Unlocking Student Success: Empowering students this National Financial Literacy Month
Be sure to check out the suggested Huddle question at the bottom of this article to discuss this important topic with your students in class, if you feel it is appropriate.
Did you know that April is National Financial Literacy Month? With 75% of American teens reporting that they lack confidence in their personal finance knowledge, financial literacy, which involves understanding and managing finances effectively, is at the top of educators’ and students’ minds.
For today’s students, social media has become a powerful tool for students looking to find their way in a financially-driven world. With over 65 million influencers on Instagram alone, students can seek out educational content at their fingertips, becoming empowered to take charge of their education and financial literacy.
Recent research confirms this new trend of fin-fluencers, with 42% of students turning to social media for financial advice and knowledge. But what does this mean for educators? Let’s dive in.
The importance of relatable content online
One of social media’s greatest advantages is its ability to simplify complex financial concepts into brief, relatable, and easy-to-understand videos or graphics. Financial influencers on Instagram and TikTok, also known as fin-fluencers, leverage engaging formats like videos, infographics, and live Q&As to break down topics such as budgeting, saving, investing, and managing debt. These bite-sized content pieces are informative and resonate with students since social media is where students spend their time, making it easy for them to consume information.
Yasmin Purnell, for instance, is a fin-fluencer who recently established her own website called WalletMoth. With a background in creative writing, Purnell brings a unique perspective to financial education, making her content more engaging and understandable for students through blogging and social media. In her eyes, content on social media “doesn’t necessarily offer something better than traditional financial advice, but people increasingly want to connect with someone they can think of as an online friend, versus a faceless company.”
Yasmin Purnell’s approach emphasizes frugality and minimalism as a lifestyle. Her budgeting advice centers entirely on independence and living within one’s means. She advocates carefully tracking expenses, prioritizing needs over wants, and finding creative ways to save money. Her content is a prime example of how social media influencers can encourage students to think critically about how they relate to their finances while meeting them where they are – on social media.
Financial literacy in the classroom
As students transition into adulthood, empowering them with the tools to feel confident about finances becomes increasingly important, especially given the lack of financial education in schools.
A study by the Center for Financial Literacy at Champlain College in Vermont in 2023 assessed financial education across all 50 states and the District of Columbia, assigning report card grades. Only seven states (14%) received an A grade, a slight increase from the five states that received an A in 2017. Still, this is an indicator of a larger issue – finance is not taught in schools. With the help of a diverse set of online content, students can feel empowered to take ownership of their education, preparing them to make informed financial decisions and fuel their future success.
In 2017, only eight states required students to learn about personal finance before graduating, and while there is still room to go, that number has now jumped to 25 states. This change shows a growing understanding of the importance of teaching students about managing money. Schools are stepping up to equip students with crucial knowledge about budgeting, saving, investing, and understanding credit, which they will need to make positive financial decisions in the future.
An educator’s role in navigating financial education
While social media offers unparalleled access to resources and financial education, it can also present challenges, such as misinformation.
- Curate a learning feed by following credible financial educators, influencers, and platforms.
- Engage actively by asking questions, participating in discussions, and utilizing interactive tools provided by social media platforms.
- Practice critical thinking when consuming financial content online and checking the reliability of sources.
- Stay updated with the latest trends and developments in financial education on social media.
When educators embrace innovative approaches and harness the potential of social media, they can transform financial education into an engaging and accessible experience for students. This approach makes learning about finances more enjoyable and empowers students with practical skills essential for their future financial success.
Interested in learning more about how The Social Institute can help your school empower students for their financial future and positively navigate social media and tech? Request a demo of our peer-to-peer learning platform that uses a positive and proactive approach to empowering students to make high-character decisions as they navigate their well-being, social media, and technology.
#WinAtSocial Huddle Question
Huddle with your students
How has the shift towards receiving financial information online impacted how you budget your money? When you go online for this information, what potential risks and benefits may you encounter?
The Social Institute (TSI) is the leader in empowering students by understanding students. Through #WinAtSocial, our gamified, peer-to-peer learning platform, we equip students, educators, and families to navigate their social world – in the classroom and beyond, online and offline – in healthy, high-character ways. Our unique, student-respected approach empowers and equips, rather than scares and restricts. We incorporate timely topics about social media, tech use, and current events that are impacting student well-being and learning. #WinAtSocial Lessons teach life skills for the modern day, capture student voice, and provide school leaders with actionable insights. Through these insights, students play an essential role in school efforts to support their own health, happiness, and future success as we enable high-impact teaching, meaningful family conversations, and a healthy school culture.