CHICAGO, Nov. 10, 2020 /PRNewswire/ -- Today, University of Chicago Financial Education Initiative launches Talking Cents, conversation cards designed to break the taboo of talking about money by facilitating casual conversation between families and friends. Talking Cents empowers families and friends to consider their own financial attitudes, values, and beliefs and how they are shaped by different circumstances and previous financial experiences. With no right or wrong answers, the goal of the cards is to normalize conversations about money.
The deck includes 106 discussion prompts backed by research into financial behavior and education and field-tested across the United States. The cards are recommended for ages 7 and up and come with a Discussion Guide to help further the conversation.
"Studies show that families are the single most influential part of children learning about money. But initiating conversations about money can be very difficult. Talking Cents is a tool that helps jumpstart these discussions, helping children, families, and friends become more comfortable talking about money," said Rebecca Maxcy, Director of UChicago Financial Education Initiative.
Children develop financial preferences and behaviors around money through their own life experiences, such as observing a family member's financial behavior. Conversations can help children unpack these behaviors and encourage new behaviors based on understanding these past financial experiences. With this in mind, Talking Cents is designed to spark discussions of all kinds—some deep, some lighthearted, but all valuable.
To start, families or friends simply select a card from the Talking Cents deck, read the question aloud, and then individuals take turns sharing responses. Discussions can take place anywhere—over a shared meal, on a car ride, or via a video call.
"The cards were fun to use with friends and generated some interesting conversations," said Jami Thornton, a Talking Cents user and parent. "I used them at brunch with some friends, at a family party, and on a ski trip. I was surprised to see how my friends, family, and I differed in our answers. It really opened my eyes to different peoples' goals and motivations for managing their money."
Talking Cents was conceived out of research and feedback from finEDge, a semester-long high school financial education curriculum geared towards shaping financial attitudes and behaviors created by University of Chicago Financial Education Initiative and Magnetar Capital Foundation. The finEDge course asks students to engage families or guardians in their financial education homework, which prompts productive discussions about money and received positive feedback from teachers, families, and students.
"Talking Cents is a prime example of problem-solving through classroom research and development combined with entrepreneurship. The partnership between the UChicago Financial Education Initiative and Magnetar Capital Foundation harnesses the spirit of innovation by creating tools that have a meaningful impact on society," said Andy Isaacs, Director of UChicago STEM Education.
Talking Cents is available now. For more information or to purchase Talking Cents for your friends and family, visit financialeducation.uchicago.edu/our-work/our-solutions/talking-cents. For more information on the University of Chicago Financial Education Initiative and its programs, visit financialeducation.uchicago.edu.
About University of Chicago Financial Education Initiative
The UChicago Financial Education Initiative seeks to empower all individuals to navigate the financial system with confidence, make informed and reasoned financial decisions throughout their lives, and realize long-term financial well-being. The Initiative was launched in July 2016 to develop the tools, resources, and capacity to spread robust financial education across America. A product of the Initiative, finEDge, is a research-based financial education curriculum that provides students with opportunities to develop positive behaviors and practice making financial decisions. As experts in curriculum design and development, informed by research and teaching experience, the Initiative combines academic insights and teaching expertise into an approach that ensures students are learning. To learn more, visit: https://financialeducation.uchicago.edu/.
About UChicago STEM Education
UChicago STEM Education is a research and development center in the Physical Sciences Division (PSD) of the University of Chicago. UChicago STEM Ed continues the University of Chicago's long-standing commitment to improving precollege education and aims to support high-quality mathematics, science, and financial education instruction and learning for all students. Through the sharing of knowledge and the creation of useful products and programs, UChicago STEM Education seeks to make a positive difference for education throughout the nation. Learn more at stemeducation.uchicago.edu.
SOURCE University of Chicago Financial Education Initiative