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: CEO, credit, Federal Reserve, Financial Literacy, financial literacy month, National Standards for Financial Literacy, personal finance, Saving, Standards, Students, teachers, video

By Tennessee State Treasurer David H. Lillard, Jr.

Everyone understands how important education is in our society today. In order to compete for jobs in a global economy, our young people must be well versed in communication, math and science skills.

But even that won’t be enough.

To be successful in their professional and personal lives, people need to be financially literate as well. Sadly, they very often aren’t.

Consider these statistics:

• According to a survey by the Employee Benefit Research Institute and Mathew Greenwald and Associates, two-thirds of American workers have saved less than $50,000 toward their retirement – and more than a quarter of them have saved less than $1,000.
• Another survey by Sallie Mae and Gallup indicated that 4-in-10 parents with children younger than 18 haven’t set aside money for college expenses.
• And according to a report by Moebs $ervices Inc., 87 percent of Americans don’t even balance their checkbooks. Read more…

POSTED: April 15, 2013 | BY: Leslie Rasimas | TAGS: Financial Literacy, financial literacy month, Government, personal finance, Research, Students, teachers, training

By Brian Page, Finance, Economics, & Business Teacher at Reading High School, Ohio; Working Group, President’s Advisory Council on Financial Capability.

#1 Relevance
We are asking our students to make one of the biggest debt choices of their lives before they leave high school, student debt. Student debt now exceeds $1 trillion. It’s a growing problem that needs our attention. Many high school students have jobs and pay taxes and need to understand how to fill out basic tax forms and file for themselves. I could write a dedicated blog post full of further anecdotes, but you get the point. Many of the students we teach have adult responsibilities. Personal finance is relevant to all of their lives in the future, and to many of their lives right now. Read more…

POSTED: April 3, 2013 | BY: Leslie Rasimas | TAGS: Common Core, Financial Literacy, financial literacy month, personal finance, Research, teachers

By Nan J. Morrison, President & CEO, Council for Economic Education.

As all of you know, April is no longer “the cruelest month”; it is now financial literacy month!

All of us at CEE are enthusiastic about our plans to celebrate the progress being made in financial and economic literacy and the chance to involve all of you.

First and foremost, we are launching our new National Standards for Financial Literacy, providing a toolkit for educators in creating a solid curriculum for all of our students. By giving financial and economic education equal status with other subjects (math, science, languages), we will increase both state and national will and resources to this mission.

In addition, throughout the month of April, we will share the perspectives here of some of our nation’s most important financial, corporate, and political leaders on the need for and importance of financial and economic literacy. Look out for essays from great guest bloggers, such as:

Lori Berkes-Nelson, President, Econ Illinois
Lynn Fitch, Mississippi State Treasurer
Congressman Rubén Hinojosa, TX-15
JD Hoye, President, National Academy Foundation
Max Isenberg, freshman at the University of Pennsylvania and former National Economics Challenge finalist
Dan Kadlec, journalist
Jeff Lacker, President of the Federal Reserve Bank of Richmond and CEE Board Member
David H. Lillard, Jr., Tennessee State Treasurer
Barbara O’Neill, Extension Specialist in Financial Resource Management, Rutgers Cooperative Extension
Brian Page, 2011 Ohio Department of Education Milken National Educator Recipient
Mike Periu, President, Proximo, Inc. and CEE Board Member
Amy Rosen, President & CEO, Network for Teaching Entrepreneurship
Joan Rosenbaum, 5th grade teacher

And more!

Check out this link to see the events that we will be sponsoring for April as well.

At the end of the month, I will share my thoughts on these experiences. And I hope that you will share some of your experiences with us here.

We know that financial literacy changes the way people see the world and their roles in it. Together, we can make a difference.

Nan J. Morrison
President & CEO
Council for Economic Education

POSTED: April 1, 2013 | BY: Leslie Rasimas | TAGS: CEO, Councils & Centers, Financial Literacy, partners, personal finance, Students, teachers

Roll the camera…!

Calling all K-12 classroom teachers to enter our video contest for a chance to win $1,000 and one complimentary registration to our annual conference. We’ve been teasing you for weeks with details, and now we’ve officially opened the entry system.

CEE wants to know:

What is your most creative idea for implementing personal finance into the classroom?

We’re looking for creative ideas from K-12 teachers on how you incorporate these concepts in the classroom. You should record yourself explaining or demonstrating (in 30 seconds or less) a specific lesson, activity or project. Think of this as an ‘elevator pitch’ for your best lesson, original idea or creative spin on an existing concept.

Submit your video(s) beginning today through Sunday, April 14 at 11:59pm EST.

Public voting for entries begins Tuesday, April 16 at 9:00am EST and ends Monday, April 29 at 11:59pm EST. Anyone can vote, so we encourage you to share your video when we send you the link!

Two ‘Grand Prizes’ will be awarded on April 30, and all videos will be featured on CEE’s websites and Facebook pages.

Grand Prizes for Viewer’s Choice and CEE’s Choice:
Two winners will receive a $1,000 American Express gift card for classroom use and one complimentary registration ($125 value) to CEE’s 52nd Annual Financial Literacy and Economic Education Conference in Baltimore, MD in October.

Good luck!

POSTED: April 1, 2013 | BY: Leslie Rasimas | TAGS: Financial Literacy, Lessons, personal finance, teachers, video

Findings from the Council for Economic Education have once again encouraged local leaders to promote financial literacy in their schools.

California Assemblyman Roger Hernandez’ bill to bolster financial literacy instruction at high schools statewide is making progress. The Diamond Bar-Walnut Patch has more on his efforts.

“Financial literacy is an issue of equity. Not everyone is given an opportunity at home to be financially literate,” Hernandez said. “Teaching this topic at schools prepares our students to enter an increasingly competitive workforce and gives them the tools to help protect themselves against predatory lending, credit card fraud and other deceptive practices.”

POSTED: March 28, 2013 | BY: Leslie Rasimas | TAGS: 9-12, Councils & Centers, Financial Literacy, Government, personal finance, Politics, Students, teachers