Last week, CEE Vice President of Programs Christopher Caltabiano spoke with WFSU about Florida’s new state standards for personal finance education, based on CEE’s own National Standards for Financial Literacy. He discusses the development of the standards, highlighting their emphasis on making “wise decisions, in particular, what areas of personal finance you may need to be making these decisions in.” Click here to read the article in full.
CEE’s Blog Series on Teaching Techniques delivers teaching ‘best practices’ from practitioners in the field. These K-12 teachers from all over the United States present their proven tactics and techniques that keep their students interested and engaged in learning economics and personal finance concepts and lessons. Part 3 of 8.
Jennifer O’Neil from Concord High School in Wilmington, Delaware, has shown her students that creativity goes hand-in-hand with economics. After finishing the entrepreneurial section of CEE’s publication, Financial Fitness for Life, she divided her class into groups of two or three students and assigned a project — to create never-before-seen product and put it out to market. Her students came up with phenomenal ideas for products and apps and Ms. O’Neil was able to demonstrate the importance of entrepreneurs in helping our economy.
Stay tuned for the next edition of CEE’s new Blog Series, Teaching Techniques: Classroom Innovation on Economic Education on July 30th 2014.
The Council for Economic Education is introducing their new Car Shopper App, now available on the Android App store for free! Teach students what it really means to purchase a car with Car Shopper. With this app, it’s easy for students to unlock the hidden costs of their dream car in order to see for themselves. Students will be able to compare what they thought the cost of a car was versus the actual cost, by seeing the app adding up gas prices and factoring in finance options.
Inside the app, students can pick the type of car they want while the app links to real and current prices of cars. After selecting their car, students then get to choose financing options for their purchase by toggling the amount of money they want to put down, the finance rate, and contract length. Next, gas prices are then factored in and tailored to your region for accuracy in pricing. By the end, the student is shown a breakdown of the car’s price, indicating the final total and the price per month.
This visual representation will show students, first-hand, the cost-benefit analysis of buying their dream car. By taking them step-by-step through the process, this free app is able to show how the prices add up and how buying a car is something to be carefully calculated before making any purchase.
Written by GeorgiAnna Carbone-Wynne, a rising junior at Wake Forest University in Winston-Salem, North Carolina studying English and Communications. She is currently a marketing intern at the Council for Economic Education.
Tampa Bay Times and Financial Corps were the first to cover the news, applauding Florida for taking this important step in improving financial education for students. Madeline Will of Education Week spoke with CEE CEO and President Nan Morrison and Mike Bell, the Executive Director of the Florida Council on Economic Education about how the adoption of the Standards will “strengthen the teaching of financial education in American schools.” And in a Huffington Post article, financial literacy expert Mary Johnson of Higher One points to Florida’s efforts as “an encouraging development,” adding that she hopes “other states will similarly follow suit.”
Last week, the 2012 Programme for International Student Assessment (PISA) released the findings from the largest international financial literacy assessment ever conducted – and the data was revealing. While China received top marks all around, US scores placed American students squarely in the middle of the 18 nations tested. This widely syndicated article, originally published by Associated Press, points to data from CEE’s Survey of the States as evidence of the variation from state-to-state in what is required, noting that only 19 states require a personal finance to be taught in high school.
Additionally, PBS reached out to our CEO and President Nan J. Morrison for comment.
Like many other leaders in the financial literacy space, she remarked that the results were disappointing, but not surprising given that many parents and teachers do not feel equipped to pass personal finance skills onto their children. But on a positive note, as a benchmark for progress, the PISA results will be incredibly helpful to parents, educators, policy makers and advocates as we work to improve.
Last month in Chicago, the Council for Economic Education held the third of our Spring series of policy luncheons on “Building the Financial Literacy of Illinois Students.” Two panel discussions addressed two topics: first, the role of public-private partnerships in advancing financial literacy education; second, financial literacy success stories from Chicago Public Schools.
Moderator Gail MarksJarvis of the Chicago Tribune opened by addressing the importance of teaching the grammar of financial literacy through an early education: “The financial industry knows financial information inside and out, but because of this, they have a hard time speaking English. People think these financial experts know some secret. There is no secret.” State Senator Tom Cullerton concurred, noting that “The earlier we can teach people financial literacy, the better off they can be,” and pointing out the critical role of our educators: “You have to have the teachers educated to this and passionate about sharing this with our kids.” Read more…