Teacher sparks debate over method to teach kids finance, including 'desk rent' charges

Today, nearly every adult regrets not getting lessons on managing money in their childhood. While some parents try to inculcate financial literacy in their kids, one teacher has taken it upon himself to teach kids in a unique way. Mr Vuong (@teamvuong) went viral a couple of years ago for sharing a method of teaching his students personal finance. 

Here's one of the best ways to teach kids money management

In the video, which has nearly 3 million views, Mr Vuong who teaches the 5th grade, explains that he runs a token economy system in his class. He says that the currency in circulation is 'brain bucks' which the students receive throughout the month. He says they get one brain buck per day for showing up and they can earn extra by doing things like contributing to discussions, being responsible, and so on. 

He then explains that on the last Friday of the month, the students need to pay for things. Mr Vuong adds that he teaches his students how to write checks and on the payment day, they wrap their checks around the brain bucks and submit them. 

He says he charges rent for their desks, which is 15 brain bucks per month and the rest of the brain bucks can be used to buy special goodies from the treasure chest. Students can also save up and buy more expensive items. He shows a Google form designed as a website where students can select the items they want to buy/order at the end of the month. 

He adds that the kids also have the option to pay off their desks with 75 brain bucks and never pay rent again. The teacher also adds a lesson about taxes by charging three brain bucks for every purchase a student makes. 

Mr Vuong explains that it is interesting to see kids decide between getting instant or delayed gratification.

Furthermore, he says that it allows kids to experience money going out of their accounts for the first time in their lives. "It's a reality check," the teacher says in the video. He adds that it also helps kids empathize with adults who have to pay bills every month. 

Mr Vuong isn't the only teacher on TikTok who employs a token economy in their class. Fellow teacher/creator Shelby Lattimore (@shelby_thatsmee) also went viral for using a similar method of teaching financial literacy. 

Viewers of the video lauded the efforts and the method of the teacher. "As an accountant trying to teach my child financial responsibility, I think this is awesome. Wtg for going above and beyond to be a great teacher!" wrote one parent @allieisqueenricha. 

Meanwhile, several users wished they had teachers like Mr Vuong growing up. "Madisyn Buckles I love this! Wasn’t taught simple stuff about money, budgeting & bills. This would have helped me a lot," commented user @brightly_being_madisyn.

However, there was a section of viewers who pointed out some weaknesses of the method. "Sounds good initially. Thinking critically, seems ableist. What about kids who are off sick due to a chronic illness, or with learning difficulties," asked user @purplekatr. However, the teacher had already clarified that the students who miss classes for such reasons get paid for those days. 

For more such interesting teaching methods and entertaining content, follow Mr. Vuong (@teamvuong) on TikTok.