April was Financial Literacy Month, and educators, families, non-profit organizations and businesses across the country rallied in support of financial education.

The National Assessment of Educational Progress released The Nation’s Report Card: Economics 2012, Grade 12 at the end of April. These tests are administered by the National Assessment Governing Board, who develop assessment frameworks in mathematics, reading, writing, science, geography, U.S. history, civics, economics, the arts and technological literacy.

Students’ scores of economic literacy changed little between 2006 and 2012, suggesting that the national discussion about the millions of jobs that were lost and homes that were foreclosed didn’t translate to higher academic achievement. During that period, several states added an economics course to high school offerings and some started requiring it to earn a diploma.

The article “Recession doesn’t change students’ econ savvy” shares thoughts from financial literacy and economic education leaders, including Annamaria Lusardi, CEE board member, and Nan J. Morrison, CEE’s President and CEO.

CEE’s work has been mentioned specifically by Federal Reserve Chairman Ben Bernanke; “Financial education supports not only individual well-being, but also the economic health of our nation,” Bernanke told a town hall-style meeting with teachers in 2012. “As the recent financial crisis illustrates, consumers who can make informed decisions about financial products and services not only serve their own best interests, but, collectively, they also help promote broader economic stability.”

POSTED: May 6, 2013 | BY: Leslie Rasimas | TAGS: CEE Board, CEO, economics, Federal Reserve, Financial Literacy, partners, Students, teachers

The new National Standards for Financial Literacy, developed by CEE in conjunction with a team of experienced and talented economists, education specialists at Federal Reserve banks, and financial education researchers, provide a framework for teaching personal finance in kindergarten through 12th grade. The standards will assist educators and school districts to build a framework for teaching financial literacy in your school.

The standards contain the areas of knowledge and understanding that are fundamental to personal finance:

• Earning Income
• Buying Goods and Services
• Using Credit
• Saving
• Financial Investing
• Protecting and Insuring

Each of these six standards includes benchmarks outlining what a student should be able to understand and examples at the 4th, 8th and 12th grade levels of how the student might demonstrate this understanding.  The benchmarks also emphasize decision-making skills by explicitly relating planning and goal setting, financial decision making, and assessing outcomes to each standard.

Watch our short video for an introduction to the new standards. Download a free copy here.

POSTED: May 3, 2013 | BY: Leslie Rasimas | TAGS: Federal Reserve, Financial Literacy, National Standards for Financial Literacy, partners, personal finance, Students, teachers, video

By Dr. Patricia I. Wright, Superintendent of Public Instruction, Virginia Department of Education.

It is always satisfying to watch a student’s face light up when he or she grasps a previously baffling concept or idea.

Even more satisfying is the moment when a student not only “gets it,” but also understands why something is worth knowing and how it might make a difference in his or her own life.

Empowering students was the goal of Virginia’s 2013 Governor’s Challenge in Economics and Personal Finance in April.  I had the privilege of addressing high school students from across the Commonwealth who had triumphed in the online portion of the competition and were battling it out in the championship rounds at Virginia Commonwealth University. Their energy was contagious, and I was impressed by their command of this critical subject matter.

The Governor’s Challenge, sponsored in partnership with the Virginia Council on Economic Education (VCEE), highlights real-world financial skills and economic concepts that the state Board of Education incorporated into a now-required high school course in economics and personal finance.

By passing the course, students will come to understand their role and opportunities in the global marketplace. They will acquire the foundational knowledge needed to make smart decisions as adults about spending, saving, investing, risk taking and, even, starting a business.

Meet the 2013 Governor’s Challenge state champions – Western Albemarle High School:

Partnerships allow us to draw upon existing strengths between school divisions, government, the private sector, and groups with specific expertise such as the Council for Economic Education and VCEE.  Together, we can maximize our investments and equip more students with the knowledge and skills they’ll need to prosper and secure financial independence.

POSTED: May 2, 2013 | BY: Leslie Rasimas | TAGS: Awards, Contest, Councils & Centers, economics, Governor's Challenge, personal finance, Students, video

We depend on donors to continue to utilize the best educational technology, build new programs to meet evolving needs, and develop the most up-to-date resources. Thanks to the generosity of our donor, Scott Booth, and our Board Co-Chairman, Barry Haimes, all gifts received by June 30 will be matched dollar-for-dollar up to $175,000.

Here are some ways that you can invest in a brighter future for our kids:

• $150 donation trains one teacher in interactive classroom learning activities. That teacher will reach 50-150 students each year.
• $500 donation outfits a classroom with books and materials about earning, saving, investing and managing money.
• $1,250 provides a full scholarship for a teacher to attend CEE’s highly regarded 52^nd Annual Financial Literacy and Economic Education Conference, where educators share best practices and receive training on new resources.

For more information, please contact Tarnisha Smart, Director of Development.

POSTED: May 1, 2013 | BY: Leslie Rasimas | TAGS: CEE Board, Challenge Grant, economics, Financial Literacy, personal finance, Students, teachers

Eight high school teams have earned a trip to New York City to compete for cash prizes and academic recognition in the 13th Annual National Economics Challenge. The eight teams won both state and Semi-Finals competitions in their respective divisions, defeating over 10,000 students from 40 states to advance to the Finals.

The Challenge offers students two levels of competition on the basis of their course enrollment. Students enrolled in advanced placement, international baccalaureate and honors economics courses entered the Adam Smith Division, and students enrolled in single semester general economics classes competed in the David Ricardo Division.

The Finalist teams are:

DAVID RICARDO DIVISION (single semester general economics students)

• Carmel High School, Carmel, Indiana
• Lexington High School, Lexington, Massachusetts
• Little Falls Community High School, Little Falls, Minnesota
• Olympia High School, Olympia, Washington

ADAM SMITH DIVISION (AP, IB and honors students)

• Choate Rosemary Hall, Wallingford, Connecticut
• Iolani School, Honolulu, Hawai’i
• Mounds View High School, Arden Hills, Minnesota
• Richard Montgomery High School, Rockville, Maryland

Teams will compete Saturday, May 18 in three written tests and one critical thinking round to answer questions on complex economic concepts and theories involving micro- and macroeconomics, international economics and current events.  The National Economics Challenge Finals culminates in a quiz-bowl round Sunday, May 19 at the WNET Tisch Studios at Lincoln Center in New York City. The event will be broadcast live, and you can watch on the CEE’s Facebook page.

Students across the country participate in the state and Semi-Final rounds of the National Economics Challenge:

POSTED: May 1, 2013 | BY: Leslie Rasimas | TAGS: Awards, Contest, economics challenge, High School, Students

In honor of Financial Literacy Month, CEE asked our nation’s K-12 classroom teachers to share their lesson plans in our contest “What is your most creative idea for implementing personal finance into the classroom?”

We received videos from across the country, and posted them on our Facebook page for our fans to vote for their favorite.

Congratulations to the Popular Vote Winner:

Teacher: Bobby Letter
School: Peak to Peak High School, Lafayette, CO

Congratulations to the CEE’s Choice Winner:

Teacher: Greg Cox
School: Ellis Elementary, Logan, UT

Both winners will receive a $1,000 gift card from American Express and a complimentary registration to our 52nd Annual Financial Literacy and Economic Education Conference.

Thanks to all of the teachers who created videos, entered the contest and supported each other by voting. You can get inspiration for your own classroom by viewing all of the video submissions here.

POSTED: April 30, 2013 | BY: Leslie Rasimas | TAGS: Awards, Contest, Financial Literacy, financial literacy month, Lessons, personal finance, teachers, video