-bearing savings account can help people buy big-ticket items.
Avoiding debt
Standard: EXPRESSIONS AND EQUATIONS Standard 6.NS.5
Financial Literacy Concept: Consequences of not repaying debt.
Concept Match: Provides the foundational understanding of the impact of debt/loans on financial health as a negative quantity (debit) vs. savings/income as a positive quantity (credit). Spend & Grow
Description: Students read a short story and a handout to learn about excessive debt and ways to avoid or reduce debt.
English Language Arts Standards
Understanding who shapes your money decisions
Standard: Reading Standard 6.R.11
Financial Literacy Concept: There is a strong connection between our emotions and how we spend or save. Advertising and marketing affect how we spend money. How do my emotions affect how I manage my money? Describe the impact emotions can have on personal finances.
Concept Match: Supports analyzing marketing/advertising texts to identify the author’s persuasive intent (perspective) on spending vs. their own financial position. Save and Spend
Description: This lesson will help students understand that people have different attitudes toward money.
Building a good borrowing reputation
Standard: Reading Standard 6.R.13
Financial Literacy Concept: We face consequences if we do not repay a debt.
We can gain rewards for building good credit.
Good credit is reflection of managing your money well.
What are some consequences if I do not repay a debt?
Concept Match: Essential for critically evaluating claims about loans, credit cards, or debt consequences found in financial materials. Earn
Description: Students analyze the profiles of three different people to decide what kind of borrowing reputation they have.
Graphing ways to make money
Standard: Writing Standard 6.W.2
Financial Literacy Concept: We can start gaining skills now that will help us with our future job or career.
Explain the difference between a job and a career.
Job vs. Career, gaining skills now.
Concept Match: Direct application for explaining the difference between a job and a career (classification/comparison) and the costs/returns associated with preparation (cause/effect). Earn
Description: Students discuss ways young people can earn money and complete a math and graphing exercise to apply their knowledge.
Comparing careers and income
Standard: Writing Standard 6.W.2
Financial Literacy Concept: We can start gaining skills now that will help us with our future job or career.
Explain the difference between a job and a career.
Job vs. Career, gaining skills now.
Concept Match: Direct application for explaining the difference between a job and a career (classification/comparison) and the costs/returns associated with preparation (cause/effect). Earn
Description: Students compare education requirements and typical incomes for different careers.
Meeting your future self
Standard: Writing Standard 6.W.2
Financial Literacy Concept: We can start gaining skills now that will help us with our future job or career.
Explain the difference between a job and a career.
Job vs. Career, gaining skills now.
Concept Match: Direct application for explaining the difference between a job and a career (classification/comparison) and the costs/returns associated with preparation (cause/effect). Earn
Description: Students imagine their lives in 10 years and write a fill-in-the-blank letter from their future selves to their current selves.
Borrowing money for a house
Standard: Writing Standard 6.W.4
Financial Literacy Concept: Identify different types of loans.
Concept Match: Necessary for researching loan types, credit scores, and the legal/financial consequences of debt, ensuring information is based on credible sources. Spend & Grow
Description: Students “buy” a local home and calculate payments based on the principal, interest rate, and length of mortgage loans to learn how different loan terms affect the overall cost.
Types of Loans
Standard: Writing Standard 6.W.4
Financial Literacy Concept: Identify different types of loans.
Concept Match: Necessary for researching loan types, credit scores, and the legal/financial consequences of debt, ensuring information is based on credible sources. Spend & Grow
Description: Students will be able to explain what a loan is, why people use loans, and identify different types of loans.
Additional Resources:
- Finance In the Classroom Additional 6th Grade Activities
- Financial Literacy Vocabulary
- EconEdLink Education Personal Financial Resources: 6-8
- Federal Reserve Teaching Resources - Middle School
- Smart Path All-Access Learning: Enabling Students with Developmental Disabilities
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