How to Teach Money Lessons to Kids with No Money? Pay Them
Teaching kids about money can be challenging, especially when they have no money to manage. Dan LaSalle, an educator at Olney Charter High School in northern Philadelphia, found a unique way to tackle this issue. He started paying his students to teach them financial literacy.
From English Teacher to Financial Leader
Dan LaSalle began his career with aspirations of becoming a lawyer but was drawn to teaching after joining Teach for America. As an English teacher at Olney Charter High School, he noticed his students struggled with basic financial concepts. Many came from low-income families where parents didn’t have bank accounts or financial literacy themselves.
"Students would graduate and go to college or enter the workforce, but many would drop out or get involved in criminal activities," LaSalle said. "Even some of the brightest were falling short of the American dream."
Creating a Financial Literacy Program
Determined to help, LaSalle decided to create a personal finance program that taught kids about money by letting them handle it firsthand. He entered a teacher grant competition organized by the Philadelphia Academy of School Leaders and won two one-year grants totaling $15,000.
With the grant money, he set up custodial checking and savings accounts for his students at Wells Fargo. Since he couldn’t legally employ the high schoolers due to child labor laws, he wrote them checks as grant recipients. Students earned money by helping out at school, with payments depending on the length and complexity of the job.
Impact on Students
One of the students, Marquis Merricks, initially wasn’t interested in the program but was encouraged by LaSalle. Over the past two years, Merricks has taught financial literacy classes to other students and earned between $1,000 and $2,000.
"It was amazing to get that first paycheck. When it finally came in the mail, I couldn’t believe it," Merricks said. Before the program, he used to spend money on food and shoes but now focuses on saving and long-term financial goals.
Expanding the Program
LaSalle has since become the assistant principal at Olney and is working to expand the program. While the initial grant money has run out, he has received funds from private donors and is seeking sustainable funding for the future. He hopes to inspire other schools to prioritize personal finance education.
"The road to wealth is a mindset," LaSalle said. "It’s about saving, investing, knowing where the funds are, and living frugally. My students are figuring that out."
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Description: Students participating in a financial literacy class at Olney Charter High School.
Conclusion
Teaching kids about money, especially those from low-income backgrounds, requires creativity and dedication. By giving students the opportunity to handle real money and learn financial concepts firsthand, programs like LaSalle’s can significantly impact their future financial independence.
