Courtesy of St. Joseph Middle School
All St. Joseph Catholic Middle School students participate in a classroom economy that is integrated in their math curriculum. Other teachers in the middle school have also adopted the classroom economy as a way to supplement their classroom management.
“I love the classroom economy because it emphasizes student ownership of schoolwork and their behavior,” said Walker Cornwell, a middle-school science teacher who recently adopted the classroom economy.
Each year, students learn financial literacy through a program correlated with their grade-level math standards. Students manage a yearlong bank account, apply for jobs, earn “Bonus Money” by meeting expectations like not missing homework, Jayhawk Kindness Bonus, teacher compliments, on-task behavior and overall progress. They also can be fined for not completing their homework, off-task behavior, disrespect/dishonesty, etc.
“It prepares us for the real world, and we are in full control of it,” said student Nicholas Jaime.
At the end of each quarter, students can spend the money they have earned at special auctions. They also pay rent on their desk and chairs. They can save their money and buy the deed to their desk and chair or a fellow classmate’s. Students also have the opportunity to buy insurance on their desks and open student-run businesses. This year, there are dozens of businesses that include locker and classroom cleaning, crafts and arts, mystery boxes and carnival games. For students to open a business, they must be completing their primary job... being a student.
“Students love it! They love the responsibility of making and spending money and learning the importance of managing it correctly,” said Rick Kelson, a middle school math teacher.
Each year middle-school teachers implement new wrinkles into the economy that further teach financial literacy such as credit cards and contract jobs. This year, students get a monthly credit card with a $1,000 limit and are responsible for managing and paying back that balance in full by the end of the month. They are rewarded with incentives such as cash back and tickets to events.
“I like how we get to take full responsibility for our own bank accounts and credit cards and how to use it responsibly,” said student Kate Schenet.
Students not only learn about percentages and interest in their math curriculum, they see the real-world application.
“You get to learn more about the actual money and how to use it responsibly,” said student Anna-Lynn Norman.
The goal is for students to leave middle school prepared for the financial challenges of the real world.
“It’s a real treat to see students make connections between their math standards and financial literacy,” Kelson said. “The program scaffolds difficult math standards by giving a real-world representation to students on how and where they are used.”
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