National Standards for Financial Literacy

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: , , , , , , , , , , ,

Waiting for the Cavalry

Dan Kadlec 200x300 Waiting for the CavalryBy Dan Kadlec, author and journalist.

I’d like to think the cavalry is coming. But it isn’t—not quickly enough, anyway. For all the lip service to financial education and well-intentioned research surrounding what works best when it comes to teaching young people about money, much too little instruction is actually taking place. In plain view, the next generation is growing up as financially inept as the last.

Financial illiteracy brought us the Great Recession. Individuals had taken on crushing credit card debt, renounced the concept of an emergency fund and inked mortgages that made no sense. Sure, bankers were complicit. But that’s all the more reason to get serious about raising the public’s financial I.Q. Read more…

POSTED: April 10, 2013 | BY: Leslie Rasimas | TAGS: , , , , , ,

Teaching Opportunity – April 2013

April is Financial Literacy Month (FLM) and CEE continues to raise awareness for the importance of financial literacy education for K-12 teachers and students by providing events, teacher workshops, resources, free lessons and webinars for our educators.

Take advantage of the resources, training and events in your area and online to ensure your students learn what it means to be financially literate in the 21st century.

In This Issue:

  • Enter our video contest for a chance to win $1,000
  • Save a bundle on CEE’s best-sellers + 3 FREE DVDs with every order!
  • Free lessons and videos to teach personal finance
  • Financial Literacy Month training and events
  • Teaching the News
  • This Day in History
  • NEW! National Standards for Financial Literacy
  • 52nd Annual Financial Literacy and Economic Education Conference

Read more…

POSTED: April 1, 2013 | BY: kwilliams | TAGS: , ,

Resources

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