 Personal Finance Joins the Three R’s in the Classroom
By Jack Etzel
Lisa McCutcheon
The Reading, writing and arithmetic aren’t going to cut it alone in
high school any longer. More and more high schools are teaching the
skills of handling financial matters that students will need in their
lives. Can young people learn how to live on a budget? For our
perspective on this subject, we sought the wisdom and experience of
Hampton Township High School math teacher, Lisa McCutcheon. She has
spent the last nine years in education, the last four teaching
business math combined with personal finance at Hampton. North Hills
Monthly Magazine: Before we talk about personal finance, I want to ask
you about teaching business math class here at Hampton High School. Is
that just for people who are planning to go into business? Lisa
McCutcheon: The Business Math class, as it’s currently taught, is a
long course from August until June. We cover savings accounts,
checking accounts, interest and CDs (certificates of deposit). We also
study how to buy a car, figuring out the principal, mortgages on
homes, and credit cards, including the interest on them. NHMM:
Apparently, you’re able to keep them interested. McCutcheon: We just
recently finished a checking account unit using the idea behind the
board game “The Game of Life.” I researched the wages for the top 20
occupations. I put in that some were single, some were married, some
were married with children, some were widowed, all those different
scenarios that we face each day. Their job was to figure out and
calculate monthly income, bi-weekly and weekly income. Then, they had
to go out and find a car, and make a decision to rent an apartment or
buy a house, all the while staying within their budget. They had to
keep records of everything and constantly make decisions about being
able to do this or that.
We rolled the dice about activities, and some came out positives, and
others were negatives. Maybe they got an unexpected refund check, and
they say, “Great! Money!” On the other hand, when they roll the dice
they might find that their water heater has to be replaced. And, I
remind them that this is just a short period of time. This, I tell
them, is what your parents or guardians go through all the time.
NHMM: I wish I had a course like that in high school. McCutcheon: We
also take a look at sales tax. We look at the best way to get the best
price. Comparison shopping is taught. There are items on sale. Is it a
good deal? We learn how to calculate that. We can go online to
compare, have store advertisements come directly to our home, and have
things to buy from online stores. They can try out eBay and look at
Play Station 3. That might help you to avoid standing in a long line.
Other people do stand in line, then turn around and sell it on eBay
for twice or more than what they paid for it. NHMM: When you were
the age of the students you teach today, were you taught all these
things in class? McCutcheon: I actually did in a business math
course that I took. At Hampton we currently offer Business Math only
to students who have not had Algebra two. For students beyond that,
they usually take advanced math for whatever field they're planning to
enter. We thought that the simple math used in the Business Math Class
might not hold their interest. NHMM: It’s my understanding that you
would like to expand this program, making a Personal Finance Course
all on its own, and not necessarily as part of your Business Math
Course.
McCutcheon: That’s correct. We’re currently proposing that. Such a
Personal Finance Course would be an elective, and available to any
student regardless of their math ability or skill. It’s a good
component of what everyone should know. I recently shared an article
in USA Today with my students that focused on how much debt recent
college graduates have. I brought this to my students’ attention. One
woman graduating college had a debt of $170,000, and that was just her
credit card debt. That wasn’t including student loans, housing and
living expenses. I said to my students, “Look. You’re sitting here as
juniors and seniors in high school, and this is going to be you in
just a few years if you don’t start managing your money. You could end
up just like she did.” I said to them, “Just take hold of these
fundamental skills and take them with you. They’re practical. You can
take advantage of them outside of this classroom and for the rest of
your lives.” NHMM: Where do you get your enthusiasm? McCutcheon:
Well, before I got into education, I worked in the banking industry. I
bring both sides of business to the table, I guess. And, I love it
when I look at my students and see the wheels turning as they learn
these life skills. Basic life skills. Note: Lisa McCutcheon is
currently working on a Master’s Degree in Curriculum Design and
Instruction at Gannon University in Erie, and expects to complete that
degree in August of this year.
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