One of the first things Joe Arrigo tells his consumer economics classes at Mundelein High School is that money doesn’t come with an instruction booklet. Classes like his, though, will help them do more with money than just spend it quickly.
A unit in consumer education has been required for Illinois high school students for about 20 years. Some schools include the unit in an economics or business class, and others make it separate. Whatever the format, the subjects covered generally include budgeting money, loans, insurance, the U.S. economic system, credit, saving and smart shopping.
“I think this class is important,” Arrigo said, “because they might pick up things on their own, but many aren’t learning this in a formal sense; now is the time to learn it before they suffer any consequences (from financial mistakes).
“Sometimes when we talk about things, it doesn’t mean a whole lot to them at the time, but I’ve had students come back and say, `I remember when we talked about whatever, and I really am doing that now.’ “
Consumer education teachers say one of the most popular parts of the class is the unit on insurance, particularly car insurance. It’s a subject many teens are dealing with in their personal lives, and they appreciate learning why rates are so high for them.
“More and more kids own their own cars,” Arrigo said, “and they have a job, and they get the job to pay for the car insurance.”
Arrigo’s students also play the Stock Market Game, coordinated by the Illinois Council on Economic Education. Thousands of Illinois elementary and high school students play by dividing into small teams and making paper-money stock transactions during two 10-week sessions. Winners are the teams with the most money at the end of the session.
