Chicago Public Schools (CPS) has just announced plans to implement a new Financial Literacy Framework to build financial skills at the K-11 level, along with a dedicated personal finance course for 12th-graders created by the Council for Economic Education (CEE). This initiative is the result of a 4-year partnership with CEE and other leaders in finance and financial education, and will provide students with the necessary real-world skills to navigate today’s financial landscape. This announcement was formally made at last week’s White House Summit on Financial Literacy, where CEE and the school system were recognized for their ongoing efforts to prioritize financial education in our nation’s schools.
CPS’ 12th grade personal finance course is designed to culminate the K-11 skills taught by the Financial Literacy Framework. The one-semester course will use curriculum provided by the CEE, offering seniors both an academic challenge and an education in the real life lessons they need beyond graduation. The capstone course will be introduced to approximately 25 schools in spring 2013, and is expected to reach all district high schools by 2016. Funding by a $1 million grant, courtesy of Discover Financial Services, will also include training for 250 teachers over the next three years.
“We couldn’t be more excited to be part of this important endeavor by Chicago Public Schools,” said Nan J. Morrison, President and CEO of CEE. “Our graduating seniors are entering college and the workforce woefully unprepared for the real-life financial challenges ahead of them. By providing them with the financial education they need, we hope to change that.”
Additional partners in the development of the Financial Literacy Framework include: Ariel Investments, Econ Illinois and the University of Illinois at Chicago Center for Economic Education, Network for Teaching Entrepreneurship (NFTE), Federal Reserve Bank of Chicago, JP Morgan Chase, National Endowment for Financial Education, CME Group Foundation (Chicago Mercantile Exchange), Chicago Community Trust, Junior Achievement (JA), Illinois State Treasurer’s Office, City Treasurer’s Office, EverFi and the Economic Awareness Council. Money Savvy Generation, CARE, Girl Scouts of America/ Journey World, Illinois Credit Union League and Sargent Shriver National Center on Poverty Law.
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. CEE trains educators to teach young people the fourth “R”—a real-world understanding of economics and personal finance—so that they will be able to make informed and responsible choices throughout their lives as consumers, savers, investors, citizens and participants in the global economy. Each year CEE’s programs reach more than 55,000 teachers and approximately 5 million students.