Monthly Archives: September 2023

MUSEUM OF SAVING

Posted on September 30, 2023 by Melissa Hart

With an increasing influence of finance, credit, and business on our lives, the Museum of Saving is an innovative, entertaining location. Families, adults, teens, and children are provided with a clear-and-simple approach to saving and investing for improved financial literacy. The museum’s mission is “to contribute to spreading financial education to help people make rational and informed decisions and act in ways to achieve the priorities of their lives.”

Through a combination of education and entertainment, the learning through play approach of the museum uses technology and interactivity to offer:

An introduction to economic history that includes the role of money, trade, loans, early banking activities, and major financial crises.
An overview of the most common financial instruments.
Themed tours with audio-visual and interactive labs.
A multidisciplinary (economics, literature, cinema) view of famous people.
Gamification videos and apps to test and reward money management knowledge and skills.

While the Museum of Saving is based in Italy, you can access the exhibits online.

For additional information on the Museum of Saving, click here.

Virtual Tour:

Teaching Suggestions

Have students talk to others to obtain advice on how to best learn about saving and investing.
Have students take a virtual tour of the Museum of Saving. What features do students consider to be most interesting and informative?

Discussion Questions

What actions do you recommend for a person to learn more about successful saving and investing?
Describe factors a person might consider when evaluating different savings and investing alternatives.

Categories: Chapter 1, Chapter 3, Chapter 5, Chapter_11, Chapter_12, Chapter_13, Investments, Savings | Tags: Investing, saving money | Leave a comment

UNDERSTANDING YOUR MONEY SCRIPT

Posted on September 16, 2023 by Melissa Hart

A money script, based on a person’s early experiences with finances, can create a better understanding of financial behavior. Researchers using psychology and sociology have identified four money scripts:

Money avoidance involves negative ideas related to finances and wealth. These people tend to not allow themselves to do well or save much, believing that having less is morally good.
Money worship concerns people who believe wealth is the key to solving their problems and finding happiness. Money worshippers overestimate the sense of satisfaction and meaning obtained from buying things.
Money status, these status seekers mix their net worth and self-worth. Those who grew up in households with financial struggles tend to use money to seek status and are prone to overspend and often have higher credit card debt.
Money vigilance involves those who are alert, watchful, and concerned about their financial health. They believe that having enough money is important with an emphasis on saving.

Frustrations with your financial life can be reduced by reflecting on money attitudes and behaviors obtained in childhood. Take time to talk to family members and others. Try to determine reasons for family beliefs about money. Awareness of these past beliefs can help to modify a person’s current relationship with money.

For additional information on money scripts,

Link #1

Link #2

Teaching Suggestions

Have students talk to family members or others to learn about their personal money attitudes and financial behaviors.
Have students create a visual proposal (poster, slide presentation, or video) to suggest actions that would help people better manage their finances based on each of the four money scripts.

Discussion Questions

How could knowing your money script help a person make better financial decisions?
Describe actions people might take to better understand their money attitudes and financial behaviors.

Categories: Chapter 1, Chapter 2, Financial Planning | Tags: money attitudes, money behaviors | Leave a comment

Retirement ahead? Think about your insurance

Posted on September 2, 2023 by Melissa Hart

If retiring is in your near future, congratulations!

Before the cake is cut, ask some questions about your insurance to make sure you have the coverage you need.

#1) Will you have health insurance?

There are several ways you can get health insurance after you retire:

a. Through your employer.

b. Through your spouse’s employer.

c. Medicare if you’re 65 or older or have a disability.

d. Buy your own plan from an insurance company or HealthCare.gov.

#2) Do you have retirement and savings accounts?

Ask your employer for a statement of any accounts you’ll take with you. These could be retirement accounts, annuities, life insurance, or long-term care insurance.

#3) Do you need life insurance?

If you have life insurance, consider whether you still need it. If no one is relying on you for income, maybe you can sell your policy or stop it. If your policy has cash value, you can get the money you built up. Ask about any charges or fees before stopping or selling a policy.

#4) Do you need long-term care insurance?

Not everyone needs long-term care insurance. It’s usually a good idea if you have significant assets you want to protect. Premiums get higher as you get older, so don’t wait too long to buy it if you want it.

#5) Keep your family or a trusted source informed

Share your insurance policies and cards with anyone who is – or who is planning to – help manage your money as you age. This ranges from health, long-term care, and life insurance to car and home insurance policies.

For more information, click here.

Teaching Suggestions:

Ask students if life insurance is needed during retirement. If so, under what circumstances life insurance might be needed?
Ask students if long-term insurance is as important as health insurance. Why or why not?

Discussion Questions:

What are several ways you can get health insurance after you retire?
What might be cheaper options for funeral expenses?
Why is it important to keep your family or a trusted source informed about your insurance policy and insurance cards?