Most students are making financial decisions right now. This is an opportune time for personal finance teachers to help them form good habits, while they are also learning personal finance concepts. Learning the material doesn’t guarantee they will apply it.
What we know about behavioral economics is that our behavior oftentimes runs contrary to what is a rational choice or what is desired in the long run. Nudging students to use behavior-based intervention strategies to reach their own goals could be just the help they need right now. Here are a few simple suggestions to pass on to your students:
Depending on the age of your students, some of these suggestions will require involving their parents. This is an excellent example of how you can utilize our new parent newsletters! Consider adding a few suggestions for parents in your next unit parent newsletter that will make it easier for your students to put to action what they’re learning in class.
Here is a handful of resources if you’re interested in learning more about behavioral economics:
- NGPF Certification Course: Behavioral Economics
- NGPF Mini-Unit: Behavioral Finance
- NGPF Podcast: Morgan Housel discusses his new book “The Psychology of Money”
- NGPF Podcast: Tim Talks To Behavioral Economist Dr. Sarah Newcomb
- NGPF EdPuzzle Thursday: Behavioral Economics
- Behavioral Finance Panel with Professors Meir Statman (Santa Clara University) and Terry Odean (Berkeley) at NGPF Summit
- Video: Father of Behavioral Finance Receives Nobel Prize