"MOBILE PHONES MATTER"

STUDENT'S VERSION

This lesson printed from:
http://www.econedlink.org/lessons/index.php?lid=865&type=student

INTRODUCTION

"MOBILE PHONES MATTER" HOW TO USE MOBILE PHONES FOR FINANCIAL MANAGEMENT AND FINANCIAL DECISION-MAKING

Most of you are comfortable using mobile phones, and many of you use smartphones such as iPhones or Androids, which are becoming part of our culture. It is becoming more cost effective to use the broad range of smartphone services to cut down on other costs 

such as watches, games, and other accessory items. According to Maximilian Schmeiser of the Federal Reserve, the Center for Financial Services Innovation, the U.S. Treasury, and other national leaders, mobile phones matter when it comes to financial management and financial decision-making.

TASK

In this lesson, you will take notes on the advantages of using mobile phones for financial management and financial decision-making. You will read an article from the Federal Trade Commission (FTC) on mobile applications and research various techniques to establish a password to safeguard information on a mobile phone. Next, you will explore mobile applications that aid in financial management, financial decision-making, and complete an activity where you match mobile applications that aid in financial management and financial decision making with key financial concepts. For your assessment, you will create a multimedia presentation or write a persuasive essay illustrating mobile applications that aid in financial management and financial decision making with key financial concepts.
 

PROCESS

  • As a class, watch the presentation "Mobile Phones Matter." This demonstrates why mobile banking can be easier, and also how it might soon negate the checkbook.

  • Read about various techniques to establish a password to safeguard information, and then develop your own password. You can choose from two optional reading materials. “Option A” is How to Devise Passwords That Drive Hackers Away, New York Times and “Option B” is a simple recommendation of how to develop and remember a password.
     
  • This article will help you through the process of producing and memorizing your passwords.
     
  • Explore mobile applications that aid in financial management and financial decision-making from the following articles:
              24 Personal Finance Writers Share Their Favorite Money-Saving Apps:
              Experian, Michael Delgado
 
              National Association of Insurance Commissioners (myHOME Scr.APP.book)
 
              National Association of Insurance Commissioners (WreckCheckApp)
              PDF Guide for the app
 
              EconEdLink Mobile Apps
              (Note – the applicable apps from this article are: Bloomberg, Zillow Mortgage
               Calculator, Mint.com, Debt Payoff Assistant, Currency Convertor, and FRED
               Economic Data)
 
  • Once you have reviewed the preceding articles, complete this exercise by filling in the blanks with "apps" that match the financial concept. As an option, you can develop your own checklist/wish list of what you are looking for in a mobile application to help you make better financial decisions.
     
  • As a class, visit the following links to familiarize yourself with some of the top financial apps for the iPhone and for Android operating systems.

CONCLUSION

Mobile phones have become a part of our culture, particularly for high school students. With a little research and education, they can be used safely and effectively as financial management and financial decision-making tools. At a minimum, consumers should consider using the mobile banking options and text alert reminders offered by banks and credit unions. Consumers should always comparison shop for these services, often times they are free. These financial apps are supposed to help you make sound economic decisions, and help you understand the cost/benefit of your decisions. 

ASSESSMENT ACTIVITY

Create a multimedia presentation illustrating mobile applications that aid in financial management and financial decision making with key financial concepts.

Option A: Students can use PowerPoint or Prezi to present. Presentation ideas:
 
• Create a “Top Ten List”
• Categorize mobile apps and rank them
   -Do I need an app that will give me my net worth?
   -Will this app help me manage my bills?
   -Why should I use an app to help me budget?
These are just some of the questions you need to ask yourself. You should do an analysis of your financial goals and financial needs, and use that information to create a matrix to cross-examine each individual app against your needs. This will assist you in finding the app that best suits your situation.
• Provide safety recommendations (per the FTC article and password suggestions).
 
Option B: Students can create a video or commercial. Presentation ideas:
 
• Create a “Top Ten List”
• Categorize mobile apps and rank them
   -Do I need an app that will give me my net worth?
   -Will this app help me manage my bills?
   -Why should I use an app to help me budget?
These are just some of the questions you need to ask yourself. You should do an analysis of your financial goals and financial needs, and use that information to create a matrix to cross-examine each individual app against your needs. This will assist you in finding the app that best suits your situation.
• Provide safety recommendations (per the FTC article and password suggestions).
 
Option C: Write a four paragraph persuasive essay. Persuade the reader to use mobile apps for financial management and financial decision-making. Support your position with research, safety recommendations, and examples of “best practices.”

EXTENSION ACTIVITY

Follow along with the FinCapDev Competition to see what the next evolution of financial management apps will look like. 
www.fincapdev.com/

Use your phone to download the mobile application(s) you think would positively impact your own financial behavior.