The Scouts BSA Personal Finance Merit Badge isn’t just a requirement—it’s one of the most useful real-life learning tools in the program. In a world where financial literacy is missing from most schools, this badge introduces teens to concepts like budgeting, saving, spending habits, insurance, and even investing.
Whether you’re a scout, a parent, or a merit badge counselor, this guide will help you understand what it takes to complete the badge and walk away with skills for life.
1. What the Personal Finance Merit Badge Covers Scouts must demonstrate understanding of:
- Creating a written budget
- Explaining needs vs. wants
- Understanding compound interest
- Describing insurance and credit
- Identifying the risks and rewards of investing
See the full worksheet: Scouting.org Merit Badge Requirements
2. How to Approach the Worksheet The worksheet can be overwhelming without structure. Break it down into 3 core activities:
- Budget Planning: Use tools like Mint or Rocket Money (great for teens)
- Goal Setting: Include short- and long-term financial goals
- Tracking Spending: Have them track for 30 days using apps or printouts
3. Books That Help Scouts Understand Money
- Investment Guidebook for Teens by Emma Davis
- I Want More Pizza by Steve Burkholder (written for scouts)
- Rich Dad Poor Dad for Teens by Robert T. Kiyosaki
4. Tools That Make Learning Stick
- FamZoo (family banking app)
- Greenlight (teaches earning and saving through prepaid cards)
- Khan Academy: Personal Finance (free, badge-aligned video lessons)
5. Real-Life Application: Start a Mini Business Many counselors encourage scouts to try a low-lift side hustle as part of the merit badge. Ideas include:
- Selling digital printables
- Dog walking
- Washing cars
Encouraging a real-world connection deepens retention.
The personal finance merit badge isn’t about checking boxes. It’s about preparing scouts for the financial realities of adulthood. By treating the badge seriously—and going beyond the worksheet—you help set the foundation for smarter money habits long after they age out of the program.
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