Teachers, Try This: Use a 'Classroom Economy' to Teach Financial Literacy

Shelby Lattimore, a third grade math and science teacher at Renaissance West STEAM Academy in Charlotte, N.C., introduced the idea of classroom jobs and a reward system to her students at the beginning of the school year. When she noticed how quickly they grasped the concepts, she slowly incorporated new elements—like rent, inflation, and currency exchange rates—to keep her students engaged.

The result is a classroom economy: a microcosm of real-world economics at play without real-world consequences if students make a mistake.

Here, Lattimore shares her tips for how other teachers can get started, and explains why it’s important to introduce younger students to these concepts.