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CEE in the News: Recession doesn’t change students’ econ savvy.

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: , , , , , , ,

Raising the Bar for Financial Literacy Education through New Standards

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.

national standards for financial literacy overview video Raising the Bar for Financial Literacy Education through New Standards

POSTED: May 3, 2013 | BY: Leslie Rasimas | TAGS: , , , , , , ,

Cocktail Party Advice: Never an Economist and Always an Advocate for K-12 Personal Financial Education

Andrew Hill1 225x300 Cocktail Party Advice: Never an Economist and Always an Advocate for K 12 Personal Financial EducationBy Andrew Hill, Economic Education Advisor at the Federal Reserve Bank of Philadelphia; and Adjunct Professor of Economics at Temple University.

Cocktail party conversation can often be difficult for even the most adept conversationalists among us. When meeting new people, an unavoidable topic is always what you do for a living. I was trained in graduate school to expect people to respond in unpredictable ways when I explain that I am an economist. Read more…

POSTED: April 30, 2013 | BY: Leslie Rasimas | TAGS: , , , , , , , , ,

CEE in the News: Education Week Announces New CEE Standards

From Education Week: Financial Literacy Standards Rolled Out for K-12

Recognizing the need for kids to be smarter about how they manage their money, the Council on Economic Education released the National Standards for Financial Literacy for K-12 education.

Developed by economists, education specialists at Federal Reserve banks, and financial education researchers, the benchmarks are intended to provide a framework of essential knowledge that 4th, 8th, and 12th graders should master to be savvy financial consumers.

Read the full report here.

POSTED: April 20, 2013 | BY: Leslie Rasimas | TAGS: , , , ,

Financial Literacy: Benefits for the “Micro” and the “Macro”

By Scott Wolla, Senior Economic Education Specialist, Federal Reserve Bank of St.Louis.

In a general sense, to be “literate” is to have knowledge or skill in a particular field. So literacy in reading, for instance, involves developing the skill of reading. If you are literate in this sense, you can read a novel by Charles Dickens, your local newspaper, or a comic book. But it does not usually involve the student memorizing facts about reading, such as how many books the typical child reads (or should read) in a given year. While those facts might have value, they probably have little value for learners. Read more…

POSTED: April 18, 2013 | BY: Leslie Rasimas | TAGS: , , , , , , ,

Council for Economic Education Introduces K-12 National Standards for Financial Literacy

The Council for Economic Education (CEE) is pleased to introduce the National Standards for Financial Literacy, a framework for the body of knowledge and skills that should be contained in a K-12 personal finance curriculum. Developed by a team of experienced and talented economists, education specialists at Federal Reserve banks, and financial education researchers, the National Standards for Financial Literacy raise the bar for financial literacy education.

The standards contain the six areas of knowledge and understanding that are fundamental to personal finance: Earning Income; Buying Goods and Services; Using Credit; Saving; Financial Investing; and Protecting and Insuring.  Each standard emphasizes decision-making skills by explicitly relating planning and goal setting, financial decision-making, and assessing outcomes to each standard. Through the standards, students learn how their personal situations and preferences affect their financial decision making, while beginning to understand the trade-offs inherent in every choice they make.  In the end, more informed choices lead to better choices as well as greater satisfaction with the choices that are made. Read more…

POSTED: April 16, 2013 | BY: Leslie Rasimas | TAGS: , , , , , , , , , , ,

Resources

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