Financial Literacy Lessons for ESL Students: Introduction to Credit

Details

Activity Description

OTAN has a collection of financial literacy lessons at a low literacy level. Topics include: banking, credit, budgeting, and planning for the future. It is a 142 page PDF file. In this example we will focus on Unit 2, on the topic of understanding credit.

Preparation

1. You can download the curriculum from the Example Web Site (above), print the pages you want from the document, or show the pages online with a projector. This lesson can also be done in a low tech way by printing the activity pages as handouts.
2. So that you understand the background of the materials, you may want to read Introduction on pages 2 and 3 of the PDF file. Preview the materials contained in Unit 2 which include an Introduction, Credit Cards, the Credit Report, and a comprehension quiz.
3. Gather samples of credit card solicitations you receive to show in class.

How-To

1. Open the document from the Example Web Site (above), or download the document, and scroll to Unit 2 on Credit. (It is page 73 of the PDF document.)
2. Ask student "What is a credit card?" "Do you have a credit card, or do you know someone who has a credit card?" "What is good about a credit card?" "What is not so good?" Generally, elicit prior knowledge about credit cards.
3. Expand the discussion to other kinds of credit. Do your students know about loans, payday loans, credit reports?
4. Proceed through the lesson. There are 26 pages of readings and activities, so choose the ones you want to complete.
5. If you complete the unit, have students answer the 20 quiz questions at the end.

Teacher Tips

• Ask students to bring in examples of credit card solicitations they have received. That way small groups can review different letters.
• Answer keys to the activities are at the end of the unit.

More Ways

• Here is an article for more advanced students about some changes in the law related to credit cards, passed in 2010. Use this for independent reading, ask students to answer questions, discuss, give an oral report, or write a summary.
• Here is a short article about what a credit score is .
• Here are three tips on using a credit card to increase your credit score.
• You may also want to cover or assign this article titled "Beware of these Quick Fix Schemes for your Credit."

Program Areas

• ESL: English as a Second Language

Levels

• Intermediate High
• Advanced

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