Market Day Helps Teach Personal Finance at the Elementary Level anon-Mac CANON-MAC SCHOOL DISTRICT NEWS
Learning how to manage personal finances is essential, and the Canon-McMillan School District helps students build the groundwork for money management as early as first grade. Students participate in their own community economic unit, culminating in a hands-on simulated market experience called Market Day.
The community economic unit is the last unit in the firstgrade social studies curriculum. Several teachers finish the unit with Market Day, where students bring in a small inventory of at least five of the same item to sell and buy with earned play money. This event reinforces the students’ learning while fostering a sense of community and real-world application of their knowledge.
The economics unit begins with students learning about various types of careers and their roles in society. During the unit, students learn why people need jobs to support themselves and why they are essential to society. Teachers educate them on the importance of being responsible in delegating their finances appropriately toward specific wants and needs. They explore economic concepts such as goods and services, natural resources, producers and consumers and supply and demand.
“ I always try to relate the lessons to real life,” said Michela Wemyss, first-grade teacher at Muse Elementary.“ These
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lessons help them relate to their lives, showing how some things can cost a lot of money. At this age, money is somewhat of an abstract concept to them, so these lessons are essential in helping them see how much money is worth.”
Students receive play money throughout the year by“ making their mark,” which involves upholding their school responsibilities— modeling good behavior, acting kindly, following directions and maintaining the tidiness of their materials and areas. This system motivates good behavior in the students while instilling a sense of responsibility in their work, and it ensures that all students have an equal opportunity to earn money for Market Day.
In some classrooms, students may need to pay“ bills” with their earnings as they learn about the importance of saving. They also may have the opportunity to make“ trade-ins” such as swapping five one-dollar bills for one five-dollar bill. Trading in helps the students understand how to make change when they sell their goods on Market Day.
In preparation for Market Day, teachers approve the students’ homemade items several weeks in advance. Heather Sollon, a first-grade teacher at Hills-Hendersonville Elementary School, also emphasizes that students need a fundamental understanding of supply and demand. She encourages them to brainstorm and create unique items to increase their sales on Market Day by bringing a lower supply item that will yield a higher demand.
Marcie Killmeyer, a first-grade teacher at Wylandville Elementary School, shares that past items have included jewelry, bookmarks, plant seeds, hand-sewn stuffed animals, 3D-printed figurines, picture frames and other fun goods.
After Market Day, the teachers facilitate an open discussion in the classroom so the students can reflect on how much their store sold, how much money they started with, how much money they made and how they could make changes.
“ The younger that they start and learn these concepts, the better it will help them build and be successful teenagers and adults,” said Sollon, highlighting the long-term benefits of early financial education.