Financial Literacy

At NFI, we define financial literacy as the ability to make informed judgments and effective decisions regarding the use and management of money.

Why is Financial Literacy important to me?"

Individuals and families need basic financial knowledge and skills to manage financial resources effectively for a lifetime of financial well-being. A lack of financial literacy results in lower standards of living, hinders prosperity, and can dramatically affect the stability of our own nation’s financial health.  Having command of basic financial literacy knowledge and skills empowers individuals to understand and engage in important national debates (i.e., health care costs, accessibility, taxes, investments, wealth accumulation).

The role of education in Financial Literacy

Financial education is a lifelong process that empowers individuals to plan for their futures and have the funds and sustainability for the lifestyle of their choosing.  In the past, our educational system has assumed that students will learn the necessary financial skills from their families. However, statistics show that the majority of our nation's adults lack this knowledge.

Educational evidence suggests that the best way to impact adult behavior is to teach the desired behavior at a young age. Basic literacy skills, including financial literacy, are the building blocks of development and self-sufficiency. It is imperative to start in the early years of children’s lives to impact their future development positively.  By teaching students about earning, spending wisely, saving, sharing and investing, they learn to respect money and develop a foundation for understanding and the basic skills needed to care for themselves and others.

NFI’s response was to design and implement a full financial literacy curriculum in the underserved segment of 3rd, 4th and 5th graders.  The Kids Count® on the Road to Financial Literacy curriculum is available for free and can be viewed and downloaded at our Kids Count® site.
 

Financial Literacy initiatives

NFI works to broaden financial literacy educational efforts within and beyond the classroom. With the development of My Family Counts™ activity booklet, the Kids Count® Online Classroom, and the online learning community of Nickelsburg™, financial education is expanded into the home creating fun and educational activities for the whole family.

In addition to developing Kids Count®, NFI works to promote understanding of personal money management through partnerships with other local organizations committed to financial literacy education, such as the Jump$tart Coalition, Junior Achievement and the Indiana Education Service Centers. Outcomes from such partnerships include educator conferences, Indiana educator workshops, and Money Smart Week® Indiana.

NFI, in conjunction with the Scott College of Business, hosts CashCourse® ISU, which provides information on improving financial literacy of the ISU student community. The intent of CashCourse® ISU is to help students build effective financial behaviors and foster positive money management practices.