Throughout this learning design blueprint we will describe the learning resource we are designing, titled The Journey to Understanding Finances. Our topic is about introducing a sense of what an individual’s finances entails, and guiding individuals to better manage their money. Individual finances can consist of just one individual’s finances, a couple’s, or a household’s finances, but is focused on understanding and managing your personal money, not relative to a company’s finances or others. “[Personal finances] is about learning to manage income and wealth to satisfy desires in life or to create more income and more wealth…[it] is about learning how to get what you want and how to protect what you’ve got.” (Siegel, 2012). Research published in 2014 surveying millennials, the largest generation and known as the “powerhouse of the economy,” showed that about 55% of them had student loan debt, 47% of them carried credit card debt (and incurring interest), 53% of individuals with long term debt could not afford necessities, and 40% of individuals without long term debt also could not afford basic needs or pay their bills (de Bassa Scheresberg, 2014). While the research may be dated, the cost of living has only risen since, and it is important that we teach current and future generations how to manage their finances early, so they are not in this position without guidance.
In our quest to create a beginner financial literacy course we must address the several common misconceptions that students have about finances in order to eliminate them. One of the most common misconceptions is that finances are only important in the future. Many young adults think that financial planning is a complex and daunting task, and that they do not need to look into it now. This misconception can result in missed opportunities for building strong financial habits early on. Another prevalent misconception is that financial planning solely revolves around saving money. Since some individuals may not have substantial savings or a high income, they will believe that financial planning does not relate to them because they do not have a lot of money put aside. This misconception neglects the broader scope of financial literacy which includes, budgeting, managing debt, understanding debt and making informed financial decisions.
We chose this topic because we feel that there is a gap in our learning when it comes to financial literacy, and we have heard a similar consensus among many other students. Providing students with practical information that will set them up for financial success is something we feel is important.
The target audience for this material is Canadian high school students in grades 11 and 12. Individuals are expected to have basic math knowledge and sufficient English language skills. The course is entirely asynchronous and self-paced, using a computer. If a student does not have access to a computer, one will be provided to them by the high school. Learning challenges that occur in public high school will be addressed through adaptations for each student’s needs. For example, if a student is blind, text-to-speech-audio will be provided. This is expanded on in the “Overview of Accommodations for Diverse Learners” post.
Our course will be hosted on a WordPress Blog. This allows us to design an actual course, instead of theoretical rationale. We link to additional resources for resources in each of the subtopics, like YouTube videos and websites. Assessments and activities are organized with one of three technologies; a discussion post on a student WordPress Blog, an interactive activity on an external website, or an email to student’s instructor. These choice of these technologies are expanded on in the “Technology Choices” post.
References
de Bassa Scheresberg, Carlo, et al. “College-Educated Millennials: An Overview of Their Personal Finances.” TIAA-CREF Institute, Feb. 2014, www.tiaa.org/content/dam/tiaa/institute/pdf/full-report/2017-02/gflec-overview-millennials-personal-finances-feb2014.pdf.
Siegel, Rachel, and Carol Yacht. “Personal Finance.” Personal Finance, 2012, saylordotorg.github.io/text_personal-finance/.