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Money management skill is important for Grade 1 students because it lays the foundation for responsible financial behaviors. At this age, learning about saving, spending wisely, and understanding the value of money helps them develop critical thinking and decision-making skills regarding finances. These early lessons pave the way for lifelong financial literacy and stability.
Effective activities include budget planning exercises, simulating stock market investments, playing educational financial board games, creating savings goals and tracking progress, role-playing shopping scenarios to practice price comparison and calculating discounts, using virtual or physical money for hands-on transaction practice, and developing simple business plans to understand profit and loss.
To test a Grade 1 student's money management skills, engage them in simple, practical activities such as identifying coins and bills, playing store games where they buy and sell items with play money, and making small decisions on spending or saving their 'earnings.