How to Homeschool Consumer Math and Promote Financial Literacy
Have you ever considered introducing new subjects to your homeschooling children, such as consumer math or financial literacy?
If you haven’t, you should keep reading to learn what these two are. Also, why should you start teaching them, and when might be the best time to do it?
Finally, I will introduce you to eight of the best consumer math and financial literacy curricula and some online resources that can help you.
Are Consumer Math and Financial Literacy the Same Thing?
Let’s start answering this question as these two terms are sometimes confused or taken as the same—some people also mistakenly relate them to business math.
Consumer math and financial literacy are not the same.
They’re different types of math aimed to prepare students to deal with mathematical problems that they would find in real life.
Math studies are “mathematical techniques that are used in commerce and normal, daily life.” In contrast, financial literacy studies “equips students to use those same consumer math techniques.”
What Is Consumer Math?
Students will learn to apply math concepts like percentages and decimals to solve real-life problems.
Among the subjects a consumer math student learns, you can find courses on budgeting, understanding interest, loans, shopping, taxes, banking, mortgages and more.
You might like: A Guide to Consumer Math
What Is Financial Literacy?
According to the investment website Investopedia, financial literacy is “the ability to understand and effectively use various financial skills.”
A financial literacy course includes topics such as saving, investing, financial institutions, credit cards, debit cards, credit scores, bank statements, insurance, and more.
You might like: 8 Websites With Awesome Math Aids for Homeschooling
Why Should You Teach Consumer Math and Financial Literacy to Your Homeschool Child?
It’s important to mention that advocating for the teaching of consumer math and financial literacy does not mean that a traditional math program isn’t important at all.
They both have a role in your child’s education. However, while traditional math is widely taught, consumer math is mainly ignored.
Research has shown that “less than 20% of respondents aged 18-34 could demonstrate basic financial literacy.”
Consumer math gives your child the tools to understand the world of commerce and personal finance.
When Should You Teach Consumer Math and Financial Literacy?
You can find some financial literacy courses, such as this one, that is intended for middle school students. However, most consumer math programs are designed for high school students between 9 to 12 grades.
Financial Literacy and Consumer Math Curriculum Options
If your child is a high school homeschooled student, you may want to take a look at these consumer math homeschool curriculums:
1. Curriculum That Matters
Curriculum That Matters is devoted to answering the following question “Will I need this in real life?” with a resounding “Yes!”
They offer two consumer math online courses: Personal finance and Business finance.
Each course covers one semester or 20 weeks and fulfills high school general math credit.
I find it fascinating that they offer the option to buy the complete curricula or individual units. Some units that these programs include are:
- Auto insurance
- The stock market
- Buying a house
- Create and sell product
- Federal taxes
- Tax returns
Abeka’s Consumer Mathematics is one of the most popular textbooks for high school students.
This textbook covers traditional consumer math topics such as insuring, social security tax, renting a home, tax forms and balancing a budget. In it, you can find other principles of practical mathematics for consumers with Biblical views for managing money.
You can also buy supporting materials like the Consumer Mathematics Workbook Answer Key and the Consumer Mathematics Test and Quiz Book.
3. iLead Online
iLead Online offers a course that covers two semesters of Consumer Math and Financial Literacy.
I like this curriculum because it puts together these two concepts. The course covers interesting topics such as calculating earnings, loans, credit cards, taxes, etc.
It also focuses on developing problem-solving skills through project-based assignments. iLead Online allows students to enroll in individual courses and accepts homeschool students, as specified in their FAQs section.
4. Math & You
If you’re looking for a free consumer math curriculum, then Math & You is a good option. This book covers math concepts such as consumption, inflation and depreciation, taxation, borrowing and saving, and more.
With Math & You, students can access the complete online book, and an added “Math Help” section.
Students can also buy the textbook in PDF format. Either way, your child will have access to valuable tools of applied mathematics.
The LIFEPAC Consumer Math Set is a one-year math course for grades 11 and 12. This course covers credit cards, loans, money management skills, family finances, investment, and wise purchase habits.
LIFEPAC is recommended for students that have already completed Algebra 1 and Geometry.
MoneyTime is an interesting online financial literacy program for kids between 10 and 14.
It is a great tool to start your child’s financial education early and prepare them for more advanced curriculums.
The interactive course covers topics such as budgets, loans and repayments, mortgages, profit and loss, insurance, and more. The program extends through 13 parent-child modules.
Each module requires 30 minutes to complete. MoneyTime is quite flexible and meets curriculum standards.
7. Money Instructor
Money Instructor is another useful online resource for studying personal finance, money skills, investing, and business education.
It offers lessons on paying taxes, down payments, or online banking. The site also includes video lessons, lesson plans, worksheets, and other materials to enrich your child’s learning experience.
Calvert’s Consumer Math course is an online math elective for grades 9 to 12.
It covers consumer math concepts such as credit, banking services, investments, taxes, and insurance. The lessons include videos, texts, quizzes, and projects with a very hands-on approach.
You can pay $9.95 per month for the individual course or $99.95 for the whole year.
Start Teaching Consumer Math and Financial Literacy to Your Child Today!
Consumer math and financial literacy courses are more popular as people need them to navigate the modern world. Teaching these to your homeschool children is a great way to prepare them for the future.
Take a deep look at the different consumer math curricula I presented above and choose the one that best fits your children.
Start teaching your children all about credit cards, loans, and taxes today!
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