Most high school students are comfortable using mobile phones. Many high school students use smartphones, such as iPhones, which are becoming part of our culture. It is also 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 do matter when it comes to financial management and financial decision-making.
“MOBILE PHONES MATTER” HOW TO USE MOBILE PHONES FOR FINANCIAL MANAGEMENT AND FINANCIAL DECISION-MAKING
Most high school students are comfortable using mobile phones. Many high school students use smartphones, such as iPhones, which are becoming part of our culture. They're also becoming more cost effective by using their broad range of other services to cut down on costs such as watches, games, and 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.
- Take notes on the advantages of using mobile phones for financial management and financial decision-making.
- Read an article from the Federal Trade Commission (FTC) on mobile applications.
- Research various techniques to establish a password to safeguard information on a mobile phone.
- Explore mobile applications that aid in financial management and financial decision-making.
- Match mobile applications that aid in financial management and financial decision making with key financial concepts.
- Create a multimedia presentation or write a persuasive essay illustrating mobile applications using key concepts that aid in financial management and financial decision making.
Mobile Phones Matter: Demonstrates why mobile banking can be easier and also how it might soon negate the checkbook.
Consumer Use of Mobile Phones for Financial Management and Financial Decision-Making: University of Wisconsin-Madison Video.
Consumers and Mobile Financial Services: Federal Reserve discusses the use of mobile phones when doing financial management.
USAA Mobil App: USAA mobile banking application commercial.
Understanding Mobile Apps: information by the FTC.
How to Create Stong Passwords That You Can Remember Easily: Tips on creating strong but easy to memorize passwords.
10 Leading Finance and Banking Apps for iPohne and iPad: Top rated iPhone financial apps.
24 Personal Finance Writers Share Their Favorite Money Saving Apps: Top rated financial apps.
myHOME Scr.APP.book: National Association of Insurance Commissioners iPhone App.
Mobile Apps: EconEdLink's recommended mobile apps.
FinCapDev Competition: Follow along with the FinCapDev Competition to see what the next evolution of financial management apps will look like.
Data Retrieval Chart: This exercise has the students build a data retrieval chart to find an app that best suits their individual financial needs. Display this chart so the students can get an idea of what a DRC is and how to construct one.
Data Retrieval Chart
- Show students the opening presentation "Mobile Phones Matter" , and make sure the students know and understand the capabilities of the "smartphone".
Decision-making is a method of selecting a course of action after gathering and
evaluating information and considering the costs and benefits of various alternatives
and consequences. The preparation of a budget is filled with decision-making and
weighing the pros and cons of those decisions.
- Show the students the USAA Mobile Banking Application Commercial as an example of what one mobile application can do. Financial apps can help you budget your money by tracking everyday spending. This will also help you make precise decisions when it comes to opportunity cost.
- Have the students read “Understanding Mobile Apps” by the FTC. When the students are finished, ask them to share their impressions of the article. Explain to the students that you do not expect them to memorize the information, but rather recognize that the information is available for them as a resource to help guide them through mobile app selections.
- Have the students read about various techniques to establish a password to safeguard information. Then the students are to develop their own password. Provide the students with two optional reading materials. “Option A” is How to Devise Passwords That Drive Hackers Away, New York Times and “Option B” is how the National Disability Institute recommends passwords are developed and remembered.
Have students 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)
EconEdLink Mobile Apps
- Once the students have explored the preceding articles, have them complete this exercise by filling in the blanks with "apps" that match the financial concept.
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 do their due diligence, these services are often times free.
Have the students complete one or both of the following:
Follow along with the FinCapDev Competition to see what the next evolution of financial management apps will look like. www.fincapdev.com/
Create a multimedia presentation illustrating mobile applications that aid in financial management, financial decision-making, and use key financial concepts.
Grades 6-8, 9-12