Personal Finance

Florida First in Nation to Adopt Council for Economic Education’s K-12 National Standards for Financial Literacy

Florida to Implement New Framework for Teaching Personal Finance in Schools

NEW YORK, June 30th, 2014 – This week, the Florida State Board of Education announced the adoption of the Council for Economic Education’s (CEE) K-12 National Standards for Financial Literacy, leading the nationand raising the bar for financial literacy education in the state. Designed to help students learn to make thoughtful, deliberate choices as consumers, savers, investors and informed citizens, the National Standards teach more than just the facts; students understand how their personal situations and preferences affect their financial decision making, while beginning to understand the trade-offs inherent in every choice they make. Florida is the first state in the nation to adopt CEE’s National Standards.

Upon careful review, the Florida Board of Education determined that these Standards were appropriate to be adopted as part of the Next Generation Sunshine State Standards for Social Studies. From the Florida State Board of Education’s official agenda notes:

The [National Standards] are specific and measurable. They are organized in the same format as the existing strands of the NGSSS for Social Studies. In addition to the appropriate concepts specific to the content, the standards also address literacy, mathematics, problem solving, creativity, cross-cultural understanding and 21st century skills. We acknowledge the work of the Council for Economic Education that allows for Florida to adopt existing standards that require students to reach for excellence.

The National Standards were developed by a team of experienced and talented economists, education specialists at Federal Reserve banks, and financial education researchers, to create a framework for the body of knowledge and skills that should be contained in a K-12 personal finance curriculum. 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. In the end, more informed choices lead to better choices as well as greater satisfaction with the choices that are made.

Written in accessible, easily understandable terminology, the standards are not tethered to any specific curriculum, do not assume any prior financial knowledge, and are designed to be applicable to all socio-economic groups. These standards provide the basis of student assessment, for curriculum development, and for the development and correlation of personal finance to existing and new lessons and other teaching materials. Funding for the standards was made possible by First Financial Bank USA.

Adoption of these standards further lays the groundwork for a standalone high school course in financial literacy in Florida.  For the past three years the Florida Council for Economic Education has been working with state legislators and other government, business, and education leaders to “Require the Money Course.”

“If all Florida students leave school equipped with a solid standards-based personal finance course, supported by teacher training and course assessment, the next generation of Floridians will have the tools they need to manage their money, the knowledge necessary to achieve their financial goals from college to retirement, and the ability to be productive employees and contributors to the state’s economy,” said Michael L. Bell, Executive Director, Florida Council on Economic Education.

“We are thrilled that Florida has adopted our National Standards for Financial Literacy, leading the nation in their commitment to K-12 personal finance education,” said Nan J. Morrison, CEO and President, Council for Economic Education. “By implementing these Standards, Florida schools ensure that their students learn the critical skills they need, not only to make sound financial decisions but to make smart choices in all aspects of their lives.”

About the Council for Economic Education

The Council for Economic Education is the leading organization in the United States that focuses on the economic and financial education of students from kindergarten through high school – and we have been doing so for 65 years. We carry out our mission by educating the educators: providing the curriculum tools, the pedagogical support, and the community of peers that instruct, inspire, and guide. All resources and programs are developed by educators, and delivered by our national network of affiliates. Our goal is to reach and teach every child. Each year CEE’s programs reach more than 55,000 K-12 teachers and over 5 million students across the United States. For further information about the Council for Economic Education go to: http://www.councilforeconed.org.

About the Florida Council on Economic Education

The mission of the Florida Council on Economic Education is to prepare Florida’s young people for personal and financial success through educational programs in economics, the free enterprise system and personal financial literacy so that they become productive members of the workforce, responsible consumers and wise investors. An affiliate of the Council for Economic Education, The FCEE supports five Centers for Economic Education that train k-12 teachers in economics, entrepreneurship, personal finance and the free enterprise system. For further information about the FCEE go to: http://www.fcee.org.

POSTED: July 1, 2014 | BY: GeorgiAnna Carbone-Wynne | TAGS: , , , , , , , , , , , ,

How to Get Financially Fit

With many money management resources at your fingertips, it can be easier than you think to teach your high school students how keep their personal finances in order. To become financially fit means for students to use their money wisely and to make conscious and informed decisions with their savings and spending.

First, many accessible online resources cHow to Get Financially Fit 208x300 How to Get Financially Fitan help them create a budget that’s best for them and can help make it easier to stay on track with printables, apps, and email reminders. With the advent of banking and saving apps for smartphones, it’s now easier than ever for students with bank accounts to put away a small chunk into savings each time they get paid, which is important because you never know when an emergency will occur. Remind students to never forgo reading the fine print on any banking card options to avoid extra debit and credit card expenses like ATM fees, overdraft fees, or annual fees on top of the charges they already pay. Additionally, take advantage of the free online credit reports per bureau each year as your older student’s annual financial checkup to see if their credit is up to par so they can work on repairing it, if necessary.

The bottom line is that healthy finances can be easily achieved but not by accident. Online or offline, financial planning can work for your high school students now and in the future if you remind them to take mindful precautions and make thoughtful decisions with their money. Students will thank themselves for the time they spend planning because it is definitely worth the benefits of being financially fit for life.

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.

POSTED: June 24, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , , , , , , ,

CEE In The News: 6 Personal Finance Lessons All High School Graduates Should Know

In light of the findings of our 2014 Survey of the States, a recent US News article offers a crash course in personal finance education. The survey revealed only 17 states in the nation require high schoolers to take a personal finance course, meaning many students graduate without basic money management skills. This article provides 6 basic personal finance concepts that all high school graduates should know.

POSTED: June 19, 2014 | BY: Morgan Hoey | TAGS: ,

CEE in the News: Lessons in Personal Finance “Compound Just Like Interest”

In a recent article, Cincinnati parents and educators discuss the need for financial education in schools. One elementary school teacher, employs free lessons from the Council for Economic Education to use with her students. According to the article, personal finance and economics educators say the messages learned from such lessons “compound just like interest and experiential learning is more likely to last.”
 

POSTED: June 10, 2014 | BY: Morgan Hoey | TAGS: ,

Delaware fosters discussion on Economic and Personal Finance Education

In an effort to bring attention to the continued need for personal finance education in K-12 programming, over 80 industry, government and education leaders gathered on May 5 to discuss the state of economic and personal finance education in Delaware and how they are working together to improve the economic and financial literacy of young people.

ceee1 300x200 Delaware fosters discussion on Economic and Personal Finance Education

Delaware Govenor Jack Markell.

The program, held earlier this month at the Hotel du Pont, was the first of four regional events hosted by the national Council for Economic Education (CEE) and its local affiliate, the Delaware Council on Economic Education (DCEE), and sponsored by Capital One.

Highlighted during the event was the progress already being made through the strong partnership forged with the University of Delaware’s Center for Economic Education and Entrepreneurship (CEEE).

“An overwhelming majority of Americans, when hit with an emergency, would have less than two weeks of reserve on which to live and a huge number of people would be out on the streets,” said Gov. Jack Markell, a longtime advocate committed to financial education, in his keynote address. “So, unfortunately, most kids don’t know about money because they’re not learning about it at home.” Read more…

POSTED: May 29, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , , , , ,

Houston and New York City High Schools Take Home Top Honors in Annual National Economics Challenge

Council for Economic Education names Champions of Nationwide High School Competition

NEW YORK, NY May 20, 2014 – The Council for Economic Education is excited to announce the winners of the 14th Annual National Economics Challenge, a rigorous academic competition putting students’ economic skills and knowledge to the ultimate test. Besting over 10,500 students from 40 states, Bellaire High School from Houston, Texas took home the top prize for the Adam Smith Division, (for advanced placement, international baccalaureate and honors students) and Hunter College High School from New York City was named the winner of the David Ricardo Division (for students who have only taken a single-semester economics course) in the two-day competition, hosted by the Council for Economic Education and sponsored by State Farm.

Here are just a couple of the tough questions they answered correctly to take home the win—see below for answers.

1.  Quantitative easing places what type of pressure on the international value of the dollar?

2.  Of the components of GDP, which is the most important for long-run economic growth?*

NECstock Houston and New York City High Schools Take Home Top Honors in Annual National Economics Challenge

The National Economics Challenge applies the excitement of an athletic competition to academic excellence, providing students with the opportunity to apply their economics knowledge and work in teams. The finals were held May 18-19 in New York City, and included written exams and a critical thinking round, culminating in a “quiz-bowl” round held at WNET Studios at Lincoln Center and co-hosted by CNBC’s Steve Liesman. This year’s challenge also included special guest video questions from Janet Yellen, the Chair of the Board of Governors of the Federal Reserve.

The winning teams departed immediately after for the honor of ringing the The Closing Bell at The New York Stock Exchange, a once-in-a-lifetime opportunity and tradition dating back to the early 1900’s.

“We’re so thrilled to play host to this fantastic event for the 14th year in a row,” said Nan J. Morrison, CEO and President of CEE. “This has been an incredible way to engage students in the study of economics, and make it fun and rewarding for them. Congratulations Bellaire High School and Hunter College High School on your achievements, and for setting the bar high for next year’s competition!”

Here’s the complete list of winners:

Adam Smith Division (AP, IB and honors students)

First Place- Bellaire High School/Bellaire, Texas

Second Place- Carmel High School/Carmel, Indiana

Third Place- Iolani School/Honolulu, Hawaii

Fourth Place- Grissom High School/Huntsville, Alabama

David Ricardo Division (Single semester general economics students)

First Place- Hunter College High School/New York, New York

Second Place- Little Falls Community High School/Little Falls, Minnesota

Third Place- Carmel High School/Carmel, Indiana

Fourth Place- Souderton Area High School/Souderton, Pennsylvania

For more information visit www.councilforeconed.org/econchallenge.

To view the National Economics Challenge on-demand, visit www.facebook.com/councilforeconed.

*Answers: 1. To Depreciate; 2. Investment

POSTED: May 22, 2014 | BY: Morgan Hoey | TAGS: , , , , , , , , , ,

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