Courtesy of Chelsea Addison
Chelsea Addison is quite the multitasker. She's the founder of a nonprofit, a published author, and the youngest person to become vice president on University City's School District Board of Education. But first and foremost, she is a teacher.
Addison joined Teach For America in 2014, after graduating with a degree from the College of Wooster. Without a solid plan for post-grad, she decided she’d try teaching. Then, she was assigned a position at Shaw Visual and Performing Arts Elementary School where she noticed a lack of comprehensive financial education. Students were learning how to count money, but not how to use or manage it. Wanting to remedy the problem, Addison wrote a children's book, Savannah's Savings Jar, and founded her nonprofit, Financial Friends Foundation, with the focus of educating children about money.
Savannah's Savings Jar is about "Saving Savannah," a young girl who learns about budgets and the importance of saving money while working on an assignment for class. This is the first in a collection of financial literacy books for kids. Later volumes will feature characters like "Spending Spencer" and "Money Marvin." The book also features a list of comprehension questions to open up discussion, a glossary, and even a DIY slime recipe. Addison wanted to create a financial resource for both parents and children. "I want conversations around money to be fun because a lot of times you say the word finances and people cringe," Addison says. Here, she tells SLM just why she's dedicated her career to teaching children financial literacy.
Why did you get into teaching?
My ancestors did a lot to get me where I am and when I look back—whether it’s my immediate family, my grandparents, or even my ancestors who came before me during slavery—there are things they did that made a difference in my life. So, I’m just extremely grateful for them and wanted to be able to do that for others as well. I ultimately wanted an opportunity to make a positive impact by standing side by side with a community and paying it forward with students and families.
How did you learn that your students were interested in learning about money?
I asked, "What would be something that you’re not learning here, but you could take with you outside of the classroom that would secure you for life?" [Money] was one of the things they came up with. I was really proud of them for that.
Courtesy of Chelsea Addison
Was it surprising to you that your students wanted to know about money?
No. Everything that they encounter has to do with money. We go over counting money in school, so I was actually really happy that they wanted to talk about a topic that would make a bigger impact for them in the long run. They were super excited about it.
Why is teaching children financial literacy important?
It sets the stage for the foundation of the rest of their lives. I believe in early intervention to intercede how the students' future actions are. [When] looking at some of the statistics [that show] how our society is with debt, [you see it] especially with young millennials, African Americans, and a lot of minority communities because of the lack of lessons that we’re taught. It’s a cycle of generational poverty.
In school, we teach kids how to count money all the time, but we never have that conversation about how to use the money. That’s been a driving force for me going forward because you can’t really teach one without the other. It’s like teaching [someone] how to recognize letters but not teaching someone how to actually read. I felt I was doing a disservice to the children and families [by saying] I was helping prepare them for a future in which they would inevitably encounter money and finances, yet leaving such lessons out of the conversation.
I [have] found that a lot of those families don’t talk about money because they don’t want their kids to know how much money they have. I wanted to create a space where talking about money was more comfortable. [I wanted to create a space] where people could be financially vulnerable and talk about some of those financial blueprints that they have, so that we can start to break some cycles of poverty and increase the wealth, income, and financial outlook of families and students in general.
Photo courtesy of Chelsea Addison
Where are you in the process of creating more books?
“Spending Spencer” has a story. [With] the next book, I’m writing to target the younger audiences. I’m thinking [ages] 5–8 at this point. I’ve written six of [the stories]. Some of them have names and some of them don’t have names, but I haven’t published or illustrated the rest of them yet.
My team and I are also working on a financial literacy app and other multimedia options to begin shifting paradigms of how children understand and interact with money.
Can you tell us a little more bit about your nonprofit Financial Friends Foundation?
I am working to strategize and rethink education by incorporating what matters to students and families: money. Capital is a tool. Education is a tool. Yet in masses, we exclude financial lessons and monetizing from the education conversation for 12 school years of our children’s lives. With Financial Friends Foundation, I want us to financially empower those we serve. We want for students and families to walk away financially mindful, more confident and in control of their lives, and claiming their right to financial abundance.
Do you have any money tips for kids?
Have a financial goal. Having a spending plan or a budget is really important when you’re setting financial goals. Spend your money wisely. Save your money before you spend it. In the book, we talk about saving at least 25 percent of your money before spending.
What about tips for parents on teaching their kids about money?
Don’t be afraid to have conversations about money. If they are spending money on something, explain to a child what’s happening. Explain the process. I know some kids will think, “Oh, just take your card out and swipe the card.” They aren’t really conceptualizing the fact that you have to work for that money and that the money got on the card because they worked for it. Having those conversations with their children can really help [the kids] start to conceptualize and set a stronger foundation of money.
