"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.
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.
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.
- As a class, watch the USAA Mobile Banking Application Commercial as an example of one mobile application.
- Read “Understanding Mobile Apps” by the FTC. When you finish, prepare to share your impressions of the article with the class.
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.
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:
Experian, Michael Delgado
Calculator, Mint.com, Debt Payoff Assistant, Currency Convertor, and FRED
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.
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.
Create a multimedia presentation illustrating mobile applications that aid in financial management and financial decision making with key financial concepts.
Follow along with the FinCapDev Competition to see what the next evolution of financial management apps will look like.