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: Federal Reserve, Financial Literacy, National Standards for Financial Literacy, personal finance, Students

By Christian Ackmann, Economics concentrator at Brown University; Winner of the 2012 National Personal Finance Challenge.

You would be surprised to know the number of college students who don’t know how build their credit history, view their account balances, or even write a check.  College is usually the first time that students acquire independence, yet some students remain dependent on their parents’ financial support and advice.  Proper financial education in high school is necessary to gain financial independence in college.  During my first year of college, I have seen many financial mistakes made by my fellow students.  Here are some of the things I believe every college student should know about personal finance to make intelligent financial decisions.

1.  Credit
When I asked my fellow classmates which financial topics they wished they knew more about, the unanimous answer was credit.  For many college students, credit cards are a thing of mystery.  They are magical pieces of plastic that somehow pay for pizza and gasoline using money from their parents.  The first step to establishing a solid credit history is understanding how credit works.  Once students understand the importance of credit, it can be very helpful to have a credit card in the student’s name (not the parent’s name) to encourage responsibility.  Paying the credit card bill in full each month is an easy way to build a good credit history, not to mention the perks that many cards offer, such as cash back or air miles (which are especially applicable to college students living away from home). Read more…

POSTED: April 20, 2013 | BY: Leslie Rasimas | TAGS: College, credit, Credit Cards, currency exchange, Financial Aid, Financial Literacy, financial literacy month, online banking, parents, personal finance, Saving, Student Loans, Students, taxes

By Jeff Atwater, Chief Financial Officer, Florida Department of Financial Services.

As I reflect on today’s economy, I can’t help but think about how dramatically the cost of living has changed in the past 20 years.  In the 1990s, we were paying roughly $2.15 for a gallon of milk and $1.09 for a gallon of gas.  Within the last couple of decades, the cost of these items and many other daily staples has dramatically increased.

Our national leaders are struggling to balance the nation’s budget, just as many Americans struggle to balance their household budgets.  We live in an economic time when money is short and everyone is trying to find a way to do more with less. Read more…

POSTED: April 19, 2013 | BY: Leslie Rasimas | TAGS: Economy, Financial Literacy, financial literacy month, leadership, personal finance, Survey of the States

First Financial Federal Credit Union features CEE’s new National Standards for Financial Literacy on their site.

“In coming weeks and months, a new set of standards for financial literacy will cross the desks of educators across the country. The hope is that schools will embrace these guideposts and begin to wedge money lessons into students’ daily activities.

The Council for Economic Education, a nonprofit promoting financial education, developed the new standards at the request of and with input from educators at all levels. “We have a specific plan to go state by state and get these implemented,” says Nan Morrison, CEO of the council.”

Read the full story here.

POSTED: April 19, 2013 | BY: Leslie Rasimas | TAGS: CEO, Financial Literacy, National Standards for Financial Literacy, partners, personal finance, Students, teachers

By JD Hoye, President, National Academy Foundation.

Balancing a checkbook, creating and sticking to a budget, and setting up a savings account — these skills are vital, and with Financial Literacy Month upon us, it is crucial that we think about how not to just make the time to teach these skills, but reflect on how to do it in a way that engages students beyond the theoretical. Read more…

POSTED: April 19, 2013 | BY: Leslie Rasimas | TAGS: Financial Literacy, financial literacy month, partners, personal finance, school program, Students

Recognizing the importance of financial and economic knowledge, the PA state Senate has passed a resolution authored by Senator John R. Gordner (R-27) to designate April as “Financial Literacy Month” in Pennsylvania.

“Knowledge of finance is essential to ensure individuals are prepared to manage credit and debt, invest, and become responsible workers, business leaders and entrepreneurs,” said Senator Gordner.  “A knowledge of finance has been linked to lower delinquency rates for borrowers, higher contributions to savings and retirement plans, and a higher net worth.”

Senate Resolution 92 encourages employers, schools, financial institutions and the media to provide opportunities for financial literacy education by collaborating with organizations such as EconomicsPennsylvania.

(L-R) Senator Gordner; Jennifer Dodge, Director of Governmental Relations, EconomicsPennsylvania; Fritz M. Heinemann, President, EconomicsPennsylvania; and Lieutenant Governor Jim Cawley present Senate Resolution 92.

 

POSTED: April 18, 2013 | BY: Leslie Rasimas | TAGS: Councils & Centers, Financial Literacy, financial literacy month, Government, partners, personal finance