I don’t focus much attention on new education initiatives anymore, so maybe I am late in hearing about this instructional program. I happened to catch an interview with a teacher on CBC radio about the use of “Classroom Economy” in an elementary classroom in Ontario. I found the associated article, but it doesn’t include the audio of the interview:

Inside a St. Thomas classroom, lessons about math and economics

This class was a Grade 3/4 split. Some students were also interviewed and they sounded positive about the experience. I am sure there are variations to the approaches used in “classroom economy” depending on the grade level and each school context. I was both curious and concerned with the idea of it, so I did some more reading:

What is a Classroom Economy, and Why Use One?

While I can recognize the value of the learning concepts and links to “real life”, I still struggled with the idea and some of the intent of it. For example:

  • Students had to decide if they wanted to use their “income” to rent or buy their desk.
  • Students had to apply for what classroom job they wanted. It would be their source of income.
  • There was a classroom store (run by the students who got the job of running it).
  • The teacher of the Gr. 3/4 class gave out “fines” for inattentiveness, etc. to help classroom management.

The second article I posted about the program offered me some reassurance:

  • Students use their income to pay bills, such as rent for their desk. This creates a sense of ownership for classroom space and allows students to practice budgeting in a safe environment. It’s important to emphasize that if a student doesn’t have enough to pay their bills- that is okay!
  • You also have the option to include fines, however if they don’t speak to you, no need to use them!

As for purpose of the classroom store,

“Students learn to budget, set goals, and can use their savings to purchase rewards from the classroom store. I like to include “experiences” in my classroom store instead of tangible items. My favorites are brain break choice, tell a joke to the class, and have lunch with the teacher. These are all free for me, and fun for the class. You can also set group goals and rewards, like a classroom PJ day or party. Students love working together to save up.”

The “Why Use it” claim in the article states two reasons: Classroom Management and Financial Literacy.

It reminded me a bit of “Class DOJO” and also the debate about that a number of years ago in some education conversations regarding rewards and incentives in classrooms.

I recognize that the times and students have changed. It has been decades since I taught in elementary classrooms, but I don’t think an economy approach would have “spoken to me” then.

As a parent of now grown children, I am uncertain if I would have been comfortable with my children being in an “economy classroom” at the elementary level. I trust that there are many other effective ways and programs to teach financial literacy in classrooms.

Feedback is welcome.