Financial literacy is one of the key literacies that have long been disregarded in mainstream k-12 education. Empowering students with the necessary know-how to effectively cope with with money matters is just as important to students’ overall-growth and personal development as any other (standard) literacy.
According to investopedia, financial literacy is “the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.” Investopedia further states that financial literacy is the bedrock of one’s relationship with money.
Knowing how to manage one’s personal finance will enable students to nurture a good and fruitful relationship with money and will also drive them to deal with money in a more responsible way.
In this post, I am sharing with you this collection of excellent financial literacy books that I have personally read (or rather listened to) and have immensely enjoyed. I highly recommend them to teachers and parents.
You can use these resources to help students understand the foundational skills underlying financial literacy and to develop a working knowledge of coping mechanisms to use to manage one’s personal finance.
In addition to these financial literacy books, I also recommend these economics and financial literacy websites to use with students.
1. Why Didn’t They Teach Me This in School?: 99 Personal Money Management Principles to Live By, by Cary Siegel
“99 Personal Money Management Lessons to Live By” was initially developed by Cary Siegel to impart practical financial wisdom to his five children as they entered adulthood. Siegel realized that essential personal money management skills were seldom taught in schools, colleges, or even MBA programs. Unlike many complex and lengthy financial books, this book is a concise and easily digestible read, focusing more on qualitative principles rather than quantitative measures. It offers eight important lessons containing 99 principles that will enhance anyone’s financial acumen, drawn from Siegel’s own experiences navigating his financial life.
2. Your Money or Your Life, by Vicki Robin (Author), Joe Dominguez (Author),
For over twenty-five years, “Your Money or Your Life” has been a cornerstone for those seeking to transform their relationship with money and achieve financial independence. Vicki Robin and Joe Dominguez present a nine-step program that has helped hundreds of thousands live more deliberately and meaningfully. This fully revised edition, with a foreword by “the Frugal Guru” Mr. Money Mustache, updates the classic with modern advice on investing in index funds, managing side hustles, tracking finances online, and handling difficult money conversations. It remains a comprehensive guide for achieving financial freedom and personal fulfillment.
3. Broke Millennial: Stop Scraping By and Get Your Financial Life Together , by Erin Lory
“Broke Millennial” offers a fresh and relatable approach to personal finance, showing readers how to go from being flat-broke to financially savvy. Erin Lowry goes beyond the basics of credit card debt and budgeting, tackling real-life money challenges that millennials face. She covers topics like managing student loans without panic, handling social situations when you can’t afford to split the bill, and getting “financially naked” with your partner to discuss debts and financial goals. Lowry’s engaging and practical advice helps readers understand their relationship with money and take control of their financial future.
4. Money: Master the Game: 7 Simple Steps to Financial Freedom, By Tony Robinson
In “Money: Master the Game,” Tony Robbins distills insights from over 50 legendary financial experts, including Warren Buffett and Ray Dalio, into a seven-step blueprint for achieving financial freedom. Robbins uses metaphors and stories to simplify complex financial concepts, making them accessible and actionable. The book provides expert advice on crucial financial decisions and dispels common myths that hinder financial success. Robbins advocates for readers, offering a clear and practical path to mastering their finances and securing their financial dreams.
5. The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness, by Dave Ramsey
“The Total Money Makeover: Classic Edition” by Dave Ramsey provides a straightforward plan for achieving financial fitness. Ramsey guides readers through designing a plan to pay off all debts, including cars and houses, and building a substantial emergency fund and retirement nest egg. The book identifies and debunks ten dangerous money myths and includes expanded “Dave Rants” sidebars addressing marriage conflicts, college debt, and more. With new forms and resources, Ramsey equips readers to turn the Total Money Makeover into a reality, ensuring financial stability and peace of mind.
6. Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not, by Robert T, Kiyosaki
“Rich Dad Poor Dad” is Robert Kiyosaki’s account of growing up with two father figures—his biological father (the poor dad) and his best friend’s father (the rich dad). This book explores how both men shaped his views on money and investing. Kiyosaki debunks the myth that one needs a high income to become wealthy and highlights the difference between working for money and making money work for you. Through personal anecdotes and practical advice, “Rich Dad Poor Dad” offers valuable lessons on financial independence and wealth-building strategies.
Final thoughts
Fostering financial literacy from a young age is crucial for empowering students to make informed and responsible decisions about their personal finances. By integrating financial education into the K-12 curriculum, we can equip students with the skills they need to build a solid foundation for their financial futures. The books listed in this post are excellent resources for teachers and parents looking to introduce financial literacy to students. Each book provides practical insights and actionable advice, making complex financial concepts accessible and engaging.
