In the bustling classroom of third-grade teacher Shelby Lattimore, financial literacy isn't just a lesson; it's a super engaging, hands-on experience that's grabbed the attention of many of us across social media platforms. She's created quite an innovative classroom economy system, where students "pay rent" for their desks and chairs with faux money earned from classroom jobs.
As her viral TikTok videos and Instagram posts show, her students are not just learning about budgeting and saving; they're experiencing it firsthand, making decisions on spending and saving that mirror real-world scenarios. In a society where financial literacy remains deficient, particularly among marginalized communities, Lattimore's approach offers a new way to teach and empower students, bridging the learning gap to take control of their financial futures. And while her creative teaching methods have garnered her a lot of attention, it's her steadfast in her commitment to her students, finding joy and fulfillment in the impact she makes in their lives each day that's truly inspiring.
Don’t believe me? Watch the video below.
I can remember very few teachers who engaged my class in such a unique way. I think if I had more teachers like Ms. Lattimore, I might have remembered whatever they were teaching a bit better. Regardless, these kids will walk away with a new skill, a new competency that will have profound and long lasting implications for their life. Financial literacy matters.
I went looking in the literature, and unsurprisingly, found a substantial amount of data on how those with higher levels of financial literacy are better equipped to handle emergency expenses and income shocks. This includes having adequate savings to cover unexpected costs and these people are less likely to rely on high-cost borrowing methods such as payday loans or credit card debt. This is important because there is a trend, particularly among young people, where lack of financial literacy contributes to poor debt management, particularly evident in student loan borrowing decisions.
Perhaps it’s obvious, but financial capability plays a role in our health, including contributing to positive health outcomes. And when we are having issues with our finances, that can impact our mental health in some pretty serious ways. Possessing an understanding of our finances seems like yet again another foundational component necessary for our health.
Of course, there is a significant difference between knowledge and understanding. Just because we know something does not necessarily mean we understand it or will even take the time to take action on it. Further, how we demonstrate understanding is nuanced, and often comes down to our ability to communicate back what we understand. I am not an expert in these spaces, but it does appear that depending on what we are trying to increase, knowledge or understanding, different strategies need to be employed to achieve our outcome.
And I go back to Ms. Lattimore. You see, what she is doing in these classrooms is experiential. She’s working at knowledge and understanding at the same time. If you don’t pay your rent, there are consequences. If you don’t have savings, you will have to find money when there’s a crisis that requires more than you have. These kids will walk away grasping a concept that could put them on a different trajectory for their life. While it seems like a small thing, the latest media hit of the week, it’s actually a big deal for these kids.
I’d say that in this day and age most people know about mental health. They have heard about it enough, seen the ads on television or the bill boards in their communities, and probably had some conversation with a trusted friend about it. But do they understand it? Do they really know the ins and outs of what mental health is and can communicate this back to others in their life?
Understanding mental health isn't just about knowing the symptoms of depression or anxiety; it's about empowering ourselves and our communities to navigate the complex landscape of emotions and well-being. Mental health literacy, like financial literacy, is like a superpower that helps us recognize when a friend might need support or when it's time to seek help for ourselves. It's about knowing that mental health isn't just black and white—it's a spectrum, a continuum, and it's okay to have rough days sometimes. Plus, studies show that when we're clued in about mental health, we're more likely to reach out for help sooner and stick with treatment when we need it.
As we draw inspiration from Ms. Lattimore's innovative approach to teaching financial literacy, let us also embrace the broader challenge of fostering a deeper understanding and appreciation for mental health literacy. Imagine a world where every individual is not only financially savvy but also emotionally intelligent, equipped with the knowledge and empathy to navigate life's ups and downs. So, as you reflect on the impact of financial literacy, consider also the transformative power of mental health literacy in your life and community. Let's challenge ourselves to be champions of both, creating a future where every person is empowered to thrive financially and emotionally.