MoneySKILL was developed by the non-profit American Financial Services Association Education Foundation (AFSAEF) with grants from several major foundations and is offered free to students through their teachers.
Dr. Lewis Mandell, professor emeritus of finance and managerial economics at the University at Buffalo School of Management, in collaboration with AFSAEF, wrote MoneySKILL; the program content is regularly reviewed to ensure that it is kept up to date.
MoneySKILL is a complete curriculum in personal finance which has been reviewed module by module for its alignment with New York State's standards. MoneySKILL meets New York State's requirement for 1/3 semester of personal financial management. It consists of 34 modules covering all areas of personal finance that young adults need to know. The modules are divided into five major areas. It also includes some introductory modules, a pre and post-test and a life simulation.
After each concept is presented, (about every 2 - 3 minutes) the student is challenged by a case, problem or question to demonstrate mastery of that concept. The student is told whether his/her answer is correct and the correct answer is explained in some detail. At the end of each module, the student is given his/her score for that module. Scores are instantly reported to the teacher and entered in the Teacher Grade Book. Scores are also available to students on their home page.
Each student must create a personal, lifetime financial plan from the time he/she is financially independent of parents to their intended age of retirement. The plan (called the "Simulation" in MoneySKILL) is based on the student's expectations of his/her education and occupation, plans for marriage and children, lifestyle, etc. The program calculates after-tax income and total expenses for each year and shows graphically whether or not the student's lifetime plan is viable. If it is not viable, the student goes to the "Crash and Burn" module to make repairs. After the last module, the student must pass the simulation which means that he/she must maintain a positive net worth from the time that student loans expire until retirement. The student can go to the "Crash and Burn" module an unlimited number of times until the program becomes viable. Note that no one but the student (not even the teacher) sees the private information in the simulation.
It generally takes students from 20 to 40 minutes to complete a module, depending upon reading speed. This means that the complete curriculum of 36 modules plus the simulation can be completed in 12 to 24 hours. Teachers can choose the modules they want to cover for each class and the order in which they want students to cover those modules. This selection and reordering is done at the time a class is set up in the online teacher administration site.
*These items can be downloaded free of charge.
View our Who is Using MoneySKILL? page.
All you have to do is to log on to www.moneyskill.org and click on the "Course Instructor - Registration" link and simply follow the onscreen instructions. Registration takes 2-3 minutes and approval takes about 24 hours (usually less).
If your students are having technical difficulties, they should let you know. Ask your students to be as specific as possible regarding the problem (for example, have then note the specific module and question number if there is a problem with a particular question.) It is often helpful to survey other students to see whether they are having the same problem and/or whether they have found a way to resolve the problem.
You can then use the "Contact Support" link on the Approved Teacher page of the MoneySKILL website
The following resources may be helpful