People save money for a variety of reasons, which include large future purchases (higher education, vehicles, and homes), retirement, and unexpected events. Read the Tampa Bay Times Saving Tips article below. Research the different programs and incentives offered by financial institutions, workplaces, and the government. What advice would you give to some of the adults in your life? In the article, they also discuss the power of compound interest. In order to learn more about compound interest, watch the EconEdLink video on compound interest and then use the EconEdLink compound interest calculator to see how it works! Compose a tweet or instagram post about the power of compound interest.
SS.8.FL.3.6 Identify the value of a person’s savings in the future as determined by the amount saved and the interest rate. Explain why the earlier people begin to save, the more savings they will be able to accumulate, all other things equal, as a result of the power of compound interest.
SS.8.FL.3.7 Discuss the different reasons that people save money, including large purchases (such as higher education, autos, and homes), retirement, and unexpected events. Discuss how people’s tastes and preferences influence their choice of how much to save and for what to save.
SS.912.FL.3.6:Describe government policies that create incentives and disincentives for people to save.
SS.912.FL.3.7:Explain how employer benefit programs create incentives and disincentives to save and how an employee’s decision to save can depend on how the alternatives are presented by the employer.
Deborah Kozdras, Ph.D.