Every year children look forward to the magical moment when school ends and summer begins, but this year school closed suddenly due to the Covid-19 pandemic. In The Covid-19 Slide (Click here for full article) Drs. Kuhfeld and Tarasawa projected that students will only maintain 70% of learning gains made in reading during the school year, and a meager 50% of the learning gains in mathematics. Suddenly, parents have been launched into the daunting role of stay-at-home parent and teacher, scrambling to keep their children on an appropriate educational track. Teaching financial responsibility is a natural way to reinforce math skills by turning day-to-day activities into real life learning experiences, that build a foundation for financial success while encouraging math retention.

Children need structure. Carefree days of summer can quickly lead to a lack of structure that may lead to anxiety for children. Parents need to establish routines and tasks to help a child feel in control, while gaining pride and a sense of self-worth. Incorporating an allowance presents real life day-to-day opportunities to teach math through earning, spending, saving, and giving. Pre-schoolers can play store or restaurant and learn to recognize currency and coins, preteens can save for a long-term goal by budgeting, and teens can be challenged to monitor their own actual bank account and make investing choices. The Simple Dollar (Click to view)  has an excellent chart of financial skills by age, and Ann Dolin, a former Fairfax County Teacher, has a number of excellent videos that deal with current parent and school related issues (Click to View),   Math and finance go hand-in hand, and that is math worth retaining. #WorkOptional

By Susan White, M. Ed, Receptionist /Marketing Associate