A free printable personal finance activity or business classroom activity for kids and teens. Great way to teach them how to save money AND a bit more about business.
I can’t tell you how many adults squirm when you suggest they cut their grocery bill by buying generic products.
Even if they know that the generic product is made at the exact production facility, using the exact active ingredients as the branded one (like with the Kirkland brand, or with medications)!
Which is why I would love for you to introduce this activity to your kids and teens.
It’s such a simple way to teach them to:
- Save money
- Question branded messages and beliefs
- Rethink the value of something
- Look to solve problems in a variety of ways (not just one product)
- Learn more about generic products
Generic Vs. Brand Taste Test Activity (Great for Family & Consumer Science)
Buying generic products instead of branded ones can really save your child and students a load of money over a lifetime.
Think about it: if they switched out 5 brands to generic products at the grocery store and saved $10 each weekly shopping trip by doing this, that’s a total savings of $5,200 in just 10 years.
Let’s get them comfortable with this savings and shopping strategy, plus teach them a bit about manufacturing in the process.
How to Set Up This Personal Finance Activity
First up, you want to explain to your kids/students what a generic product is, and what a branded product is.
Here’s some help:
- A branded product is a product manufactured by a specific company with a recognizable logo because of the marketing and advertising the company does.
- A generic product is a product manufactured by a third-party company that is typically a lower cost because there is no expensive packaging, and no marketing or advertising involved in selling it.
Print out the free printable PDFs.
Now, follow these activity steps:
- Buy two versions of several products (between 1 and 3): a brand, and the generic version. Keep the receipt.
- Make copies of the receipt so that each station has one for kids to refer to.
- Print out the free printable mat for each product that is going to be compared (enough for each individual or participating group to have one).
- Set up testing stations with the printouts. Cover the product box, so that no one will see them until the reveal.
- Put a sample of the generic version in one square of each printable, and a sample of the branded version in the second square. Write down which is which on your answer key.
- Have students follow the instructions. They’ll taste/test each product. They then will need to answer what problem this particular product (whether the generic or the branded version) solves. They’ll rank the product after testing it. Once they’ve tasted and ranked each, the generic one should be revealed. Then they can refer to the receipt to see how much each cost (or, write this information under the reveal).
- Have the kids answer the questions on the next page.
And, that's the activity!
Here are a few other fun facts you can share about generics:
- Generic medications must have the same active ingredients, dosage, and strength to even be in the marketplace.
- You generally won’t find manufacturing coupons for generic products.
- Many generic products are made in the same manufacturing facility as the branded version.
Buying generic products is one more tool that you can put into your kid's, teen's, and student's toolbelt to manage their money wisely as young adults. Hopefully, they'll find this free printable personal finance activity eye-opening and fun, while learning a valuable lesson.
Amanda L. Grossman
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