advancing k-12 financial education: a guide for policymakers
TRANSCRIPT
Consumer FinancialProtection Bureau
Advancing K-12 Financial Education: A Guide for Policymakers
April 2015
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 2
Table of contentsIntroduction ...................................................................................................................... 4
How to use this guide .........................................................................................6Framework ..........................................................................................................7Guiding questions .............................................................................................. 8
1. Laying the groundwork ...............................................................................................11
1.1 Making the case ......................................................................................... 121.2 Setting the strategy ....................................................................................141.3 Definingthestructure ............................................................................... 171.4 Fostering partnerships .............................................................................. 191.5 SecuringresourcesforK-12financialeducation ......................................22 Additionalresourcesforlayingthegroundwork ..................................... 24
2. Building the initiative ................................................................................................ 32
2.1 Standards and requirements .....................................................................332.2 Teacher training .........................................................................................372.3 Classroomresources ................................................................................. 402.4 Evaluatingtheinitiative ............................................................................47 Additionalresourcesforbuildingtheinitiative ........................................49
3. Extending the impact ................................................................................................. 56
3.1 Outreach and recognition ..........................................................................573.2 Improveandscale ..................................................................................... 60 Additionalresourcesforextendingtheimpact .........................................62
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 3
Next steps ....................................................................................................................... 65
Appendix A: .................................................................................................................... 66
CFPBresourcesforadvancingK-12financialeducation ................................ 66
Appendix B: .................................................................................................................... 69
Developmenttemplatetosetthestrategy ....................................................... 69Componentsofaneffectivestrategy ................................................................70Strategydevelopmenttemplate ........................................................................72
Appendix C: ................................................................................................................... 76
Evaluationtemplatetofosterpartnerships ......................................................76Steps for identifying partnerships ....................................................................76Partnershipevaluationtemplate ......................................................................77
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 4
IntroductionTheConsumerFinancialProtectionBureau(CFPB)believesintegratingfinancialeducationthroughouttheK-12experiencerepresentsapromisingopportunitytoreachconsumersatpivotalpointsintheirdevelopmentandfinanciallives.Whenwestartearlywithage-appropriateandrelevantfinancialeducationandconsistentlyreinforcethoselessonsthroughouttheK-12years,wecangiveyoungpeoplemorechancestodeveloppositivehabitsandbehaviors.HelpingconsumersacquirefinancialcapabilityisanintegralpartoftheCFPB’sconsumerfinancialprotectionmission,asreflectedinnumerousprovisionsoftheDodd-FrankWallStreetReformandConsumerProtection Act of 2010.1TheActchargestheBureauwithresearching,developing,promoting,andimplementingfinancialliteracyprogramsandactivities.
TheCFPBdevelopedthisresourceguidetohelpconnectpolicymakerswithtools,information,andinsightstoenhanceK-12financialeducationefforts.Theguidewilllikelybemostrelevanttostatepolicymakers—notablystatetreasurers,statesuperintendents,governors,statelegislators,stategovernmentassociations,andtheirrespectivestaff—whoseektoadvancethedevelopmentandimplementationofK-12financialeducation.However,theCFPBdesignedthisresourceguidesoallmembersofthefinancialeducationcommunitycouldbenefitfromtheframework,casestudies,andresourceswehaveprovided.Achievingmeaningfulandlastingchangerequiresboldandinnovativeapproaches,andinvolvementofthebroadrangeofstakeholderswitharoleinimplementingfinancialeducation.
EmbeddingfinancialeducationwithinK-12educationcanbetterpreparestudentsforthefinancialchallengestheyarelikelytoencounterinhighereducationandtheworkplace.Recentresearchsuggeststhat,studentswhoreceiveK-12financialeducationachievesignificantlyhighersavingsandnetworthlaterinlife.2Furthermore,carefullyimplementedhighschoolfinancialeducation 1 AnimportantfinancialliteracymandateissetforthinSection1013(d)oftheDodd-FrankAct,whichdirectstheBureau,throughitsOfficeofFinancialEducation,todevelopandimplementinitiativesintendedto“educateandempowerconsumerstomakebetterinformedfinancialdecisions”andto“developandimplementastrategytoimprovethefinancialliteracyofconsumers.”(12U.S.C.§5493(d)(1)&(2)).TheDodd-FrankActalsomandatedthecreationofotherofficeswithintheBureauthatareresponsiblefor,amongotherthings,developingfinancialeducationandpolicyinitiativestosupportthefinancialwell-beingofparticularsegmentsoftheconsumerpopulation(12U.S.C.§5493(b),(e),(g)).
2 UnitedStatesDepartmentoftheTreasury,“IntegratingFinancialEducationintoSchoolCurricula.”(2002)
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 5
requirementsarelinkedtoimprovedcreditscoresandloweredprobabilityofdelinquencyinyoungadulthoodforstudentsinselectstateswithfinancialeducationrequirements.3
TheCFPBaimstosupportleadersinterestedinencouragingK-12financialeducationbyfosteringconnectionsamongthefinancialeducationcommunityandgrowingtheconversationaroundK-12financialeducationinitiatives.In2013,theCFPBfurtheredtheseeffortsbyhostinganationalconferenceonyouthfinancialeducationandcapabilityandreleasingawhitepaperwithrecommendationsforadvancingK-12financialeducation.
Buildinguponthisfoundation,theCFPBsetouttobetterunderstandthechallenges,opportunities,andleadingpracticesforimplementingK-12financialeducationinschoolsystemsthroughoutthecountry.WegatheredinformationfromaroundtablemeetingofK-12financialeducationleaders,insightsfromexpertsinthefield,andfurtherresearchandanalysis.OurworkuncoveredthatwhileastrongfoundationexiststosupportK-12financialeducation,thereisaneedforgreatercoordinationofeffortsandsharingofresources.
3 FINRAInvestorEducationFoundation,“StateFinancialEducationMandates:It’sAllintheImplementation.”(2015)
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 6
How to use this guideEachschoolsystem’suniquecircumstancesmayrequireadifferentcombinationofapproachestoestablishandenhanceK-12financialeducationinitiatives.WhiletherearemanyresourcesgearedatteachersfordirectlyprovidingK-12financialeducation,thisguideisdesignedprimarilytohelppolicymakersidentifystrategiesandresourcesusefulforyourstate.Youcanstartbyreviewingtheframeworkandguidingquestionsonthefollowingpagestoidentifythespecificareasonwhichyouwouldliketofocus.
ThesubsequentsectionsofthisguideprovidecasestudiesofK-12financialeducationinitiativesfromthefinancialeducationcommunity.EachcasestudyhighlightsaspecificelementoftheframeworkandprovidesstrategiesandlessonslearnedforadvancingK-12financialeducation.Usingthecasestudiesandresourcesprovided,youcanextracttheideasandmodelsmostapplicabletoyourstate’scircumstances.
TheCFPBdoesnotintendforthispolicymakerresourceguidetobeanexhaustiveoverviewofcurrentfinancialeducationefforts,nordoweendorseparticularinitiativesandorganizationsdescribedinthisreport.Furthermore,thisguideisaworkingdocumentthatCFPBintendstoreviseandupdateonanongoingbasis.
ForadditionalinformationandsupportortoshareyourexperiencesrelatedtoadvancingK-12financialeducation,[email protected].
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 7
Making the case prioritize K-12 financial education and gain buy-in from stakeholders
Setting the strategydevelop the vision and roadmap
Defining the structure organize people and assets for impact and longevity
Fostering partnershipsengage partners to broaden reach and resources
Standards and requirementsset and enforce expectations for learning and instruction
Classroom resourcessupport dynamic instruction
Evaluating the initiativeassess outcomes and effectiveness
Outreach and recognitionmotivate communities to own their financial capability
Improve and scaleimplement and augment the initiative
Teacher trainingdevelop capacity for effective financial education delivery
Securing resources for K-12 financial launch and sustain the initiative
Extending the impact
Building the initiative
Laying the groundwork
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ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 7
FrameworkTheframeworksetforthinthisguideisdesignedtobesimpleandintuitive,providingafirststepforthosejustbeginningtopursueK-12financialeducationorthoseseekingtoenrichexistingK-12financialeducationinitiatives.Theframeworkconsistsofthreesections(“Layingthegroundwork,”“BuildingtheInitiative”and“ExtendingtheImpact”).
Withineachmodule,therearemultiplecasestudiesandaccompanyingresourcestoilluminatespecificeffortsneededforadvancingK-12financialeducation.TheCFPBbroughttogetherinformationgatheredthroughananalysisofcurrentefforts,insightssharedbyK-12financialeducationpolicymakers,aswellasdiscussionswithexpertsandleadersinthefinancialeducationcommunity.
Laying the groundwork focuses on making the case for K-12 financialeducation,settingastrategyforinitiatives,definingthestructureforinitiatives,fosteringpartnerships,andsecuringresources.
Building the Initiative focuses on key components of K-12 financialeducationincludingstandardsandrequirements,classroomresources,teachertraining,andinitiativeevaluations.
Extending the Impactfocusesonimplementation,strategiesforoutreachandrecognition,andimprovingandscalingefforts.
Theframeworkdoesnotconstituteaprescriptionthatappliesinallsituations;uniquestatecircumstanceswilldictatethespecificcombinationsofapproachesthataremostapplicable.Additionally,CFPBintendstoperiodicallyimproveandupdatethispolicymakerresource guide.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 8
Guiding questionsInusingthisguide,considerthedifferentareasrelatedtoK-12financialeducationthatyoumaywanttoinitiate,strengthen,orscale,andthenreviewrelevantcasestudiesandresourcesconnectedtothatarea.Theguideisdesignedtobeflexibleandintendedto helpyou advanceK-12financialeducation.
Foreachneweffortorinitiative,considerthehigh-levelframeworkoflayingthegroundwork,buildingtheinitiative,andextendingitsimpact.Furthermore,aseffortsmature,theframeworkiscyclicalprovidinganopportunitytoreassessandalignexistingefforts.Youcanthenlearnandimprovestrategiesandinitiativesbasedonfeedbackandresultsfrompreviousinitiatives.
Tohelpdeterminethesectionsormodulesofthisguidemostrelevanttoyourstateneeds,considerthefollowingquestions.Ifyouansweryestoallthequestionsinthemodule,thenyoumaycontinuetothenextsetofquestions.Ifyouanswerednotoanyquestion,thenareencouragedtoreviewtherelatedmoduletolearnmore.
Questions for advancing K-12 financial education Do state policymakers see K-12 financial education as a priority?
Do a wide range of stakeholders and allies currently promote K-12 financial education as a priority?
Are specific K-12 financial education initiatives prioritized?
If you answered no, then go to Module 1.1 Making the case
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 9
Is there a strategy within the state government for implementing or enhancing K-12 financial education?
Does the strategy include clear choices around where to focus efforts?
Does the strategy set measurable goals and objectives for the initiative?
If you answered no, then go to Module 1.2 Setting the strategy
Is there a clear state government structure in place to implement and enhance K-12 financial education?
Does the structure have the longevity and human capital required to realize its stated objectives?
If you answered no, then go to Module 1.3 Defining the structure
Does your state partner with outside entities (e.g., nonprofit financial institutions, higher education institutions, professional associations) to advance K-12 financial education?
Are external partners’ capabilities and assets utilized to increase the capacity and reach of K-12 financial education initiatives?
If you answered no, then go to Module 1.4 Fostering partnerships
Are there existing resources the initiative can draw upon to ensure sustainability?
Are there potential sources of funding (consider public-private or public-nonprofit partnerships)?
If you answered no, then go to Module 1.5 Securing resources for K-12 financial education
Are financial education content standards in place?
Is financial education content standards integrated into state testing?
Is financial education instruction required?
If you answered no, then go to Module 2.1 Standards and requirements
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 10
Is teacher training on K-12 financial education offered across the state?
Does the state government provide incentives and support to encourage teachers to attend training?
If you answered no, then go to Module 2.2 Teacher training
Are a variety of K-12 financial education resources readily available to teachers and students?
Are classroom resources aligned with learning outcomes and state standards?
If you answered no, then go to Module 2.3 Classroom resources
Are metrics and evaluations in place to determine the success of K-12 financial education initiatives?
Are K-12 financial education concepts integrated into assessments?
If you answered no, then go to Module 2.4 Evaluating the initiative
Do additional opportunities exist for students to engage with K-12 financial education outside of classrooms?
Are there clear and consistently communicated messages promoting K-12 financial education?
Are there state initiatives in place to recognize advancements in K-12 financial education?
If you answered no, then go to Module 3.1 Outreach and recognition
Are opportunities available for continuous improvement and the sharing of results?
Are structures in place to replicate or scale K-12 financial education initiatives?
If you answered no, then go to Module 3.2 Improve and scale
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 11
Making the case prioritize K-12 financial education and gain buy-in from stakeholders
Setting the strategydevelop the vision and roadmap
Defining the structure organize people and assets for impact and longevity
Fostering partnershipsengage partners to broaden reach and resources
Standards and requirementsset and enforce expectations for learning and instruction
Classroom resourcessupport dynamic instruction
Evaluating the initiativeassess outcomes and effectiveness
Outreach and recognitionmotivate communities to own their financial capability
Improve and scaleimplement and augment the initiative
Teacher trainingdevelop capacity for effective financial education delivery
Securing resources for K-12 financial launch and sustain the initiative
Extending the impact
Building the initiative
Laying the groundwork
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ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 11
1. Laying the groundwork
Themosteffectiveandenduringmovementsarebuiltonstrongfoundations.Firstandforemost,thismeansbuildingacaseanddevelopingastrategicplantoguidefurtherefforts.Inaddition,thisentailsensuringthattherightpeople,systems,partners,andresourcesareinplacetoexecuteonthevision.
Themodulesthatfollowinthe“Layingthegroundwork”sectionprovideexamplesandresourcestoinitiateandbuildastrongfoundationforK-12financialeducationinitiatives.Thesectionincludesmodulesdescribinghowtomakethecase,setaclearstrategy,defineanorganizationalstructurefortheinitiative,fosterpartnerships,andidentifypotentialapproachestosecurerequired resources.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 12
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1.1 Making the casePolicymakersandotherstakeholdersconstantlyneedtobalancenumerouscompetingdemands,especiallyintheeducationarena.Thus,thefirststepinadvancingK-12financialeducationistoestablishthecaseforwhyK-12financialeducationshouldbeapriority.
AstrategyformakingK-12financialeducationastatepriorityistomakesuretheinitiativeappealstoawide-rangingbaseofstakeholdersandisbackedbydatathatdemonstratestheneedforfinancialeducation.ThefollowingcasestudiesdescribesomeapproachesformakingthecaseforK-12financialeducation.
Case studies
NEW JERSEY SUMMIT TO RAISE FINANCIAL LITERACY AWARENESS In2010,NewJerseyhostedtheFinancialLiteracy:AnImperativeforAllNJStudentssummittoraiseawarenessoftheimportanceofK-12financialeducationacrossthestate.ThesummitwasaresultofcollaborationbetweentheNewJerseyDepartmentofEducation,NewJerseyDepartmentofBankingandInsurance,theNewJerseyCoalitionforFinancialEducation,andJuniorAchievementofNewJersey.Participantsincludedpolicymakers,educators,businessleaders,andotherkeyalliestolearnaboutavailableresourcesforK-12financialeducationandcontributetheiruniqueperspectivesandviewpoints.Thesummitsupportedthenewly-adoptedstaterequirementforstudentstocompleteafinancial,economic,business,andentrepreneurialcourseforhighschoolgraduation. Source:NewJerseyDepartmentofEducation Grades: K-12 Learn more:http://www.state.nj.us/education
COUNCIL FOR ECONOMIC EDUCATION (CEE) SURVEY OF THE STATESTheSurveyoftheStatesisatwiceyearlyreportthatprovidesastatebystateanalysisofstatepoliciesthathavebeenenactedtorequireorencouragefinancialeducationandeconomicseducationinstructioninK-12schools.Specifically,theSurveyoftheStatesdescribesanddocumentsarangeofpolicyoptionsthatareavailabletopolicyleaderssuchashighschoolgraduationrequirements,creationofcontentstandards,requirementstoimplementcontent
Key questions to consider in this module: § Doesthecaseincludeavarietyofinputstoappealtoarangeofinterests,viewpoints,and
supporters?
§ Isthereevidence-basedresearchanddataavailabletosupportthecase?
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standards,andstudentassessmentrequirements.StateleadersinMississippihaveusedtheresultsofthesurveytodrawattentiontotheneedforK-12financialeducation. Source: CouncilforEconomicEducation(CEE) Grades: 9-12 Learn more: http://www.surveyofthestates.com
Case study takeaways: § Initiativesthatrepresentavarietyofinterestsandviewpointsappealtoarangeofstakeholderscanhelptobuildabroadfoundationofsupport.
§ UseresearchandanalysistohelpcreateanimpetusforchangeforK-12financialeducationpolicies.
ForadditionalinformationpleasereviewtheAdditional resources laying the groundwork at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 14
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1.2 Setting the strategyAgoodstrategyiscompelling,actionable,androbust.Strategythatiscompellingcangeneratesupportfromanarrayofkeystakeholdersandalignagrouptowardscollectiveimpact.Inaddition,yourstrategyisactionableifitiseasilytranslatedintoconcreteactionplansthatareimplementableinarelevanttimeframe.Finally,agoodstrategyisrobustwithtestedlogicanddatatoformandvalidatethechoices.
ThefollowingcasestudiesprovideexamplesofeffortstosetastrategyforK-12financialeducation.Everystrategyisuniqueandshouldbecustomizedtomeettheneedsofthecommunitiesinyourstate.
Case studies
CHAMPLAIN COLLEGE FINANCIAL LITERACY ACTION PLANTheCenterforFinancialLiteracyatChamplainCollegeinVermontcreatedafinancialliteracytaskforceinresponsetothestatereceivingaDgradeontheCenter’sown2013National Report Card on State Efforts to Improve Financial Literacy in High School.Thetaskforce’sK-12committeeconvenedabroadgroupofpolicymakersandeducatorstosetastrategyforadoptingstrongfinancialeducationrequirementswithinVermont.Releasedattheendof2014,Vermont’s Financial Literacy Action PlanprovidesrecommendationsforadvancingfinancialcapabilityacrossK-12education,highereducation,andbeyond.TheactionplanforK-12financialeducationemphasizestheneedforupdatingeducationstandards,increasingaccesstoteachertraining,andtheneedforgrantstosupportnewefforts.Theactionplanconsiderstherolesofstatepolicymakers,educators,businesses,andnonprofitorganizationstosupporteffortsacrossthestate. Source: ChamplainCollege Grades: 9-12 Learn more: http://www.champlain.edu/Documents/Centers-of-Excellence/Center-for-Financial-Literacy/VT_FinancialLit_ActionPlan.pdf
Key questions to consider in this module: § Doesthestrategysetmeasurablegoalsandobjectivesfortheinitiative?
§ Dothesegoalsaddressaclearneedandtellacompellingstory?
§ Doesthestrategyincludeclearchoicesaroundwhereeffortsshouldfocus?
§ Dodataandinsightsfromarangeofstakeholdersvalidateyourchoicesmade?
§ Doesthestrategyincludedirectiononhowtoconfigureassetsandactivitiestoexecuteupontheobjectives?
§ Isthisstrategyactionableandcomprehensive?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 15
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WISCONSIN TASK FORCE ON FINANCIAL EDUCATIONIn2002,promptedbyWisconsin’slow-scoreontheJump$tartCoalition’snationalsurveyof12thgraders,Wisconsin’sgovernorsignedanexecutiveordertoestablishthetaskforceforfinancialeducationwiththeultimategoalofimprovingthefinancialliteracyofWisconsin’syouth.Taskforcemembersincludedrepresentativesofstategovernment,K-12education,highereducation,financialservicesindustry,andnonprofitorganizations.Theexecutiveordercalledforthetaskforcetoputforthrecommendationsandsetthestageforpolicyadoptionaroundninekeycategoriesthatinclude:standardsandassessment,K-12courses,partnershipsandfunding,teacherpreparation,incentives,andaccountability. Source: StateofWisconsin Grades: K-12 Learn more: http://www.wdfi.org/_resources/indexed/site/ymm/govcouncilfinlit/final_report.pdf
MISSISSIPPI TREASURER’S EDUCATION ABOUT MONEY STRATEGYIn2014,theStateTreasuryofMississippilaunchedafinancialliteracyinitiativecalledTreasurer’sEducationAboutMoney(TEAM).TEAMdevelopedathree-yearstrategythatseekstoprovideallhighschoolstudentsinMississippiaccesstofinancialeducationresources.TheinitiativealsoincorporatesteachertrainingthroughtheMississippiCouncilonEconomicEducation. Source: State Treasury of Mississippi Grades: 9-12 Learn more: http://www.treasurerlynnfitch.com/TEAM/Pages/default.aspx
Case study takeaways: § Incorporatingarangeofinsightsandinputcanhelptoensurethestrategyisbothrobustandcompelling,tosecurecommitmentandactionfromkeystakeholders.
§ Strategiesshouldincludegoalsandaspirationsandoutlinespecificactionsforapathforward.
§ Goalsshouldbeclearandtimeboundandprogressshouldbemeasurable.
ForadditionalinformationpleasereviewtheAdditional resources laying the groundwork at the endofthissection.Additionally,pleasereviewtheDevelopment tool to set the strategy in the appendix
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 16
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1.3 Defining the structureThesuccessofaninitiativedependsontherightcombinationofskillsandcapabilities,appropriatetoolsandmethods,accesstocriticalstakeholders,andresourceallocation.Thesestructuraldesignchoicesshouldclearlyflowfromtheobjectivesandtimeframeoutlinedinastrategyfortheinitiative.
ThefollowingcasestudiesprovideexamplesofstateeffortstodesignastructureforadvancingK-12financialeducation.Buildingastructurethattranscendsadministrationandleadershipsisimportantforsustainingpastefforts.IfitisnotfeasibletohousetheK-12financialeducationinitiativewithinexistinggovernmentoradministrativestructures,otherpotentialstructuresincludeestablishingacouncilortaskforceorpartneringwithoutsideorganizations.
Case studies
WISCONSIN OFFICE OF FINANCIAL LITERACY Wisconsin’sOfficeofFinancialLiteracypromotesstatewidefinancialeducationbyoperatingasanincubatorforfinancialeducationinitiatives.ResidingwithintheDepartmentofFinancialInstitutions,theOfficeofFinancial Literacyleadsandsustainsfinancialeducationeffortsthroughoutsuccessiveadministrations.Foroveradecade,theOfficeofFinancialLiteracydevelopsinitiativesandtransitionsinitiativesthataresuccessfultopartners.Forinstance,theofficestartedathree-weekteachertrainingprogramatalocaluniversity.Now,thelocaluniversitymanagesanddeliversthetrainings.TheOfficeofFinancialLiteracywascreatedaspartofanexecutiveordersignedbytheWisconsingovernorin2011. Source: WisconsinDepartmentofFinancialInstitutions Grades: K-12 Learn more: https://www.wdfi.org/ymm
MARYLAND FINANCIAL LITERACY EDUCATION ADVISORY COUNCIL TheFinancialLiteracyEducationAdvisoryCouncil supportsthestatewithimplementingK-12financialeducationstandardsandthestatewidecurriculum.Theadvisorycouncilmanagesafinancialeducationdesignteamthatdevelopedthestate’sstandardsandcurriculum.The
Key questions to consider in this module: § Doesthestructurehavethelongevityandhumancapitalrequiredtoachieveobjectives?
§ Aretherightmixofpeople,skills,expertiseandcapabilitiesinplace?
§ Doesthestructureincludeappropriatedecisionpointsandprocessestomakeprogressandoperationalizeobjectives?
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financialeducationdesignteamcomprisedofteachers,schooladministrators,andrepresentativesfromfinancialinstitutions.TheadvisorycouncilreportstotheStateBoardofEducationontheimplementationofK-12financialeducationstandardsandcurriculumthroughoutMaryland. Source: MarylandStateDepartmentofEducation Grades: K-12 Learn more: http://msde.state.md.us/fle/docs/FinancialLiteracyEducationUpdate_112013.pdf
CALIFORNIA LEGISLATION INTEGRATING FINANCIAL EDUCATION INTO TEXTBOOKSIn2013,California’sgovernorsignedintolawAssemblyBillNo.166,whichcalledforthestateboardofeducationtoincludefinancialpreparednesstopicsintosocialstudies,health,andmathematicstextbooksandcurriculumframeworkswhentheyarerevised.Thislegislationtaskedthestateboardwithincludingtopicssuchasbudgeting,managingcreditanddebt,andstudentloansforthesevenththroughthe12thgrades.Inconjunctionwithtextbookrevisions,thestateboardofeducationmustalsodevelopafinancialeducationcurriculumframework. Source: CaliforniaLegislature Grades: K-12 Learn more: http://www.leginfo.ca.gov/pub/13-14/bill/asm/ab_0151-0200/ab_166_bill_20130826_chaptered.pdf
Case study takeaways: § Whilethespecificstructurechosentohouseaneffortmayvary,institutionalizingtheeffortleadstosustainabilityacrossadministrationsresultinginlongerlastingimpact.
§ Clearguidanceregardingtheindividualsorentitiesresponsiblecanhelpfostergreateraccountabilityforadvancinganinitiative.
ForadditionalinformationpleasereviewtheAdditional resources laying the groundwork at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 18
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1.4 Fostering partnershipsStrategicpartnershipscanamplifytheimpactofK-12financialeducationeffortsbyaffiliatingindividualsandorganizationsintonetworksofalignedactors.Potentialbenefitsoffosteringpartnershipsincludetheabilitytocollectivelysolveproblems,minimizingduplication,andcreatingagreatervisibilityfortheissue.ByleveragingthecapabilitiesofpartnersinsupportofadvancingK-12financialeducation,impactcanextendinawaythatisbothsymbioticandsustainable.
Thefirststepinfosteringpartnershipsistoidentifythegoalofthepartnership.Forexample,considertheareasinwhichpartnerscanbuildawareness,supportimplementation,expandinfluence,andsecurefunding.Next,identifyindividualsandorganizationswithalignedinterestsandmutuallybeneficialcapabilitiesinthetargetregion.Also,createaninventoryoftheorganizationsandactorscurrentlyinvolvedwithpromotingK-12financialeducation.Thisinventoryislikelytoincludenonprofitorganizations,financialinstitutions,corporations,andhighereducationasdemonstratedinthefollowingcasestudies.
Case studies
FINANCIAL EDUCATION PUBLIC-PRIVATE PARTNERSHIPEstablishedby2009legislationinWashingtonstate,theFinancialEducationPublic-PrivatePartnership(FEPPP)bringstogetherpublicandprivatesectormemberstoidentifystrategiesforenhancingK-12financialeducationinthestate.Afteridentifyingstrategies,thepartnershipreviewsandrecommendsfinancialeducationresources,providesteachertraining,andraisesawareness.Additionally,thepartnershipprovidesannualreportstostateleadership—includingthegovernor,superintendentofpublicinstruction,highereducationlegislativecommittee,andK-12educationlegislativecommittee.Thepartnershipincludesmembersacrossstategovernment,financialinstitutions,nonprofit,highereducation,andprofessionalassociations. Source: WashingtonState Grades: K-12 Learn more: http://feppp.org
Key questions to consider in this module: § Whoarepotentialpartnersinthefinancialeducationcommunity?
§ Doesthepartnershipcapitalizeuponexternalpartners’capabilitiesandassetstoincreasethecapacityandreachofK-12financialeducationinitiatives?
§ Isthepartnerrelationshipsymbiotic?Dobothsidescontributetoeachother’sobjectives?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 19
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EVERFI PARTNERSHIPS EverFiisacorporationthatoffersfinancialeducationlearningplatformsforelementaryandhighschoolstudentsusingnewmediaandtechnology,includingsocialnetworking,animations,andgaming.EverFipartnerswithfinancialinstitutions,corporations,andnonprofitorganizationstoprovideitslearningplatformstoschooldistricts.Forexample,inUtah,EverFipartnerswithAmericanExpressthroughtheAmericanExpress FinancialScholarstobringitsprogramtopublicschoolsinSanJuanCounty.WashingtonFederalpartnerswithEverFitoestablishtheWashingtonFederalFinancialScholarsprogramtoselectedhighschoolsinArizona,Idaho,Nevada,NewMexico,Oregon,andUtah. Source: EverFi Grades: K-12 Learn more: http://www.everfi.com
STATE COUNCILS AND CENTERS FOR ECONOMIC EDUCATIONTheCouncilforEconomicEducation(CEE)includesnationalcouncil,state-levelaffiliatecouncils,andcentersforeconomiceducationlocatedatinstitutionsofhighereducation.Withthislocalizedstructure,theCEEnetworktrainedmorethan55,000teachers,whoultimatelyreached5millionstudentsin2012.Statecouncilsandcentersforeconomiceducationaddcapacityandresourcestofinancialeducationinitiatives.StatepolicymakerscanbenefitfromintegratingtheCEEintotheirstructuretocreatesustainableeffortsforteachertraining.Inparticular,theCEEisequippedtosupportteachersthroughlocalcouncilsandcentersforeconomiceducationduringtheadoptionofnationalstandardsasitdidforstatesincludingFloridaandMississippi. Source: CouncilforEconomicEducation Grades: K-12 Learn more: http://www.councilforeconed.org/resources/local-affiliates
COOPERATIVE EXTENSION, YOUTH FINANCIAL EDUCATIONCooperativeExtensionisanationwideeducationalnetworkthatbringsresearchandknowledgeofland-grantinstitutionstopeopleintheirhomes,workplaces,andcommunities.TheCooperativeExtensionlinkstheresourcesandexpertiseofmorethan3,000countyextensionoffices,105land-grantcollegesanduniversities(whichincludehistoricallyblackcolleges,tribalcolleges,andinstitutionsservingtheU.S.territories),andthefederalgovernmentthroughUSDA’sNationalInstituteofFoodandAgriculture(NIFA). Source: USDA’sNationalInstituteofFoodandAgriculture(NIFA) Grades: N/A Learn more: http://nifa.usda.gov/youth-financial-education
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Case study takeaways: § Potentialpartnersincludeleadersfromstategovernment,businesses,nonprofitorganizations,educationinstitutions,professionalassociations,andcommunitymembers.
§ StrategicpartnershipscanbothextendthereachofK-12financialeducationinitiatives,anddrawaddedvisibility,resources,andinsightstotheinitiative.
ForadditionalinformationpleasereviewtheAdditionalresourcesattheendofthissection.Additionally,fortheAssessment tool to foster partnerships,pleaseseetheappendix.
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1.5 Securing resources for K-12 financial education
ThelevelofresourcesrequiredforK-12financialeducationeffortsvarieswidely,dependingonthedesign,scope,andcomplexityoftheinitiative.Regardless,therearemanydifferentapproachesforobtainingtheseresourcesandenhancingthesustainabilityoffinancialeducationefforts.Creativeapproachesforsecuringresourceshaveincludedpartnershipswithfinancialinstitutions,businessesgroups,nonprofitorganizations,andphilanthropies.
ThefollowingcasestudieshighlightsomeapproachesforsecuringresourcesforK-12financialeducation initiatives.
Case studies
NEW JERSEY LEGISLATION FOR CREDIT UNIONSIn2011,NewJersey’slegislatureauthorizedthestate’screditunionstotakedeposits,suchastaxreceipts,fromthestate.Whileservingaspublicdepositories,thecreditunionsacceptingthefundsarerequiredtoprovidefundingforK-12financialeducation.ThelegislationauthorizestheNewJerseyDepartmentofEducation,inconjunctionwiththeDepartmentofBankingandInsurance,toselectanonprofitthatpromotesfinancialeducationtoreceivethefunds.ThenonprofitreceivingthefundsisrequiredtoprovideK-12financialeducation. Source: NationalConferenceofStateLegislatures Grades: K-12 Learn more: http://www.njleg.state.nj.us/2010/Bills/PL11/108_.HTM
MAYORS FOR FINANCIAL LITERACY DOLLARWISE CAMPAIGNDollarWiseisaUnitedStatesConferenceofMayors(USCM)initiativethatsupportslocalfinancialeducationthroughitsSummerYouthGrantsPrograms.DollarWiseofferstheopportunityforUSCMmemberstoapplyforinnovationgrantstocitiesdemonstratingfinancialeducationcommitmenttotheircitizens.Additionally,DollarWiseawardsgrantstocitieswithinnovativeeffortstoincorporatefinancialeducationintotheirsummeryouthemploymentinitiatives.
Key questions to consider in this module: § Whatexistingfundingstreamsareavailable?
§ Istheresourcesustainable?
§ Canyouleveragepublic-privatepartnershipstobringvitalresources?
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DollarWisealsopromotesfinancialplanningdaysofferingfreefinancialeducationandplanningfromcertifiedfinancialplanners.DollarWisehasbeensupportedbytheBankofAmericaFoundation since 2005. Source: UnitedStatesConferenceofMayors Grades: K-12 Learn more: http://bedollarwise.org
STATE FUNDING MODELSToadequatelyfundK-12financialeducationcampaigns,stateshaveemployedinnovativefundingmodels.WestVirginiacreatedaConsumerEducationFund,whichreceivesapercentageofallcivilpenaltiescollectedbyitsDivisionofBanking,topromoteconsumerawarenessandunderstandingofissuesaroundmortgagelending.Maineusesavailablefundsfromthestate’sunclaimedpropertyfundtohelpsupportstateK-12financialeducationinitiatives.Wisconsinusesgovernmentsettlementfundstodevelopincentivegrantsforschooldistrictstoimplementfinancialeducationcourses. Source: Wisconsin’sDepartmentofFinancialInstitutions Grades: K-12 Learn more: https://www.wdfi.org/newsroom/press/2014/DFI-DPIfinancialLiteracyGrantProgram.pdf
Case study takeaways: § Potentialstrategiesincludeutilizingexistingresourcesorraisingoutsideresourcesfromprivatesectorsorganizations,philanthropies,andotherbodiescommittedtoK-12financialeducation.
ForadditionalinformationpleasereviewtheAdditional resources laying the groundwork at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 23
Additional resources for laying the groundwork1.1 Making the case 2013 NATIONAL REPORT CARDCollectsdatafromreportsandstatelegislativerecordstogradeeverystateonitseffortstoproducefinanciallyliteratehighschoolstudents.Eachstateisgradedbasedonmeasuresincludingstandalonehighschoolcourserequirement,assessmentofstudents’financialknowledge,andaccountabilityoffinancialeducationimplementationrequirements. Source: ChamplainCollegeCenterforFinancialLiteracy(CFL) Grades: 9-12 Learn more: http://www.champlain.edu/Documents/Centers-of-Excellence/Center-for-Financial-Literacy/National-Report-Card-Champlain-College-CFL.pdf
2014 ASSETS AND OPPORTUNITY SCORECARDReviewsstatebystateperformanceandpolicymeasuresacrossfiveareas:financialassets&income,business&jobs,housing&homeownership,healthcareandeducation. Source: CorporationforEnterpriseDevelopment(CFED) Grades: K-12 Learn more: http://assetsandopportunity.org/scorecard
CAN YOU TEACH SOMEONE TO BE FINANCIALLY CAPABLE? PRESENTATIONPresentationonfindingsfromameta-analysisoffinancialeducationstudiesandidentifiesmajorstudiesonfinancialliteracy.Includessuggestionsonhowtoset-upaprogramtoprovidedatathatcouldhelpbetteridentifycosteffectivenessandoutcomes. Source: OrganisationforEconomicCo-operationandDevelopment(OECD) Grades: K-12 Source: http://siteresources.worldbank.org/EXTGLOBALFINREPORT/Resources/8816096-1361888425203/9062080-1383688365382/Meta_Analysis_Paper.pdf
FINANCIAL LITERACY AND EDUCATION COMMISSION RESEARCH CLEARINGHOUSEContainsinformationonmorethan400reportsandarticlesfromfederally-supportedresearch,alongwithaselectnumberofdatasetsthatareavailableforuseinresearchonfinancialcapabilitytopics. Source: Mymoney.gov Grades: K-12 Learn more: http://www.mymoney.gov/researcher/Pages/for-researchers.aspx
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GIRL SCOUTS RESEARCH AND ADVOCACYResearchandadvocacytoadvancefinancialeducationopportunitiesforgirls.TheGirlScoutsAdvocacyNetworkprovidestoolsforsupportingpolicyinitiatives. Source: GirlScoutsoftheUSA Grades: K-12 Learn more: http://www.girlscouts.org/who_we_are/advocacy/legislative/financial.asp
INVESTOR EDUCATION FOUNDATION’S NATIONAL FINANCIAL CAPABILITY STUDYInformationonhowstatescomparewithotherstatesandthenationonfivemeasures:spendingvs.saving,emergencysavings,non-bankborrowing,financialliteracy,andcomparisonshopping. Source:FinancialIndustryRegulatoryAuthority(FINRA) Grades: K-12 Learn more: http://usfinancialcapability.org
PISA 2012 RESULTS: STUDENTS AND MONEYExamines15-yearoldstudents’performanceinfinancialliteracyin18countries.Discussestherelationshipoffinancialliteracytostudents’andtheirfamilies’background,students’mathandreadingskills,students’accesstomoneyandexperiencewithfinancialmatters. Source: ProgrammeforInternationalStudentAssessment(PISA) Grades: K-12 Learn more: http://www.oecd.org/pisa/keyfindings/PISA-2012-results-volume-vi.pdf
STATE FINANCIAL EDUCATION REQUIREMENTS MAPClickablemapallowingusertoaccessfinancialeducationrequirementsbystate.Providesdetailsonstatelaws,curriculumandcourserequirements.Alsoprovideslinkstospecificstateresources. Source: Jump$tartCoalition Grades: K-12 Learn more: http://www.jumpstart.org/state-financial-education-requirements.html
EFFECTIVENESS OF STATE FINANCIAL EDUCATION MANDATES Examinestheeffectivenessofstatemandatesonfinancialeducationforhighschoolstudentsanddocumentsnotableimprovementsincreditoutcomesforyoungadultswhowereexposedtorigorous programs. Source: FINRAInvestorEducationFoundation Grades: 9-12 Learn more: http://www.finra.org/web/groups/foundation/@foundation/documents/foundation/p602380.pdf
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STARTING EARLY FOR FINANCIAL SUCCESS: CAPABILITY INTO ACTIONJournalrigorouslyexplorestheconnectionbetweenfinancialeducationandcapabilityinterventions,andmeasurablechangesinfinancialbehaviorandoutcomes. Source: JournalofConsumerAffairs Learn more: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1745-6606
1.2 Setting the strategyPISA 2012 ASSESSMENT AND ANALYTICAL FRAMEWORKProvidesaworkingdefinitionforfinancialliteracy.Contentareasdescribedincludemoneyandtransactions,planningandmanagingfinances,riskandrewardandfinanciallandscape.Frameworkdiscussestherelationshipoffinancialliteracytonon-cognitiveskillsandmathandreadingliteracy. Source: ProgrammeforInternationalStudentAssessment(PISA) Grades: K-12 Learn more: http://www.keepeek.com/Digital-Asset-Management/oecd/education/pisa-2012-assessment-and-analytical-framework/financial-literacy-framework_9789264190511-7-en#page12
PROFESSIONAL SERVICES AND INNOVATION CENTERWorkstoembedfinancialliteracyinitiativesintolocalgovernmentinfrastructure.Offerstechnicalassistancetocityadministrations,mayoralcandidates,philanthropiesandothersindevelopingapproachesforfinancialempowermentatthelocallevel.Providescapacitybuildingtodevelopandexpanduponsuccessfulpilotprograms,andsupportsthefacilitationofprofessionaldevelopment,training,collaborationandfundraising. Source: CitiesforFinancialEmpowermentFund Grades: N/A Learn more: http://www.cfefund.org/
RESOURCE GUIDEProcess-focusedresourceguideforleadersworkingtoadvancefinancialeducationintheircommunities.Guidelooksathowtobuildthecase,createacoalition,anddrivetowardsclearoutcomes.Includesanappendixofexamplesofexistingprograms. Source: President’sAdvisoryCouncilonFinancialCapability Grades: K-12 Learn more: http://www.treasury.gov/resource-center/financial-education/Documents/Local%20Guide%20-%20Creating%20Financially%20Capable%20Communities.pdf
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VERMONT FINANCIAL LITERACY SUMMITSummitconvenedpolicymakers,educators,businessleaders,andlegislatorstoraiseawarenessabouttheneedforpersonalfinanceeducationinVermont. Source: ChamplainCollegeCenterforFinancialLiteracy Grades: K-12 Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/cfl-programs/vermont-financial-literacy-summit
VERMONT FINANCIAL LITERACY TASK FORCE State-widetaskforcewithagoalofmakingrecommendationstoVermontLegislature,educators,employers,andnonprofitsaroundK-12education,collegeeducation,andadults.TaskForceiscomposedofrepresentativesfromeducation,government,business,andnonprofitsector. Source: ChamplainCollegeCenterforFinancialLiteracy Grades: K-12 Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/report-vermont-financial-literacy-task-force
STATE EDUCATION POLICY TRACKER TheECStracksstatepolicytrends,translatesacademicresearch,providesunbiasedadviceandcreatesopportunitiesforstateleaderstolearnfromoneanother.ServicesincludeStateEducationPolicyTracking,50-StateDatabasesandResearchSummaries. Source: EducationCommissionoftheStates(ECS) Learn more: http://www.ecs.org/default.asp
BUILDING ASSETS AND BUILDING LIVES: FINANCIAL CAPABILITY PROGRAMS IN NATIVE Reportprovidesanoverviewoffinancialcapabilityprogramsservingreservation-basedNativecommunitiesintheNorthwestAreaFoundationregion.Thereportalsodiscussespromisingstrategiesforincreasingfinancialcapability,andprovidesanenvironmentalscanofsuccessfulprogramsservingNativecommunities,providesrecommendationsonhowtosupportfinancialcapabilityprograms,andsuggestionsforhowtomosteffectivelypromotethesestrategiesintheregion. Source: FirstNationDevelopmentInstitute Learn more: http://www.firstnations.org/knowledge_center/download/building_assets_and_building_lives_financial_capability_programs_native
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 27
1.3 Defining the structureBILL TRACKING AND ANALYSISAdatabaseofrecentlyintroducedorpendingstateandfederallegislation.Includesdetailsaboutabill’sstatusandallowsuserstosearchbybilltext,number,stateandauthor.NCSLprovidesannualsummaryoffinancialliteracylegislationandabriefoverviewofthetrendsaroundfinancialliteracyacrossthecountry. Source: NationalConferenceofStateLegislatures Grades: N/A Learn more: http://www.ncsl.org/research/financial-services-and-commerce/financial-literacy-2014-legislation.aspx
COUNCIL ON FINANCIAL LITERACY - EXECUTIVE ORDER ESTABLISHING COUNCILExecutiveOrder,signedbyWisconsin’sgovernoronApril6,2011,establishingWisconsin’sGovernor’sCouncilonFinancialLiteracy. Source: GovernorofWisconsin Grades: K-12 Learn more: http://www.wdfi.org/_resources/indexed/site/ymm/govcouncilfinlit/ExecOrder24.pdf
GETTING SERIOUS ABOUT FINANCIAL LITERACY: ONE STATE’S APPROACHOverviewoftheSmartTennesseeprogram.Programfeaturedpublic-privatepartnershipsandateacher training focus. Source: JournalofConsumerEducation Grades: K-8 Learn more: http://www.cefe.illinois.edu/JCE/archives/2011_vol_28/2011_vol_28_pg16-24_Heath.pdf
TENNESSEE FINANCIAL LITERACY COMMISSIONStructurewithinthestate’sDepartmentofTreasurytaskedwithequippingresidentwiththeabilitytomakesoundfinancialdecisions.Commissionthatwasestablishedthroughlegislationandmaintainsaclearinghouseoffinancialresourcesonitswebsite. Source: Tennessee Department of Treasury Grades: N/A Learn more: http://treasury.state.tn.us/FinLit/index.html
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FINANCIAL LITERACY FRAMEWORKIn2012,ChicagoPublicSchoolsintegratednewfinancialliteracycourseworkintoitsK-12curriculum.TheFinancialLiteracyFrameworkwastheresultofapartnershipwithfinancialleadersfromboththeprivateandpublicsectorandprovidedCPSstudentswiththeskillsneededtounderstandfinanceissues. Source: ChicagoPublicSchools(CPS) Grades: K-12 Learn more: http://cps.edu/News/Press_releases/Pages/05_10_2012_PR1.aspx
1.4 Fostering partnershipsCFE COALITIONConvenesmunicipalgovernmentsfromacrossthecountrythathasbeguntoadvancefinancialempowerment initiatives. Source: CitiesforFinancialEmpowerment(CFE) Grades: K-12 Learn more: http://cfecoalition.org
DELAWARE’S $TAND BY ME PROGRAM PartnershipbetweentheStateofDelaware,theUnitedWayofDelaware,andemployerstoprovideapackageoffinancialempowermentservices(e.g.one-on-onefinancialcoaching). Source: StateofDelaware Grades: K-12 Learn more: http://standbymede.org
JUMP$TART STATE COALITIONSTheJump$tartnetworkconsistsof49affiliatednonprofitstateorganizations,workingasvolunteersandecosystempartnerstoadvancefinancialeducationintheirrespectivestates Source: Jump$tartCoalition Grades: K-12 Learn more: http://www.jumpstartcoalition.org/state-coalitions.html
TAKE CHARGE AZPartnershipbetweenTakeChargeInstituteandUniversityofArizonatobuildasuiteofstateandcommunityprogramsaroundtheirnationalcurriculum.Supportincludesprovidinguniversitycreditforanonlinepersonalfinancecourse,traininguniversitystudentsasfinancialeducators,anddesigningtheAZEarntoLearnprogramprovidingfinancialeducationtohighschoolstudents. Source: UniversityofArizona Grades: 9-12 Learn more: http://tcainstitute.org/educProg.html
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 29
FINANCIAL FOOTBALLAgamethatteachesfinancialandmoneymanagementconceptsthroughfootball.PromotedthroughpartnershipwiththeNFL. Source: Visa Grades: K-12 Learn more: http://www.practicalmoneyskills.com/games/trainingcamp
AMERICAN ASSOCIATION OF FAMILY AND CONSUMER SCIENCES (AAFCS)Providesleadershipandsupporttoprofessionalswhoseworkassistsindividuals,families,andcommunitiesinmakinginformeddecisionsabouttheirwellbeing,relationships,andresourcestoachieveoptimalqualityoflife.AAFCSistheonlyprofessionalassociationforfamilyandconsumersciences(FCS)studentsandprofessionalsfrombothmultiplepracticesettingsandcontentareas.AAFCSoffersaPersonalandFamilyFinanceAssessmentandcorrespondingcertificationtomeasuretheeffectivenessofpersonalfinanceprogramsthroughtheirPre-PACprogram.AAFCSalsoprovidesCertifiedPersonalandFamilyFinanceEducationCredentialwhichcanofferqualityassuranceandprofessionalstatureforthoseinvolvedinpersonalfinanceeducation. Source: AmericanAssociationofFamilyandConsumerSciences(AAFCS) Grades: N/A Learn more: http://www.aafcs.org
FINANCIAL CAPABILITIES GROUPDedicatedtoempoweringNewEnglandresidentswiththeknowledgeandresourcestheyneedtopursue,achieveandsustaintheirfinancialwellbeing.Activitiesincludeconductingresearch,engagingpractioners,conveningstakeholdersanddevelopingonlinelearningtools. Source: FederalReserveBankofBoston Grades: N/A Learn more: http://www.bostonfed.org/index.htm
THE ABCS OF CREDIT FINANCE State partnered with The Center for Student Credit Card Education to promote a program designedtohelphighschoolstudentslearnhowtoresponsiblyuseacreditcard.Programcanbedownloadedbyteachersandstudentsorbetakenindependentlybystudentsonline. Source: State of Iowa Grades: 9-12 Learn more: http://www.theabcsofcredit.com
MONEYUMoneyUoffersgame-basedonlinecourses,andteachespersonalfinancetoyoungadults. Source: MoneyU Grades: K-12 Learn more: https://www.moneyu.com
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 30
1.5 Securing resources for K-12 FINANCIAL EDUCATION FOR COLLEGE ACCESS AND SUCCESS GRANTThe Department of Education awarded a grant to Tennessee Department of Education. The grant wasusedtotrainmiddleandhighschoolteachersviagraduate-levelcourseatMiddleTennesseeStateUniversity.Courseworkequalsthreehoursofcreditandisfullypaidfor.Teachersreceiveastipend for attending. Source: U.S.DepartmentofEducation Grades: 6-12 Learn more: http://www.ed.gov/news/press-releases/us-department-education-awards-17-million-tennessee-invest-financial-education-c
FINANCIAL LITERACY EDUCATION FUNDThestateofDelawareoffersgrantstoK-12andadultliteracyprogramsandcampaignsrelatedtofinancialliteracy.Theavailablefundingcomesfromanannuallicensingfee Source: Delaware’sOfficeoftheStateBankCommissioner Grades: K-12 Learn more: http://banking.delaware.gov/services/conedu/flef.shtml
GRANTGrantawardedtoTennesseeFinancialLiteracyCommissiontoconducttrainingforelementaryandmiddleschoolteachersontopicsofpersonalfinance. Source: DollarGeneralLiteracyFoundation Grades: K-12 Learn more: http://treasury.state.tn.us/news/PDFs/dollargeneral52813.pdf
NATIONAL REPORT CARD: FUNDING STRATEGIESSectiononWhatCanBeDoneandIsBeingDoneAboutFundinghighlightskeyfundingstrategiesforfinancialeducationeffortswithinstates. Source: ChamplainCollegeCenterforFinancialLiteracy Grades: K-12 Learn more: https://www.champlain.edu/Documents/Centers-of-Excellence/Center-for-Financial-Literacy/National-Report-Card-Champlain-College-CFL.pdf
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 31
Making the case prioritize K-12 financial education and gain buy-in from stakeholders
Setting the strategydevelop the vision and roadmap
Defining the structure organize people and assets for impact and longevity
Fostering partnershipsengage partners to broaden reach and resources
Standards and requirementsset and enforce expectations for learning and instruction
Classroom resourcessupport dynamic instruction
Evaluating the initiativeassess outcomes and effectiveness
Outreach and recognitionmotivate communities to own their financial capability
Improve and scaleimplement and augment the initiative
Teacher trainingdevelop capacity for effective financial education delivery
Securing resources for K-12 financial launch and sustain the initiative
Extending the impact
Building the initiative
Laying the groundwork
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2. Building the initiative
K-12financialeducationinitiativesshouldincludefourprimaryinterconnectedparts,allworkinginconcert:educationalcontentstandardsandrequirements,teachertraining,highqualityclassroomresources,andrigorousinitiativeevaluation.Whilewe understand that each state has unique circumstances when it comestofinancialeducationimplementation,contentstandardsandrequirementscanhelpsetexpectationsabouttheknowledgeandskillsstudentsmustdemonstrate.Trainedteacherscanskillfullydeliveraswellasadaptthecurriculuminwaysthataredevelopmentallyappropriateandengagingtostudents.High-qualityclassroominstructionalmaterialshelpactualizethestandards.Lastly,rigorousevaluationmethodshelpmeasuretheimpactandeffectivenessoftheinstruction,allowingyoutocontinuouslymonitorandimprovecomponentsoftheinitiative.
Themodulesthatfollowcontaininformationtosupportthedesignandimplementationforeachofthesecomponents—standardsandrequirements,teachertraining,classroomresources,andevaluation—tobuildrobustandscalableK-12financialeducationinitiatives.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 32
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2.1 Standards and requirementsEducationstandardsoutlineexpectationsabouttheknowledge,concepts,andskillsthatstudentsshouldacquireateachgradelevelandareacrucialreferencepointfordesigningandevaluatingK-12financialeducationinitiatives.While43statesnowincludefinancialeducationintheircurriculumstandards,manystopshortofrequiringschoolstoimplementthosestandards.WhenthelawdoesnotrequireimplementationofK-12financialeducationstandards,theyarevoluntaryandschoolsarelesslikelytoadoptthem.StandardsandrequirementsareneededtobothimplementandscaleK-12financialeducation.Thecasestudiesbelowprovideinsightintosomeofthestandardsavailableandoptionsforbringingstandardstotheclassroom.
2.1.1 Content standardsWhenseekingtoadoptcontentstandards,reviewexistingstatestandards,thenreviewnationalstandardsdevelopedbyfinancialeducationorganizations.TwooftheleadingnationalstandardsincludetheCouncilforEconomicEducation’s(CEE)K-12National StandardsforFinancialLiteracyandtheJump$tartCoalition’sNationalStandardsinK-12 PersonalFinanceEducation.Thesestandardsdefinetheknowledgeandskillsthatstudentsmustmasterateachlevel.Moreover,thestandardsmakeiteasiertoevaluatestudentfinancialknowledgeanddetermineoutcomesandeffectiveness.Whiletherearenuancestothetwosetsofstandards,bothencouragefinancialeducationwithafocusonthefourth,eighth,and12thgrades.
Case studies
COLORADO DEPARTMENT OF EDUCATION REVIEW OF POTENTIAL STANDARDS InanefforttodeterminethebeststrategyforimplementingK-12financialeducationstandards,theColoradoDepartmentofEducation(CDE)consideredfouroptionsforincorporatingstandards.TheseincludedembeddingK-12financialeducationstandardswithinbothsocialstudiesand
Key questions to consider in this module: § WhatK-12financialeducationcontentstandardsareinplace?Howdotheyvarybygradelevel?
§ Arefinancialeducationstandardstiedtoanexistingcourseorrequiredtobetaughtaspartofastand-alonecourse?
§ DostatetestsincludeK-12financialeducationstandards?
§ Howdoyouenforcestandards?Doassociatedrequirementsexistaroundthestandards(e.g.,isfinancialeducationagraduationrequirement)?
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mathematics;withineithermathematicsorsocialstudies;adoptingnationalstandardsandaligningtomath,Englishlanguagearts,and/orsocialstudiesstandards;ordevelopingstate-specific,customizedstandards.CDEconsideredthestatesemployingtheapproaches,specificsaroundhowtheapproacheslooksinpractice,andtheappropriatenessoftheapproachestoColorado’sspecificneeds.Ultimately,ColoradointegratedpersonalfinancestandardsintoitsK-12socialstudiesandmathematicsstandards. Source: ColoradoDepartmentofEducation’s Grades: K-12 Learn more: http://www.cde.state.co.us/standardsandinstruction/pflreview
JUMP$TART COALITION’S NATIONAL STANDARDS IN K-12 PERSONAL FINANCE EDUCATION Jump$tart’sNationalStandardsdelineatethepersonalfinancialknowledgeandabilitythatyoungpeopleshouldacquirethroughoutK-12schoolyears.Thestandardsfocusonsixkeytopicareas:spendingandsaving,creditanddebt,employmentandincome,investing,riskmanagementandinsurance,andfinancialdecision-making.Jump$tartdevelopedthestandardswithsupportfrompartnersinbusiness,finance,government,academia,educationandotherkeystakeholders. Source: Jump$tartCoalition Grades: K-12 Learn more: http://www.jumpstartcoalition.org/national-standards.html
THE COUNCIL FOR ECONOMIC EDUCATION (CEE) NATIONAL STANDARDS FOR FINANCIAL LITERACYTheNationalStandardsforFinancialLiteracyprovidesaframeworkforteachingpersonalfinancefrom kindergarten to 12thgrade.Thestandardsfocusonsixkeytopics:earningincome,buyinggoodsandservices,usingcredit,saving,financialinvesting,andprotectingandinsuring.In2014,FloridawasthefirststatetoadoptCEE’supdatedstandards.FloridafinancialeducationpolicymakerschosetoincludethestandardsasapartoftheNextGenerationSunshineStateStandards(NGSSS)forSocialStudies.Thestandardsappearasadistinctstrand,onparwitheconomics,geography,worldhistory,andotherkeytopics,withintheNGSSSforgradesfour,eight,nineand12.ThestandardsunderpinthenewEconomicswithFinancialLiteracycoursegraduation requirement for students entering ninth grade during the 2013-2014 academic years. Florida’schapteroftheCEEhostsworkshopstosupportteachersintheirimplementationofthenew requirements. Source: CouncilforEconomicEducation Grades: K-12 Learn more: http://www.councilforeconed.org/resource/national-standards-for-financial-literacy
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2.1.2 Implementation Requirements StategovernmentscantakeseveralapproachesforrequiringK-12financialeducationstandardsandforimplementingthosestandardsintheclassroom.Theseincludeexplicitlymandatingthathighschoolstudentscompleteastand-alonecourseinpersonalfinance,asinVirginia,Utah,Tennessee,andMissouri.Alternatively,statesmayrequireschooldistrictstoincludeK-12financialeducationaspartofanothercourse—suchasfamilyandconsumersciences,economics,mathematics,orsocialstudies—asdoGeorgia,IdahoandLouisiana.
Case studies
MISSOURI K-12 FINANCIAL EDUCATION REQUIREMENTS In2002,Missouri’sgovernorsignedanexecutiveordercallingforrecommendationstoadvanceK-12financialeducationwhichwasinformedthroughtheeffortsoftheMissouriCouncilonEconomicEducation,theMissouriBankersAssociation,andtheMissouriStateTreasurer.Withnopre-existingstandardsorrequirementsforK-12financialeducation,thereportincludedrecommendationsforteacherpreparation,fundinginitiatives,graduationrequirements,andnecessarylegislationchangesrequiredtoimproveK-12financialeducation.Basedonthe2014resultsoftheCouncilofEconomicEducation’s(CEE)SurveyoftheStates,Missouriisoneofthreestates,alongwithGeorgiaandTexas,tohavealloftheCEErecommendedrequirementsforfinancialeducation.MissouriadoptedK-12financialeducationstandards,requiresdistrictstoimplementK-12financestandards,requireshighschoolstudentstotakeapersonalfinancecourse,andrequiresstandardizedtestingtoincludefinancetopics. Source: State of Missouri Grades: K-12 Learn more: http://www.sos.mo.gov/library/reference/orders/2002/eo02_008.asp
Case study takeaways: § Decisionsregardingthemostappropriatesetofstandardstoadoptvarybasedonspecificneeds
of the state.
§ Ifthestatedoesnotrequireschoolstoimplementfinancialeducationstandards,schoolsaresignificantlylesslikelytoteachfinancialeducationbecauseofcompetingrequirements.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 35
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2.2 Teacher trainingWhileanumberofstateshaveadoptedfinancialeducationstandards,only11percentofteachersattendedafinancialeducationworkshopwithinthepastthreeyears,accordingtoa2009NationalEndowmentforFinancialEducationsurvey.Moreover,over60percentofteacherssaidthey“don’tfeelqualified”toteachfinancialeducation.EffectiveteacherprofessionaldevelopmentisessentialtoprepareeducatorsforteachingK-12financialeducationthatmeetstatestandardsandrequirementsintheclassroom.
Thefollowingcasestudiesserveasexamplesofexistingteachertrainingprograms,includingsummits,conferences,andsummerinstitutes.Regardlessoftheformat,strongprofessionaldevelopmentprogramsshouldfocusonensuringthatteachersfeelcomfortablewiththecontentandcanaccessresourcestheycaneasilyimplementintheirclassrooms.
Case studies
THE JUMP$TART TEACHER TRAINING ALLIANCE (J$TTA)J$TTAisacollaborativeendeavordesignedtostandardizeteachertraininginpersonalfinancethoroughasharedmodelcalledJump$tartFinancialFoundations.TheJ$TTAisadministeredbytheJump$tartCoalitiononbehalfofitspartnersandaffiliates.FoundingmembersofJ$TTAincludeCouncilforEconomicEducation,Jump$tartCoalition,JuniorAchievementUSA,NationalEndowmentforFinancialEducation,andtheTakeChargeAmericaInstituteattheUniversityofArizona.Themodelisavailableatnocosttoqualifiedusersandisdesignedtocomplementexistingteachertrainingprograms. Source: Jump$tartCoalition Grades: N/A Learn more: http://www.jumpstartcoalition.org/teacher-training-alliance.html
THE JUMP$TART EDUCATOR CONFERENCE Eachyear,theJump$tartCoalitionhostsaNationalEducatorConferencegearedtowardPre-K-12educators.Theconferenceprovidesparticipantswithresources,professionaldevelopment,andnetworkingopportunitiesbetweeneducatorsandfinancialprofessionals.Additionally,
Key questions to consider in this module: § WhatopportunitiesexistforteacherstogainfamiliarityandskillinteachingK-12financialeducation?
§ Whoprovidesincentivesandsupporttoencourageteacherstoattendtrainings?
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Jump$tart’sstatecoalitionshostEducatorConferencesfocusedonhoningeducators’skills,providingaccesstoup-to-datecurriculaandtools,andnetworkingwithcolleagues. Source: Jump$tartCoalition Grades: K-12 Learn more: http://www.jumpstartcoalition.org/teacher-conference.html
WISCONSIN’S OFFICE OF FINANCIAL LITERACY NATIONAL INSTITUTE OF FINANCIAL AND ECONOMIC LITERACY Wisconsin’sOfficeofFinancialLiteracy,inpartnershipwiththeWisconsinJump$tartCoalitionandEdgewoodCollege,offersthreecourseseachsummer.Designedforteachers,thecourseworkfocusesonincorporatingK-12financialeducationconceptsinpersonalfinance,familyandconsumersciences,socialstudies,economics,math,andbusinesscourses.TheOfficeofFinancialLiteracyencouragesfinancialcounselors,technicalcollegefaculty,correctionsstaff,andschoolprincipalsandadministratorstoattend. Source: EdgewoodCollege Grades: K-12 Learn more: http://www.edgewood.edu/Events/NIFEL
CLICK, LEARN, AND TEACHClick,Learn,andTeachisaseriesoffreeonlineprofessionaldevelopmentprogramsonK-12economicsandfinancialeducationfromtheFederalReserveBanksofAtlantaandSt.Louis.TeacherscanearnGraduateCredit,FederalReserveBankCertification,orContinuingProfessionalDevelopmentUnitsincertainstates. Source: FederalReserveBanksofAtlantaandSt.Louis Grades: K-12 Learn more: https://www.stlouisfed.org/education/teacher-professional-development
TENNESSEE FINANCIAL LITERACY SUMMITSTheTennesseeDepartmentofTreasury’sFinancialLiteracyCommission,anonprofitorganizationcreatedbytheTennesseeGeneralAssembly,conductsaseriesoffreesummitsonfinancialeducation for K-8 teachers throughout the state. The sessions are designed to increase teacher comfortwithfinancialeducationcurriculum,andincludefinancialadvisorsallowingteacherstoaskquestionsabouttheirretirementplanningoptions.Thesummitscounttowardateacher’scontinuing education credits and sometimes provide other incentives to encourage participation. Morethan1,800teachersfromacrossthestatereceivedthetraininginatwo-yearperiod. Source: Tennessee Department of Treasury Grades: K-8 Learn more: http://www.proedtn.org/?TNFLCsummits2014
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CHAMPLAIN COLLEGE SUMMER INSTITUTEChamplainCollegedesignedaone-weekprofessionaldevelopmentprogramtoincreasethefinancialeducationandinstructionalcapabilityofVermont’sK-12teachers.TheprogramusesacurriculumcompiledbyanationalsteeringcommitteethatincludestheJump$tartCoalition,theNationalEndowmentforFinancialEducation,theCouncilforEconomicEducation,FederalDepositInsuranceCorporation,FamilyEconomicsandFinancialEducation,JuniorAchievement,theU.S.DepartmentofEducation,andU.SDepartmentoftheTreasury. Source: ChamplainCollegeCenterforFinancialLiteracy Grades: 9-12 Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/cfl-programs/vermont-teachers-financial-literacy-summer-institute
Case study takeaways: § Offeringflexibleplatformsforparticipation,suchastrainingsduringthesummeroronlinecourses,canhelpaddressteachers’timeconstraintsduringtheschoolyear.
§ Providingincentivesforparticipation,suchascontinuingeducationcreditsorotherincentivescanhelpencourageattendance.
§ Whethertheprogramleveragesexistingcurriculumorusesproprietarymaterials,themostsuccessfulteachertrainingprogramsworktoensureteachersfeelcomfortablewiththematerialathandandarewellpreparedtoimplementitintheirclassrooms.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 38
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2.3 Classroom resourcesManyresourcesalreadyexisttosupportthedeliveryofK-12financialeducationinitiatives,reducingtheneedtocreatenewclassroomresources.Thoughlocaldecisionmakersoftenselectclassroomresources,state-levelleaderscansupporttheprocess.Policymakersmayconsiderage-appropriateinitiativesthatalignwiththeexpectationsofschooldistrictsandthestate.Furthermore,studentsaremorelikelytolearnfromfinancialeducationmaterialsiftheyarerelevanttostudents’lives.Thefollowingincludesexamplesofresourcerepositories,K-12financialeducationcurricula,andsupplementalprogramsandmaterials.
2.3.1 Resource repositoriesAcollectionofclassroomlessonplansandactivitiesareavailableinvariousclearinghousesandrepositories.WhiletheseprovidehelpfulstartingpointsforbuildingaK-12financialeducationinitiative,itisimportanttoprovideselectionandchoiceforeducatorswhilealsoensuringthatresourcesareage-appropriate,relevantand,mostimportantly,effective.
Case studies
UTAH FINANCE IN THE CLASSROOM FinanceintheClassroomisarepositoryofK-12financialeducationresourcesmanagedbyUtah’sStateOfficeofEducation(USOE)andtheUtahEducationNetwork(UEN).Resourcesavailableonthiswebsiteincludestandards,curricula,lessons,books,videos,andmore.Furthermore,USOEworkedwitheducatorstodesignamatrixthatassignsfinancialandeconomicconceptstogradelevels.Byprovidingideasforintegratingage-appropriatefinancialcontentintoexistingcourses,suchasmathematics,socialstudies,andlanguagearts,FinanceintheClassroommakesiteasyforteacherstointroduceK-12financialeducationconceptsearlyandreinforcethemconsistentlythroughouttheK-12schoolyears.
Key questions to consider in this module: § Areresourcesreadilyavailabletoteachersandstudents?
§ Doclassroomresourcesfullyalignwithlearningoutcomesorstatestandards?
§ Doclassroomresourcespresentavarietyofricheducationalcontentatrelevantandappropriate points for students?
§ Aretheresourcesobjectiveandbalanced?
§ Doclassroomresourcesintegrateeasilywithexistingstandardsandcurricula?
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Source: UtahDepartmentofEducation/UtahEducationNetwork Grades: K-12 Learn more: http://financeintheclassroom.org
THE JUMP$TART CLEARINGHOUSETheJump$tartClearinghouseisanonlinelibraryoffinancialeducationresourcesgearedtowardeducatorsandparents.Jump$tartstaffreviewsubmissionstotheClearinghouse against criteria alignedtoJump$tart’snationalstandards.TheClearinghouseincludesmorethan800resourcesforuseinandoutsidetheclassroomforkindergartenthroughcollege.Eachresourceincludesadescription,associatedcost,appropriategradelevel,targetuser,resourcetype,andalinktotheresource’swebsite. Source: Jump$tartCoalition Grades: K-12 Learn more: http://www.jumpstartcoalition.org/jump$tart-clearinghouse.html
MYMONEY.GOVMyMoney.govisarepositorythatprovidesfinancialeducationresourcesdevelopedbyfederalgovernmentagenciesoftheFinancialLiteracyandEducationCommission(FLEC).Thewebsiteincludesresourcesonthefiveprinciplesthatconsumershaveinmindastheymakeday-to-daydecisions,andplantheirfinancialgoals(My Money Five).Inaddition,thereareresourcessuchasbudgetworksheetsandmoneyquizzes.FLECisafederalcommissioncomprisedof21federalentities,includingtheWhiteHouseDomesticPolicyCouncilandischairedbytheTreasuryDepartmentandvicechairedbytheCFPB.ThepurposeoftheFLECistocoordinateandcollaboratetostrengthenfinancialcapabilityandincreaseaccesstofinancialservicesforallAmericans. Source: FLEC Grades: K-12 Learn more: http://www.mymoney.gov/Pages/default.aspx
THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) MONEY SMARTTheFDICdevelopedMoney Smart asacomprehensivefinancialeducationcurriculumdesignedtohelplow-andmoderate-incomeindividualsoutsidethefinancialmainstreamenhancetheirfinancialskillsandcreatepositivebankingrelationships.Money Smarthasseveralinstructor-ledmodulesforspecificcommunities,includingMoney Smart for Adults,Money Smart for Youth, and Money Smart for Older Adults. Source: FDIC Grades: K-12 Learn more: https://www.fdic.gov/consumers/consumer/moneysmart/young.html
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FEDERAL RESERVE EDUCATIONThewebsite,FederalReserveEducation.org,providesfreeresourcesdesignedtohelpteachersandeducatorsteachpersonalfinance,economics,andrelatedtopics.ThewebsiteiscreatedandhostedbytheFederalReserveBoardandprovidesarangeoflessonplans,multimedia,gamesandsimulationsforteachingtopicssuchasfinancialeducation,economics,andmonetarypolicy. Source: FederalReserve Grades: K-12 Learn more: http://www.federalreserveeducation.org
SESAME STREET FOR ME, FOR YOU, FOR LATERThisonline,bilingualresourceistargetedtowardskindergarteners.Itincludesvideos,printableactivitybooks,andeducatorguidesfocusedonmakinggoodfinancialchoices,thevalueofmoney,andspending,sharing,andsaving. Source: Sesame Street Grades: K-2 Learn more: http://www.sesamestreet.org/parents/topicsandactivities/toolkits/save
2.3.2 CurriculaK-12financialeducationcurriculaandclassroomresourcesshouldaligntoappropriatecontentstandards,beeasytoimplementintheclassroom,andallowteacherstodifferentiateinstructionbasedontheneedsofthestudent.BelowweprovidesomeexamplesofK-12financialeducationcurriculaandclassroomresources.
Case studies
NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION (NEFE) HIGH SCHOOL FINANCIAL PLANNING PROGRAMHighSchoolFinancialPlanningProgram(HSFPP)providesfinancialconceptsandskillsfocusedonbasicfinancialeducationconceptsrelevanttopre-teens,teens,andyoungadults.Theprogramcontainssixmoduletopics(planning,borrowing,earningcapability,investing,financialservices,andinsurance),andincludessixstudentguides,anassortmentof45-minuteteacherlessonplans,andacollectionofonlineresourcesandlearningactivities. Source: NationalEndowmentforFinancialEducation Grades: 9-12 Learn more: http://www.hsfpp.org
COUNCIL FOR ECONOMIC EDUCATION (CEE) FINANCIAL FITNESS FOR LIFEFinancialFitnessforLifeisaneconomicandfinancialeducationprogramforstudentsingradesK-12.Topicscoveredinthecurriculumincludeearningandincome,consumerdecision-making
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andspending,savingandinvesting,moneymanagement,andusingcreditwisely.Thecurriculumconsistsofteacherguides,studentworkbooks,andparentguidesthatcorrespondtodifferentgradelevels,andinteractivegamesandactivities.InNevada,forexample,theTreasurer’sofficesentthecurriculumtoeverymiddleandhighschoolinthestate,andcoordinatedseveralclassroompilotsutilizingthecurriculum. Source: CouncilforEconomicEducation(CEE) Grades: K-12 Learn more: http://fffl.ncee.net
TAKE CHARGE TODAYTheUniversityofArizona’sTakeChargeAmericaInstitute offers Take Charge Today a program andcurriculumwithadecision-basedapproachtopersonalfinance.TheTake Charge Today programisfoundedontheideathatauniversity-basedfinancialeducationoutreachprogramcanstrengthenandextendtheabilityofschoolsandcommunityorganizationstoimprovethepersonalfinancialcapabilitiesofyoungadults.Contentlessonplansareavailableattheintroductory(targetedatgrades7-9)andadvanced(targetedatgrades10-12)levels. Source: UniversityofArizona Grades: 6-12 Learn more: http://tcainstitute.org/takechargetoday.html
MONEY AS YOU LEARNMoneyasYouLearnisaninitiativeofacoalitionofnonprofitorganizations,teachers,academics,andotherexpertsseekingtoimplementthePresident’sAdvisoryCouncilonFinancialCapability’srecommendationsregardingstrengtheningthefinancialliteracyofthenation’syoungpeople.MoneyasYouLearnofferseducatorstoolstointegratepersonalfinanceintotheteachingoftheCommonCoreStateStandardsinMathematicsandEnglishLanguageArts,aswellasintootherclassesandafter-schoolprograms.Inaddition,MoneyasYouGrow hasbeendevelopedasparallelinitiativetotargetparentsandkids.MoneyasYouGrowoffers20essential,age-appropriatefinanciallessons—with corresponding activities. Source: President’sAdvisoryCouncilonFinancialCapability Grades: K-12 Learn more: http://www.moneyasyoulearn.org Learn more: http://www.treasury.gov/resource-center/financial-education/Documents/Money%20as%20You%20Grow.pdf
MY MONEY, MY FUTUREMy Money, My FutureisanonlineprogramthatprovidesafinancialeducationcoursethatalignswithVirginia’shighschoolstatestandardsforfinancialeducation.Theprogramsupportsstudentsandteacherswiththestate’sonecrediteconomicsandpersonalfinancegraduationrequirement.Over75%ofVirginiahighschoolsusetheprogram.
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Source: Genworth Foundation Grades: K-12 Learn more: https://www.genworth.com/corporate/about-genworth/in-the-community/my-money-my-future.html
2.3.3 Supplemental programs and materialsSupplementalprogramsandmaterialsthatcanbeusedintheclassroomandbeyondprovideadditionalopportunitiesforexperientiallearning.Experientiallearningopportunitiesgivestudentstheopportunitytopractice,reflect,andlearn.Thiscanbeachievedthroughactivitiesthatemphasizerole-play,simulations,andgroupwork.Forexample,initiativesthatpairfinancialeducationwithsavingsaccountsatschools,specialgoal-basedchildsavingsaccountswithbuilt-inincentives,andgame-basedlearningallhaveelementsofexperientiallearning.
Case studies
FINANCE PARKFinance ParkisaJuniorAchievementprogramdesignedformiddleandhighschoolstudentsthatincludesseveralweeksoflessons,onlinegamesandactivities,andaone-dayfieldtriptothelocalJuniorAchievementchapter.TheFinance Park,offersstudentsthechancetotakepartinreality-baseddecision-concerningkeyaspectsofpersonalfinancesuchasfamilybudgeting,investing,philanthropy,andbanking.Theprogramalsoincludesaseriesofclassroomfollow-upactivitiesoccurring over the course of two weeks. Source: JuniorAchievementUSA Grades: 6-8 Learn more: http://www.myja.org/financepark
NATIONAL CREDIT UNION FOUNDATION FINANCIAL REALITY FAIRFinancialRealityFairsgivestudentsanopportunitytoexperiencefinancialdecision-makinginasimulatedsetting.Studentschooseacareerandpracticebudgetingandmoneymanagement. Source: NationalCreditUnionFoundation Grades: K-12 Learn more: https://www.ncuf.coop/how-we-help/real-solutions/experiential/reality-fairs.cmsx
AWESOME ISLAND GAMEAwesomeIslandGameisafinanceeducationgamethatwascreatedbyfinancialeducationexpertsandteacherstogamifylearning.Thegameprovidesaninteractivewayforstudentstolearnthebasicsofbudgeting,saving,taxes,debt,careersandincome,philanthropy,andinvesting.Thegametakestwohourstocompleteandtoservesasanopeningactivityforaunitonfinancialeducation.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 43
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Source: ChamplainCollege Grades: 6-12 Learn more: http://www.awesomeislandgame.com
MY CLASSROOM ECONOMYCreatedbyVanguardand5thgradeteacher,MyClassroomEconomyisaclassroomeconomicsystemthatteachesfinancialeducationthroughsimulation.Studentsearnschool“dollars”throughclassroomjobsandpayrentfordesks,payfinesforbreakingclassroomrules,andmakepurchases.TheprogramiscustomizablebygradelevelandisdesignedtooverlayclassroomcurriculumthatalignstotheCommonCoreStateStandards. Source: Vanguard Grades: K-12 Learn more: http://myclassroomeconomy.org
BANK AT SCHOOL PROGRAMSAcrossthecountry,severalpartnershipsareinplacetoofferaccesstosavingsaccountstostudents.Theseprogramsoftenprovideexperientiallearningopportunitiestostudentsbyallowingthemachancetomanageasavingsaccountandpracticesavingtowardfuturegoals.PilotstudiesofbankatschoolprogramsinEauClaire,Wisconsin,andAmarillo,Texas,demonstratedstudentknowledgegainsinfinancialliteracy,positiveincreasesinstudents’perceptionsofbankingandsaving,andsignificantincreasesinthelikelihoodofhavingabankaccountasanadult. Source: RoyalCreditUnion Grades: K-5 Learn more: http://www.rcu.org/investments_and_savings/school_sense.phtml
ONLINE AND MOBILE GAMING PROGRAMSManyorganizationshavebeendevelopinginteractivetoolsandgamestoreachyoungpeoplethroughtechnology.Forexample,MindBlownLabshascreatedThrive‘n’Shine,anexperientialfinancialcapabilityapplicationwhereplayersearnmoney,whichhastobestrategicallysavedandspentthroughoutthecourseofthegame.Playerslearnlessonsaboutbudgeting,saving,creditscoremanagement,anddebtmanagementthroughtheinteractivegame.DoorwaystoDreams(D2D)hasadministeredhackathonsandcompetitionstospurthedevelopmentofmobileapplicationsthatimprovefinancialaccessandcapabilityforunderservedconsumers,jointlyadministeredwiththeCenterforFinancialServicesInnovation(CFSI).TheseincludetheFinCapDev Competition and MyMoneyAppUpChallenge.MoneyThinkdesignedMoneythinkMobile,aninteractivesocialplatformdesignedtoenablementorstoissuetheirmenteeschallengesthatbuildfinancialawareness,habits,andskills.Throughtheapp,studentsarerewardedwithpointsandsocialaffirmation(intheformofdigitallikesandcomments)astheycompletechallenges. Source: Money Think Learn more: http://moneythink.org/our-program/our-approach
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Source: MindBlownLabs Learn more: http://www.mindblownlabs.com/product Source: D2D Grades: N/A Learn more: http://www.d2dfund.org/mobile_apps
Case study takeaways: § StateshaveawidevarietyofresourcestochoosefromwhenbuildingouttheirK-12financial
education initiatives.
§ Regardlessoftheinstructionalmaterialsdesignedorapproved,classroomresourcesshouldaligntostatestandardsandexpectations,andbedevelopmentallyappropriate.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 45
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2.4 Evaluating the initiativeAswithanyneweffort,itiscriticaltoestablishmilestones,benchmarks,andmetricstoassessoutcomesandmeasureprogress.MethodsofmeasuringthesuccessofK-12financialeducationeffortsincludeusingmetricssuchasrubricsandstudentassessments,aswellasevaluatingbroaderK-12financialeducationprogressthroughstandardizedtesting.
2.4.1 Initiative AssessmentWhilenooneuniversalmethodofevaluatingthequalityandeffectivenessofK-12financialeducationinitiativesexists,thereareanumberofassessmentbanksandtoolkitsavailableforidentifyingandincorporatingappropriateevaluationmechanisms.Theseresourcesinclude:
Case studies
NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION (NEFE) EVALUATION TOOLKITNEFE’sEvaluationToolkitsupportsK-12financialeducatorsandnonprofitsinunderstandingconceptsaroundevaluationandapplyingthoseconceptstoeducationalprograms.Thetoolkitconsistsoftwomainparts:anevaluationmanualwithguidanceonhowtodesignappropriateevaluationmethods,andimpactindicatorsforprograms.Evaluationsalloweducatorsandfunderstodeterminetheimpactofaparticularprogramandidentifyandaddresstheareasinneedofimprovement.Thetoolkitincludesadatabasewithevaluationtemplatesandallowseducatorstosavecompletedevaluationstotheiraccount. Source: NationalEndowmentforFinancialEducation(NEFE) Grades: K-12 Learn more: http://toolkit.nefe.org
THE COUNCIL FOR ECONOMIC EDUCATION (CEE) ONLINE ASSESSMENT CENTERCEE’sOnlineAssessmentCenter(OAC)isafreeservicethatallowsteacherstosecurelyadministerassessments,gainreal-timedata,andmeasurestudentknowledgeofeconomicandpersonalfinanceconcepts.Theserviceallowsteacherstoanalyzetheeffectivenessoftheirinstructionandadjustaccordingly.TheOACoffersteacherstheabilitytoanalyzeindividualandclassdatabytestandtestitem.Teacherscantrackindividualstudentandclasswideprograms,evaluatestudentperformancecomparedtostandardsandbenchmarks,anddevelopcustom
Key questions to consider in this module: § Howdoyoudefinesuccessforyourinitiative?
§ DostandardizedassessmentsincludeK-12financialeducationconcepts?
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reportsofstudentandclassperformance.Assessmentsareavailableforupperelementaryschool,middleandhighschool,anduniversitylevels. Source: CouncilforEconomicEducation(CEE) Grades: K-12 Learn more: http://www.councilforeconed.org/resource/online-assessment-center
GEORGIA MILESTONES ASSESSMENT SYSTEM ECONOMICS, BUSINESS, AND FREE ENTERPRISE ASSESSMENTTheGeorgiaMilestonesAssessmentSystem,administeredbythestate’sDepartmentofEducation,requiresstudentstotakeend-of-courseassessmentsinavarietyofsubjects.Milestonesmeasurestudentachievementandprovidefeedbacktoteachers,districts,andthestateabouttheirinstructionalpracticeandprogramdelivery.Forhighschoolstudents,anassessmentservesasafinalcourseexamandthescorecountsas20percentofastudent’sfinalgradeintheappropriatecourse.Thesystemincludesanassessmentoneconomics,business,andfreeenterprise,ofwhich20percentcoversfinancialeducationtopics,includingsaving,credit,insurance,andincome.Theassessmentincludesbothcriterion-referenced(alignedtostate-adoptedcontentstandards)andnorm-referenced(yieldingnationalcomparison)items,allowingformultipleevaluationopportunities. Source: Georgia Department of Education Grades: 9-12 Learn more: http://www.gadoe.org/Curriculum-Instruction-and-Assessment/Assessment/Documents/GM%20Economics%20EOC%20Assessment%20Guide.pdf
Case study takeaways: § ThedesignanddeliveryofK-12financialeducationshouldincludeevaluationmetrics.
§ Standardizedevaluationmeasuresallowformoreaccurateprogramcomparisonsacrossregions,thuscreatingopportunitiesforsharingofpromisingpracticesandpotentiallyidentifying areas for improvement.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 47
Additional resources for building the initiative2.1.1 Content standardsABA/CFED ROAD TO FINANCIAL RESPONSIBILITYInfographicthathelpsparentsoreducatorsidentifyconceptsandcontentmostappropriateforstudents at a given age. Source: AmericanBankersAssociation/CorporationforEnterpriseDevelopment(ABA/CFED) Grades: K-12 Learn more: http://www.aba.com/Engagement/Documents/TCTS-14-Tips%20sheet-FINAL.pdf
COMMON CORE ALIGNMENT TOOLAlignslessonsfromselectresourcestotheCommonCoreStateStandards;searchablebyresourceorbystandard. Source: Center for Economic Education Grades: K-12 Learn more: http://www.councilforeconed.org/resource/common-core-state-standards/
MODEL ACADEMIC STANDARDS FOR PERSONAL FINANCIAL LITERACYStatewidefinancialliteracycontentstandardscoveringknowledgeandskills,acrossallgradelevelsanddisciplines.Designedforeducatorstoaligninstructionandcreatecurriculumandactivitiestowardfinancialliteracyandsoundfinancialhabits. Source: Wisconsin’sDepartmentofPublicInstruction Grades: K-12 Learn more: http://standards.dpi.wi.gov/sites/default/files/imce/standards/pdf/pfl.pdf
NATIONAL STANDARDS FOR BUSINESS EDUCATION – PERSONAL FINANCE Nationalstandards,includingfocusonpersonalfinance. Source: NationalBusinessEducationAssociation’s Grades: K-12 Learn more: http://www.nbea.org/newsite/curriculum/standards/index.html
NATIONAL STANDARDS FOR FAMILY AND CONSUMER SCIENCES EDUCATIONNationalstandards,includingfocusonpersonalfinance. Source: NationalAssociationofStateAdministratorsofFamilyandConsumerSciences Grades: K-12 Learn more: http://www.nasafacs.org/national-standards-and-competencies.html
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2.1.2 Implementation requirements STATE FINANCIAL EDUCATION REQUIREMENTS MAPInteractivemapdetailingthepersonalfinancerequirementsstatebystate,includingrelevantlegislationandcurriculum. Source: Jump$tartCoalition Grades: K-12 Learn more: http://www.jumpstartcoalition.org/state-financial-education-requirements.html
2.2 Teacher trainingSTRENGTHENING FINANCIAL EDUCATION IN CALIFORNIA (WORKING PAPER)AnanalysisofpossiblestrategiesforimplementingstatewidefinancialeducationinCalifornia.ProvidesareviewofthenationalandstateapproachesandrecommendsaspecificsetofstepsforCalifornia,includingenhancingteacherpreparationandincentivizingschooldistricts. Source: FederalReserveBankofSanFrancisco Grades: K-12 Learn more: http://www.frbsf.org/community-development/files/wp2010-02.pdf
2.3.1 Resource repositoriesFINANCIAL LITERACY DATABASEIncludesresourcesforteachingeconomicsandmoneymanagement,includingtranslatedarticles,interactivecalculators,lessonplans,videosandquizzes. Source: RosenDigital Grades: 6-12 Learn more: http://financialliteracy.rosendigital.com
2.3.2 CurriculaMONEY SMARTAfinancialeducationcurriculumavailableindifferentversions:CD-ROM,self-pacedcomputerbasedinstructionandpodcast.CurriculumisavailableforYoungAdults(ages12-20)andElementarySchoolStudents(ages5-8),andconsistsofcustomizablemodules,whichcanbetaughtonastand-alonebasis. Source: FederalDepositInsuranceCorporation Grades: K-12 Learn more: https://www.fdic.gov/consumers/consumer/moneysmart
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 49
FINANCIAL LITERACY INITIATIVES PRESENTATIONProvidesanoverviewoffinancialeducationinitiativesinNevada,includingFinancialFitnessforLife.Providesdataonandprovidesrecommendationstoenhancestate-wideinitiatives. Source: Nevada State Treasurer Grades: K-12 Learn more: http://www.treasury.gov/resource-center/financial-education/Documents/Marshall%20presentation.pdf
EVERFI FINANCIAL LITERACY, VAULTLearningplatformthatusestechnology—video,animations,3-Dgaming,avatars,andsocialnetworking—toprovidefinancialeducation.Theplatformoffersstudentssimulationsofreal-lifeexperiences,providesassessmentdata,andawardsbadgesandcertificationsforsuccessfulcompletion.Availableforelementaryandhighschoolstudents. Source: EverFi Grades: 3-12 Learn more: http://www.everfi.com/vault
2.3.3 Supplemental programs and materialsBIZ KID$AwardwinningTVshowtoteachteensaboutpersonalfinance.Theshowspansfiveseasonsandthewebsiteprovidesactivityguides,lessonplans,games,andateacherdiscussionforum.Contentisalignednationalstandardsforfinancialliteracyandentrepreneurshipeducation. Source: PBS Grades: 9-12 Learn more: http://bizkids.com
DELAWARE BANK AT SCHOOL PROGRAMProvidesbankingopportunitiestostudentsinschools.Teachersareencouragedtoteachfinancialeducationinclassroomstoreinforcelessons. Source: DelawareFinancialLiteracyInstitute Grades: K-5 Learn more: http://www.bankatschool.com/history.html
GEN I REVOLUTIONProvidesfifteenmissionsinwhichstudentscompleteavarietyofactivitiestohelpthemlearnimportantpersonalfinanceconcepts.Withineachmission,studentsareintroducedtoacharacterthatisfacingaparticularfinancialcrisis.AsapartoftheGeniRevolution,thestudentlearnsaboutthecrisis,strategicallyselects“Operatives,”andthencompletesactivitieswiththeultimategoalofsolvingthe mission.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 50
Source: CouncilforEconomicEducation(CEE) Grades: 9-12 Learn more: http://www.genirevolution.org
GOVENTURE PERSONAL FINANCE CARD GAMECard-basededucationalgamewithactivitiesincludesquestion-and-answer,drawing,charades,trivia,andwordpuzzles.SupportedbyasuiteoffreeresourcesincludingaGoVenture“cheatsheet”glossaryandeducationalstandardsalignment. Source: MediaSpark,Inc. Grades: 6-12 Learn more: http://www.goventure.net/Products/PFCG/Summary.aspx
GREEN$TREET COMMONSVideobasedgamingappsforchildren,ages5-8. Source: Green$treetCommons Grades: K-2 Learn more: http://greenstreetcommons.com
KEYS TO FINANCIAL SUCCESSA54-lessoncourseplanforteachingpersonalfinance,availableatnocosttoschoolsandteachers.Incorporatesfreeprofessionaldevelopment.CoursealignswiththeCouncilforEconomicEducationandJump$tartnationalstandards. Source: FederalReserveBankofPhiladelphia Grades: 9-12 Learn more: http://www.philadelphiafed.org/education/teachers/resources/keys-to-financial-success
KHAN ACADEMY, BANK OF AMERICA BETTER MONEY HABITSSeriesofvideosaroundpersonalfinanceissues,suchascreditscores,managingdebtandhomebuying.Participantsearnpointsforviewingvideosandquizperformance. Source: Khan Academy Bank of America Grades: 9-12 Learn more: https://www.bettermoneyhabits.com/index.html
KINDERGARTEN TO COLLEGE (K2C)K2CistheCityofSanFrancisco’sinitiativetoprovideeverystudententeringKindergartenintheCity’spublicschoolswithaCollegeSavingsAccount(CSA)containinga$50depositfromtheCityandCountyofSanFrancisco.Accountisusedasateachingtoolforfinancialeducation. Source: SanFranciscoOfficeofFinancialEmpowerment Grades: K-2 Learn more: http://sfofe.org/programs/k-to-c
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 51
MONEY AS YOU LEARNProvidesteacherswithlessonplansthatarealignedtotheCommonCoreStateStandardsforMathandEnglishlanguagearts.ClassroomresourcesareavailableforgradesK-2,3-5,6-8,and9-12. Source: President’sAdvisoryCouncilonFinancialCapability Grades: K-12 Learn more: http://www.moneyasyoulearn.org
PRACTICAL MONEY SKILLS GAMESGamebasedlessonsforfinancialeducationthatconnecttoaseriesofage-specificlessonplans.GamesincludeFinancialSoccer,FinancialFootball,MoneyMetropolis,andPeterPig’sMoneyCalculator.Designedforclassroomandat-homeuse. Source: Visa,Inc. Grades: 3-8 Learn more: http://www.practicalmoneyskills.com/games
MONEY HABITUDESInteractiveactivitycenteredonadeckofcardswhichdescribesarangeofmoneyattitudes,engaginglearnersinself-identificationandgroupdiscussion.Helpsplacepersonalfinancetopicsinthecontextofthestudent’slife,whichmakeslaterlessonsmorerelevant. Source: LifewiseStrategies,LLC Grades: 6-12 Learn more: http://www.moneyhabitudes.com/user-types/teachers-youth-leaders
HIGH SCHOOL FINANCIAL PLANNING PROGRAMProgramfocusedonbasicpersonalfinanceskillsforpre-teens,teens,andyoungadults.Programisorganizedintosixtopic-basedmoduleswithstudentguides,anassortmentof45-minuteteacherlessonplans,andacollectionofonlinelearningactivities. Source: NationalEndowmentforFinancialEducation(NEFE) Grades: 9-12 Learn more: http://www.hsfpp.org
FINANCIAL EDUCATION AND ACCOUNT ACCESS AMONG ELEMENTARY STUDENTS RESEARCH BRIEFFindingsofaresearchstudycommissionedbytheUSDepartmentoftheTreasuryabouttheimpactofin-schoolbankbranchesonelementaryschoolstudents’financialknowledge.Findingsdescribetheroleoffinancialeducationandaccountaccessonimprovingstudentknowledgeandattitudes. Source: CorporationforEnterpriseDevelopment(CFED) Grades: K-5 Learn more: http://cfed.org/assets/pdfs/AFCO_youth_brief.pdf
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THE STOCK MARKET GAMETheStockMarketGameprogramisanonlinesimulationoftheglobalcapitalmarketsthatengagesstudentsingrades4-12intheworldofeconomics,investingandpersonalfinance. Source: SIFMA Foundation Grades: 4-12 Learn more: http://www.stockmarketgame.org/index.html
MYCREDITUNION.GOVMyCreditUnion.govoffersinformationonhowtostartastudentruncreditunionatschoolandalsoprovidesadditionfinancialtoolsandresources. Source: NationalCreditUnionAdministration Grades: K-12 Learn more: http://www.mycreditunion.gov/Pages/credit-unions-in-schools.aspx
MY FINANCIAL GUIDE WellsFargooffersvariousresourcesonfinancialeducation,includingcalculators,studentplanning,andinformationonbudgetingandmanagingcredit. Source: WellsFargo Grades: N/A Learn more: https://www.wellsfargo.com/financial-education
SCHWAB MONEY WISEThewebsiteprovidesinformationonmoneybasics,calculators,andresourcesforparentsandeducators. Source: CharlesSchwab Grades: N/A Learn more: http://www.schwabmoneywise.com/public/moneywise/about/financial_literacy
2.4.1 Initiative assessmentMONEY F-I-TWhitepaperfocusedonneedtoandstructureofnear-termandlong-termassessmentsofstudents’financialliteracy. Source: CenterforFinancialSecurity,UniversityofWisconsin-Madison Grades: 3-5 Learn more: http://moneyfitevaluation.wordpress.com
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PLANNING CURRICULUM IN PERSONAL FINANCIAL LITERACYComprehensiveguideondevelopingcurriculumaroundpersonalfinancialliteracywhichalignswithWisconsin’sModelAcademicStandardsforPersonalFinancialLiteracy.Includesstrategiesforbuildingaprogram,planninginstruction,creatingassessment,anddesigningprofessionaldevelopment.Includessampleactivitiesandrubrics. Source: Wisconsin’sDepartmentofPublicInstruction Grades: K-12 Learn more: http://finance.dpi.wi.gov
YOUTH SAVINGS PILOTFDICtocollectdatafromfinancialinstitutionscurrentlyofferingyouthsavingsprogramsandsupportthedevelopmentofnewprograms.Forparticipants,FDICwillhelpfosternetworking,offerworkshopsonnewresources,troubleshootimplementationissues,andprovidetechnicalassistance.ParticipatinginstitutionsmustapplytotheFDIC. Source: FederalDepositInsuranceCorporation(FDIC) Grades: K-12 Learn more: https://www.fdic.gov/consumers/banking/youthsavingspilot
RESEARCH PRIORITIES & RESEARCH QUESTIONSPrioritiesareusedtoinformFLEC,othergovernmentagencies,academicresearchersonimportantquestionsfacingthefield. Source: FinancialLiteracyEducationCommission(FLEC) Grades: K-12 Learn more: http://www.treasury.gov/resource-center/financial-education/Documents/2012%20Research%20Priorities%20-%20May%2012.pdf
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Making the case prioritize K-12 financial education and gain buy-in from stakeholders
Setting the strategydevelop the vision and roadmap
Defining the structure organize people and assets for impact and longevity
Fostering partnershipsengage partners to broaden reach and resources
Standards and requirementsset and enforce expectations for learning and instruction
Classroom resourcessupport dynamic instruction
Evaluating the initiativeassess outcomes and effectiveness
Outreach and recognitionmotivate communities to own their financial capability
Improve and scaleimplement and augment the initiative
Teacher trainingdevelop capacity for effective financial education delivery
Securing resources for K-12 financial launch and sustain the initiative
Extending the impact
Building the initiative
Laying the groundwork
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3. Extending the impact
Stagnantinitiativesruntheriskofbecomingobsolete.Evenifaninitiativeutilizesthebeststrategiesandresources,itwillnotrealizeitsintendedimpactwithoutaconsistentfocusonongoingoutreachandenhancement.Tocreate,capture,andsustainvalue,itiscriticaltoextendthereachofK-12financialeducationinitiativesbyengagingabroadcommunityofstakeholders,andbybuildingaframeworktomeasure,adapt,andstrengtheninitiatives over time.
ThefollowingsectioncontainsguidanceonhowtoeffectivelycarryoutandaugmentK-12financialinitiatives,includingresourcestosupportthepromotionandrecognitionofefforts,andimproveandscaleexistinginitiatives.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 55
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3.1 Outreach and recognitionEngagingexternalstakeholdersthroughawarenessandoutreachisanimportantcomplementtoanyK-12financialeducationinitiative.TheobjectiveoftheseeffortsistoamplifyconversationsandrecognizesuccessfulK-12financialeducationeffortstodriveabroaderbaseofsupport.
Asdemonstratedintheexamplesbelow,outreacheffortsmayincludesocialmedia,competitions,or events.
Case studies
MISSOURI’S #FINLITFRIDAY INITIATIVEUsingsocialmediaandthehashtag#FinLitFriday,MissouripromotesfinancialeducationamongMissourians.Theinitiativesharesfinancialeducationresourcesandmoneymanagementtipsaroundbudgeting,buildingcredit,andinvesting.The#FinLitFriday campaign provides studies andadvicefromfinancialexpertsincludingtheFederalReserveandU.S.TreasuryDepartment. Source: Missouri State Treasurer Grades: 9-12 Learn more: http://www.treasurer.mo.gov/newsroom/news-and-events/item/2014/07/31/treasurer-zweifel-announces-new-social-media-campaign-to-enhance-financial-literacy-among-missourians
NATIONAL FINANCIAL LITERACY MONTHAprilisNationalFinancialLiteracyMonthwhichhighlightstheimportanceoffinancialliteracyandaimstoteachAmericanshowtoestablishandmaintainhealthyfinancialhabits.In2000,theNationalEndowmentforFinancialEducationintroducedYouthFinancialLiteracyDay.In2003,theUnitedStatesSenatedesignatedAprilasFinancialLiteracyforYouthMonth.InMarch2004theSenatepassedResolution316thatofficiallyrecognizedAprilasNationalFinancialLiteracyMonth.EveryyearthePresidentissuesaproclamationtorecognizethemonth. Source: TheWhiteHouse Grades: K-12 Learn more: http://www.whitehouse.gov/the-press-office/2014/03/31/presidential-proclamation-national-financial-capability-month-2014
Key questions to consider in this module: § Whatisyourengagementstrategy?
§ Dothechannelsaligntoyourtargetstakeholdersandconstituents?
§ Doyoucommunicatemessagesclearlyandconsistently?Whoprovidesrecognitionforsuccessfulefforts?
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MINNESOTA DEPARTMENT OF COMMERCE FINANCIAL CAPABILITY MONTHMinnesota’sGovernorproclaimedApril2014asthestate’sFinancialCapabilityMonth—inlinewiththePresident’sNationalFinancialCapabilityMonth.ThroughoutApril,tenstateagenciesconductednearly40educationalandoutreacheventspromotingfinancialeducation.Themonthprovidesseveraleventsspecificallytargetedtoparentsofstudents.Todrawattentiontotheopportunitytousechildren’sliteraturetoteachK-12financialeducation,thestate’sCommerceandEducationCommissionersconductedajointeventcelebratingtheIt’s Never too Early to Start parent’sandteacher’sguide. Source: Minnesota Department of Commerce Grades: K-12 Learn more: http://mn.gov/commerce/consumers/financial-literacy/financial-capability-month.jsp
LIGHTS, CAMERA, SAVE! CONTESTTheAmericanBankersAssociation(ABA)Lights, Camera, Save! video contest engages teenagers ineducatingthemselves,sharingtheirknowledge,andbuildingawarenessoffinancialeducation.Forthe2014-2015schoolyear,thegrandprizewinnersofthevideocontestreceiveacashprizeandascholarshipforateacherfromtheirschooltoattendJump$tart’sNationalEducatorConference.Thecontestinvolveslocalbankstohostearlyroundsofthecontestandselectawinnertocompetenationally. Source: AmericanBankersAssociation(ABA) Grades: 6-12 Learn more: http://www.aba.com/Engagement/pages/lcsinfo.aspx
AMERICA SAVES WEEKStartedin2007,AmericaSavesWeekisanationalinitiativeinvolvingmorethan1,000nonprofit,government,andcorporategroupsthatencouragesindividualsandfamiliestosavemoneyandbuildpersonalwealth.AmericaSavesandtheAmericanSavingsEducationCouncilcoordinatetheannualevent,andtheConsumerFederationofAmerica(CFA)providesoverallmanagementforthe initiative. Source: America Saves Grades: K-12 Learn more: http://www.americasavesweek.org/home-2
MONEY SMART WEEKCreatedbytheFederalReserveBankofChicagoin2002,theannualMoneySmartWeekpublicawarenesscampaignfocusesonpromotingfinancialliteracyandstrongerpersonalfinancialmanagement.Thecampaignincludesthesupportofbusinesses,financialinstitutions,schools,nonprofits,governmentagencies,andthemedia.Topicscoveredduringtheweekincludebudgeting,credit,homebuying,andretirementplanning.EventsthroughouttheUnitedStates
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appearontheMoneySmartWeekwebsite.SchoolscantakeadvantageoftheeventsandresourcesprovidedbyMoneySmartWeektointroduceorfocusonK-12financialeducation. Source: FederalReserveBankofChicago Grades: K-12 Learn more: http://www.moneysmartweek.org
Case study takeaways: § Platformsforsuccessfuloutreachinitiativesincludesocialmedia,competitions,andevents.
§ Stateinitiativescanbuilduponanumberofexistingpublicawarenesscampaigns,suchasMoneySmartWeek,NationalFinancialCapabilityMonth,andAmericaSavesWeek.
§ Outreacheffortsshouldencompassavarietyofconstituents,includingparents,students,andteachersandrecognizesuccessfulK-12financialeducationefforts.
ForadditionalinformationpleasereviewtheAdditional resources for extending the impact at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 58
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3.2 Improve and scaleAfterbuildingtheinitiative,itisessentialtoensurestrategiesareinplacetoimproveandscaletheinitiative.GiventheconsiderableworkstilltobedoneinthefieldofK-12financialeducation,thereisaneedforcontinuouseffortstoincreaserigorandenhanceevaluationmethods.
Asseeninthefollowingexamples,feedbackmechanismssuchassurveys,pilots,andstudiescanserveasusefultoolstoidentifyareasforfurtherimprovement.Regardlessofthepathchosen,itisimportantforstatepolicymakersandthefinancialeducationcommunitytosharefindingsandaddtothegrowingbodyofcollectiveinformationandexperiences.
Case studies
MARYLAND STATE DEPARTMENT OF EDUCATION (MSDE) IMPLEMENTATION OF PERSONAL FINANCIAL LITERACY EDUCATIONSince 2011,Marylandhasrequiredallschoolsystemstoofferfinancialeducationforstudentsingrades3-12.TheMSDEimplementedK-12financialeducationaspartofitseffortstopromotecollegeandcareerreadiness.Overseenbyanadvisorycouncil,afinancialliteracyeducationteamdevelopedstatewidestandardsandcurriculumwithsupportingindicatorsandobjectives.FollowingacceptancebytheStateBoardofEducation,localschoolsimplementedrequirementstoadoptafinancialeducationprogramattheelementary,middle,andhighschoollevels.Beginningafive-yearcycleofre-approval,theMSDErequiredalllocalsuperintendentstosubmittheirschoolsystem’sapproachtoimplementingthestatestandardsandcurriculumtothestatesuperintendent.Duringthisprocess,theMSDEprovidedimplementationsupport,includingfunding,monitoring,andevaluationoflocalimplementationefforts.Additionally,MSDEmonitorsongoingstateneedsthroughsurveystoidentifyareasofimprovement.Followingtherolloutoftherequirements,MSDEadministeredasurveyaskingschoolsystemstodescribethedeliveryoffinancialeducationatthevariousgradelevelsandwhatadditionalresourceswerestillneededtoassistwiththisinitiative.Basedonteachersurveyresponses,MSDEplanstoexpandteachertraining0pportunitiesbydevelopingteachertoolkitsandanonlineteachercourseforfinancialeducation. Source: MarylandStateDepartmentofEducation(MSDE) Grades: K-12 Learn more: http://msde.state.md.us/fle/docs/FinancialLiteracyEducationUpdate_112013.pdf
Key questions to consider in this module: § Arestructuresinplaceforidentifyingareasforcontinuedimprovement?
§ Whatmechanismsareinplacetoshareresultsandaddtothebodyofknowledgeofwhatworks?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 59
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VERMONT HIGH SCHOOL PILOT STUDYThestateofVermontpartneredwithChamplainCollege’sCenterforFinancialLiteracytostudytheeffectivenessofhighlytrainedteachersonfinancialeducationoutcomesinVermonthighschools.Thestatehasfinancialeducationstandardsandrequirements,butwantedtounderstandwhatelsewasrequiredtodevelopsuccessfulfinancialeducationprogramsinitsschools.Theinitiativewillalsoidentifythebestpracticesoftheteachersinvolvedinthepilotthroughthecreation of a Professional Learning Communityofeducatorswhichwillbefundedbythepilotprogram.Theseteacherswillsharetheirresultsandrecommendationstoalltheirteachersatthecompletionofthisprogramviaawebsitedeliverymechanism.Businessesandprivatedonorsprovidedmuchofthefinancialsupportforthestudy. Source: ChamplainCollegeCenterforFinancialLiteracy Grades: 8-12 Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/cfl-programs/high-school-pilot-program
Case study takeaways: § Conductresearch(e.g.,surveysorfocusgroups)toidentifyandprioritizeareasofneed.
§ Setclearobjectivesandindicatorstodefineandmeasureimpactonanongoingbasis.
§ Worktoaddressareasforimprovementandgrowthinastrategicandsustainablemanner.
ForadditionalinformationpleasereviewtheAdditional resources for extending the impact at the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 60
Additional resources for extending the impact3.1 Outreach and recognitionLIFE SMARTCompetitionforstudentsin6-12thgrade.Participantsfocusonfiveareas:consumerrightsandresponsibilities,theenvironment,healthandsafety,personalfinance,andtechnology. Source: NationalConsumersLeague Grades: 6-12 Learn more: http://lifesmarts.org
MERIT BADGESCredentialsaroundfinancialliteracy,throughouttheprogressionfromDaisytoAmbassador,areoffered.Topicsinclude:budgeting,financingandcomparisonshopping. Source: GirlScoutsoftheUSA Grades: 3-12 Learn more: http://www.girlscouts.org/research/publications/financial_literacy
PERSONAL MANAGEMENT MERIT BADGECredential,necessarytoachievetherankofEagleScoutfocusesonfinancialliteracyandtimemanagementskills.Requirementstoobtainthebadgeincludepreparingabudget,writingaplanforpurchasingalargeitemanddemonstratingknowledgeandunderstandingaroundpersonalfinance. Source: Boy Scouts of America Grades: 6-12 Learn more: http://www.scouting.org/scoutsource/BoyScouts/AdvancementandAwards/MeritBadges/mb-PERM.aspx
FINANCIAL LITERACY AWARDPWC’sFinancialLiteracyAwardrecognizeseducatorswhoarehelpingtheirstudentsdevelopresponsiblefinancialbehaviorbyprioritizingfinancialliteracycurricula. Source: PWC Grades: 9-12 Learn more: http://www.pwc.com/us/en/about-us/corporate-responsibility/commitment-to-youth-education/financial-literacy-award.jhtml
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 61
3.2 Improve and scaleTHE GALLUP-HOPE INDEXIndextomeasureyouthattitudesaboutentrepreneurshipandfinancialliteracy,gaininsightintohowtheyenvisiontheireconomicfuture,andunderstandtheirlevelofparticipationinournation’seconomy.Researchispairedwithstrategiesandinterventiontoadvancefinancialeducation. Source: Operation HOPE Grades: K-12 Learn more: http://www.operationhope.org/Gallup-HOPE-Index
MAKE YOUR PATH (MY PATH)Initiativeprovidingdisadvantagedyouthwithpeer-ledfinancialcapabilitytrainings,asavingsaccountatamainstreamfinancialinstitutionandincentivestosetandmeetsavingsgoals.Programfocusesonyouthearningtheirfirstpaycheck,whichisacriticalmomenttopromotesavingsandconnectyouthwithfinancialproducts. Source: FederalReserveBankofSanFrancisco Grades: 9-12 Learn more: http://cfed.org/assets/pdfs/MY_Path_Working_Paper_2013-03.pdf
OECD TOOLS TO MEASURE FINANCIAL LITERACY AND IDENTIFY CORE COMPETENCIESOverviewofthreetoolsdevelopedbyOECD:1)financialliteracysurveytocapturelevelsoffinancialliteracyinadults;2)financialliteracyassessmentdevelopedaspartofPISA;3)corecompetencyframeworkforyouth,whichdrawsonthefindingsofthePISA2012financialliteracyassessment. Source: OrganisationforEconomicCooperationandDevelopment(OECD) Grades: K-12 Learn more: http://www.esma.europa.eu/system/files/7_adele_atkinson_oecd.pdf
STATE MANDATED FINANCIAL EDUCATION AND THE CREDIT BEHAVIOR OF YOUNG ADULTSIllustratesutilizingcreditreportdataasanexampleofhowtoevaluatetheefficacyoffinancialeducation interventions. Source: FederalReserveBoard Grades: K-12 Learn more: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2495884
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 62
U.S. BANK-FULLERTON PARTNERSHIPHighlightsthepartnershipofCaliforniaStateUniversity-FullertonwithU.S.BanktoprovidefinancialeducationtrainingformiddleandhighschoolteachersandtocreateaYouthIDAprogramforlow-andmoderate-incomestudents.TheIDAprogramwillalsounderpinalongitudinalstudyoftheimpactofYouthIndividualDevelopmentAccountsoverafive-yearperiod. Source: U.S.BankandCaliforniaStateUniversity-Fullerton Grades: 6-12 Learn more: http://financialgenius.usbank.com/about
PATHWAYS TO PROGRESSInpartnershipwiththeCitiesforFinancialEmpowermentFund,theCitiFoundationincreasedtheircommitmenttoSummerJobsConnect,whichprovideslowincomeyouthwithsummerworkexperience,accesstofinancialeducation,andfinancialservices. Source: Citi Foundation Grades: 9-12 Learn more: http://www.citigroup.com/citi/news/2015/150303b.htm
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 63
Next stepsThereisanexcitingopportunitytodesignandimplementpoliciesandpracticestohelpdevelopthefinancialcapabilityofyoungpeopletomakefinancialdecisionsandmanagetheirmoneyovertheirlifetimes.
TheCFPBrecognizesthevalueinraisingawarenessofK-12financialeducation,supportingK-12financialeducationresearchandprogramevaluation,andacknowledgingsuccessfulK-12financialeducationinitiativesandpractices.Indoingso,theCFPBsupportspolicymakersinadvancingK-12financialeducationasitbestsuitseachstate,locality,andclassroom.
ThisguideisastartingpointfordiscussionsthatbuildawarenessofandinterestinwhatispossibleforK-12financialeducation.Theframework,casestudies,andresourcesinthisguidepointtoapproachesforbuildingthecapabilitytodevelopsustainableandimpactfulinitiatives.TheCFPBplanstoupdatethisguideonanongoingbasistoincludenewandinnovativeapproachestoK-12financialeducation.
TheCFPBencouragesyoutouseandsharethisguidetoadvanceK-12financialeducation.Formoreinformationontheinformationinthisguide,ortoshareyourexperiences,bestpractices,orresources,[email protected].
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 64
APPENDIX A:
CFPB resources for advancing K-12 financial education Inadditiontothisguide,theCFPBprovidesavarietyofresourcestopromoteK-12financialeducation.Thelistofresourcesbelowindicatesthenameoftheresourcesource,abriefdescription,andweblink.
2014 FINANCIAL LITERACY ANNUAL REPORTOutlinestheBureau’sstrategytoimprovefinancialliteracy,andhighlightsfrompastandongoinginitiatives. http://files.consumerfinance.gov/f/201407_cfpb_report_financial-literacy-annual-report.pdf Corresponding Module: Fostering partnerships
TRANSFORMING THE FINANCIAL LIVES OF A GENERATION OF YOUNG AMERICANS: POLICY RECOMMENDATIONS FOR ADVANCING K-12 FINANCIAL EDUCATIONProvidesanoverviewofthefinancialdecision-makingcontextthatconsumersnavigateareviewofexistingeffortsintheK-12financialeducationfield,andrecommendationsforadvancingfinancialeducationinpolicyandpractice. http://files.consumerfinance.gov/f/201304_cfpb_OFE-Policy-White-Paper-Final.pdf Corresponding Module: Makingthecase,Settingthestrategy
INVESTING IN OUR FUTURE: NATIONAL CONFERENCE ON YOUTH FINANCIAL EDUCATION & CAPABILITYDiscussionsummaryoftheApril2013conferencehostedbyCFPB,whichcenteredondefiningacollectivevisionforthefield,promisingpracticesforincludingfinancialeducationinK-12schools,theroleofinnovative,hands-onlearning,andresearchandevaluationneeds. http://files.consumerfinance.gov/f/201312_cfpb_summary_youth-financial-capability-conference.pdf Corresponding Module: Settingthestrategy,Definingthestructure
COMMUNITY PARTNERSHIP GUIDEBOOK FOR LIBRARIESToolkitforlibrariestoutilizewhendevelopingpartnershipstosupportfinancialeducationprogramming.Includesplanningworksheetsandreplicableforms. http://files.consumerfinance.gov/f/201406_cfpb_pa.rtner-guidebook.pdf Corresponding Module: Fosteringpartnerships,DefinetheStructure,Improveandscale
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 65
PAYING FOR COLLEGEWeb-based‘actionguide’includingtoolsdesignedtoinformandsupportstudentsastheynavigatecollegefinancialaidandstudentdebt. http://www.consumerfinance.gov/paying-for-college Corresponding Module: Classroomresources
YOUR MONEY, YOUR GOALSToolkitforsocialservicesorganizations,designedtosupportgoal-settinganddevelopingpersonalfinancialmanagementskillsfortheirclients. http://www.consumerfinance.gov/your-money-your-goals Corresponding Module: Settingthestrategy,Fosteringpartnerships,Improveandscale
FINANCIAL WELL-BEING: THE GOAL OF FINANCIAL EDUCATION Thisreportprovidesaconceptualframeworkfordefiningandmeasuringsuccessinfinancialeducationbydeliveringaproposeddefinitionoffinancialwell-being,andinsightintothefactorsthatcontributetoit. http://www.consumerfinance.gov/reports/financial-well-being Corresponding Module: Makingthecase,Evaluatingtheinitiative
BUILDING FINANCIAL CAPABILITY IN YOUTH EMPLOYMENT PROGRAMSThisreportprovidesanoverviewoflessonslearnedduringaroundtablethattheCFPBconvenedincollaborationwithotherfederalagenciestodiscussintegratingfinancialeducationintoyouthprograms,establishingpartnershipswithemployers,andidentifyingeffectivestrategiestocollaboratewithfinancialinstitutions. http://www.consumerfinance.gov/reports/building-financial-capability-in-youth-employment-programs Corresponding Module: Making the case
ASK CFPB Onlinetool,whichprovidesanswerstoover1,000questionsaboutfinancialproductsandservices.Itanswersquestionsontopicsincludingmortgages,creditcards,andhowtofixanerrorinacreditreport. http://www.consumerfinance.gov/askcfpb Corresponding Module: Classroomresources
CFPB BROCHURESTheCFPBcreatedarangeofpublicationsforconsumersthatprovidestraightforwardinformationaboutmoneymanagementandotherfinancialissues.Thesepublicationsincludebrochuresaboutcheckingyourcreditreport,avoidingcheckingaccountfees,tax-timesaving,howtoavoidforeclosure,whattodoifyoucannotpayyourcreditcardbills,andothertopics.TheCFPBmakesmanyoftheseresourcesavailableinbothEnglishandSpanish.Thesepublicationsareavailableforfreedownloadorbulkorder. http://promotions.usa.gov/cfpbpubs.html Corresponding Module: Classroomresources
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 66
CFPB/FDIC PARENTS AND CAREGIVERS INITIATIVE TheCFPBiscollaboratingwiththeFederalDepositInsuranceCorporation(FDIC)onaninitiativetoempowerAmericanyouthtomakebetterfinancialdecisionstoachievetheirowngoalsthroughoutthestagesoftheirlives.Thecollaborationfocusesonimprovingyouthfinancialcapabilitybydevelopingandpromotingfinancialeducationresourcesforyouth,parentsandcaregiversofyouth,andteachers.ThecollaborationwillbuildontheFDIC’sMoneySmartfinancialeducationprogramtoaddressyouthfrompreschoolthroughage20,andwillalsodevelopresourcesforparentsandteachers. http://www.consumerfinance.gov/parents Corresponding Module: Outreachandrecognition,Improveandscale
FINANCIAL AID SHOPPING SHEET TheFinancialAidShoppingSheetisastandardized,easy-to-readformoffinancialaidawardletterthatcollegesanduniversitiescansendtoprospectivestudents.TheShoppingSheetisdesignedtoallowcollegeapplicantstobetterunderstandthedebtimplicationsoftheircollegechoiceandcomparethecostsandfinancialaidoffersoftheschoolsfromdifferentinstitutions. http://www.consumerfinance.gov/students/knowbeforeyouowe Corresponding Module: Classroomresources,Improveandscale
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 67
APPENDIX B:
Development template to set the strategySettingthestrategyisakeycomponentoflayingthegroundworkforK-12financialeducationefforts.Aftermakingthecaseforfinancialeducationandgeneratingsupportfromtheappropriatestakeholders,itiscriticaltodevelopasoundstrategyfortheinitiative.Thisstrategywillformthefoundationfortheinitiative’sdesignandexecution,guidingresourceallocation,performancemeasurement,andongoingdecisionmakingandadaptation.
Thestrategydevelopmenttoolthatfollowsoutlinestheprimaryelementstoconsiderwhensettingthestrategyforaninitiative.Itisdesignedasastartingpointforsurfacinganinitialstrategicconceptthatwillthenfeedintothedevelopmentofacomprehensivestrategyandplan,butshouldnotbeusedasthesoleinputintoafinalizedoverarchingstrategy.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 68
Components of an effective strategyInordertoturnvisionintoimpact,effectivestrategiesalignchoicesinfourkeyareas:identifyinggoalsandobjectives,focusingefforts,outliningactivities,andidentifyingtheassetsandcapabilitiesrequired.Thesechoicesshouldbeintegratedandmutuallyreinforcing,suchthateachchoicesupportsthoseprecedingandfollowingit(e.g.,capabilitiesandsystemsidentifiedshouldsupporttheaspirationsfortheinitiative).
Figure 1: Components of an effective strategy
THEREFORE
THEREFORE
THEREFORE
What is our goal and objective?
What challenge are we working to address and how do we believe that we can make a difference?
Where will we focus efforts?
What part of the problem should we work on, what role should we play, and where will we focus our efforts?
How will we succeed?
What actions, adaptations, and economic model are required, and how will we measure our success?
What capabilities will we need?
What skills and abilities will we need, individually and collectively, to create the impact we’ve set out to achieve?
Be sure to consider: § Purpose and rationale § Challenges addressed § Primary objectives (e.g., student performance
objectives, policy objectives, etc.)
Be sure to consider: § Target groups served § Services provided § Initiative design § Role and positioning in field
Be sure to consider: § Action plan and sequence § Funding model § Constituent engagement strategy § Impact metrics
Be sure to consider: § Organizational structure and capabilities § People, systems, and assets required § Partnership strategy
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 69
§What is our goal and objective?:Thisincludesdefiningthepurposeandrationalefortheinitiative,challengesitwilladdress,andprimaryobjectives.Thebestgoalsaremeasurable,time-bound,ambitiousyetattainable,andaddressaclearneed.
§Where will we focus efforts?:Thisincludeswhoyouseektoimpact,whatservicesyouwillprovide,theprogramdesigntodeliverthem,andtheroleandpositioningfortheinitiativeinthefield.Thesechoiceswillnotonlyguidewheretodirectyourefforts,butalsowherenot tofocus,whichhelpstoensurethattimeandresourcesareusedefficiently.
§How will we succeed?:Astrategyisonlyusefulifaclearpathexiststodriveitsimplementation,includinganactionplanandsequence,fundingmodel,constituentengagementstrategy,andimpactmetrics.Onceacleargoalandfocushasbeenidentified,theactionplanandsequencelaysoutthenecessaryactivitiestoachieveshortandlongtermimpact.Theresourcesandconstituentengagementstrategyhelpsustainthework,whileimpactmetricsmeasurethevalueoftheseactivitiesandprogresstowardsyourgoal.
§What capabilities will we need?:Inordertoeffectivelyexecuteuponyouraspirations,thegoalsandfocusoftheinitiativemustbewell-supportedbyalignedsystemsandresources.Theseincludeanorganizationalstructureoutliningthepeople,systems,andassetsrequiredtodeliverthework,alongwithapartnershipstrategytofillinanygapsinresourcesorcapabilities.
Thebeststrategiesarecompellingtoarangeofstakeholders,actionableandrealisticgiventhecapabilitiesandresourcesavailable,andlogicallysoundandcoherent.Thesethreecharacteristics—compelling,actionable,androbust—shouldguidethedesignofthestrategy,aswellaspressuretestthestrategytoconfirmitsstrength.Inordertogenerateastrongfoundationofsupportfortheinitiative,thestrategyneedstobecompellingandpurposeful,toensurethecommitmentofkeystakeholders,bothcognitivelyandemotionally.Inaddition,itshouldbeactionableandattainable,abletobetranslatableintoconcreteactionplanswithrealistictimelinessupportedbytherequisitecapabilitiesandresources.
Pleaseseeanillustrativeexampleofhowthistoolmightbeusedtogenerateinitialthoughtsaroundsettingthestrategyforaninitiative.Inaddition,atemplateandguidingquestionsforthinkingthroughthekeyinitialconsiderationswhensettingyourK-12financialeducationstrategyisincludedfollowingtheillustrativeexample.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 70
Strategy development templateTheexamplebelowprovidesanillustrationofemployingthestrategydevelopmenttooloutlinedabove.Thisexamplesetsaninitialstrategicconceptforahypotheticalteachingtraininginitiative.TheCFPBdoesnotintendthistobeanendorsementofanyspecificapproach,butratherisincludedfordemonstrativepurposesonly.
Thetemplatebelowservesasastartingpointforsurfacinganinitialstrategicconceptorthoughtstarter,ratherthanacomprehensivestrategy.Beforefinalizingastrategy,itisimportanttoincorporatetheappropriatestakeholdersforavettingprocess.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 71
Figure 2: An illustrative example
What is our goal and objective? Where will we focus efforts?
How will we succeed? What capabilities will we need?
Primary objectives: § Develop highly trained mathematics teachers
that are committed and capable of effectively integrating personal finance concepts in their general classroom instruction
Challenges addressed: § Educators’ discomfort with teaching personal
finance topics § Limited instructional time available for personal
finance educationImpact targets: § Train 100 teachers across the state annually § Expose 700 classrooms to personal finance
education which has been integrated into existing mathematics instruction by 2018
Target groups: § 9-12th grade math teachers across the state
Services provided: § Training on use of personal finance for math
educators curriculum and resources § One-on-one financial planning consultations
for participantsProgram model: § Week long summer training institute
Role and positioning: § While several teacher trainings and
conferences related to personal finance are offered throughout the year, this will serve as the only intensive summer institute targeted specifically towards math educators in the state
Action plan: § Training design and development will run from
January – May § The training will be held in mid-June
Constituent engagement: § Offer continuing education credit and other
incentives to teachers for their participation § Reach out to principals and superintendents to
encourage their teachers to attendEconomic model: § Leverage higher education partners and
philanthropic donors to defray the costs of the initiative
Impact metrics: § Number of teachers trained § Teacher satisfaction survey results § Implementation rates in mathematics
classrooms
Organizational structure: § The program will be designed and led by the
Office of Financial Literacy § A task force will be responsible for the
Institute’s development period; once the training is operational ongoing management will be led by the Office’s Chief of Staff
Capabilities required: § Experienced instructors § Space to hold trainings and board participants § Strong outreach capabilities to attract
participantsPartnership strategy: § Partner with local college for space, Jump$tart
for curriculum, and district leaders to encourage their teachers to attend
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 72
Figure 3: Strategy development template (part 1)
What is our goal and objective? Where will we focus efforts?
§ What is our primary organizational goal/objective?
§ What is the specific challenge we are looking to overcome?
§ What impact are we seeking to have?
Primary objectives:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
Challenges addressed:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
Impact targets:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
§ What groups of people do we want to impact? § What services will be provided? § What program design will deliver them? § What unique role will the initiative serve in the
field?
Target groups:
____________________________________________
____________________________________________
Services provided:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
Program model:
____________________________________________
____________________________________________
____________________________________________
Role and positioning:
____________________________________________
____________________________________________
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ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 73
Figure 3: Strategy development template (part 2)
How will we succeed? What capabilities will we need?
§ What key activities are required, and how do we sequence them to meet our short and long-term goals?
§ How will we measure the value we provide? § Who are our primary stakeholders, and how will
they be involved? § What is a sustainable economic model for the
short and long term?
Action plan:
____________________________________________
____________________________________________
____________________________________________
Constituent engagement:
____________________________________________
____________________________________________
____________________________________________
Economic model:
____________________________________________
____________________________________________
Impact metrics:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
§ What kinds of people, systems, and assets are required?
§ What organizational and governance structure will be most effective?
§ What partnerships will we need to have with other individuals and organizations?
Organizational structure:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
Capabilities required:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
Partnership strategy:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 74
APPENDIX C:
Evaluation template to foster partnershipsEffortstofosterpartnershipsareanessentialelementtolaythegroundworkforfinancialeducation.Afterdefininganinternalstructurefortheinitiative,policymakerscanexpandtheimpact and scope of your efforts through tapping into outside resources and support. These partnershipscanbringaddedskills,resources,andinsightintotheinitiative’sdesignandimplementation.
Thefollowingstepsoutlinetheprimaryfactorstoconsiderwhenfosteringpartnerships.TheCFPBdesignedthistemplateasastartingpointtoidentifyandassesshighpotentialrelationships.Thisisnotintendedtoactasacomprehensivepartnershipstrategyandplan.
Steps for identifying partnershipsFirst,evaluatethecurrentlandscapeforK-12financialeducationinyourregion.Todothis,conductaninventoryoftheorganizations,programs,andindividualsinyourareaalreadyinvolvedwithfinancialeducationinitiatives.Thesemayincludegovernmentandcommunityleaders,financialinstitutions,financialeducationexperts,nonprofitorganizations,libraries,andothercommunityserviceproviders,academicorresearchinstitutionbusinesses.
Next,assessthepotentialbenefitsthepartnership.Partnerscanbringavarietyofcapabilitiesandperspectivestothetable,including:
§ Knowledgeanddataofwhatworks
§ Influenceandabilitytoeffectchangewithintheeducationinfrastructure
§ Addedvisibilityandawarenesstotheissue
§ Businessandfinancialacumen
§ Financialandprofessionalresources
§ Practicalinsightsontheissuesandconcernsofcommunitymembers
Inaddition,successfulpartnershipsarereciprocal,soitisimportanttoconsiderthepotentialpartner’smotivationsfortherelationship.Forexample,throughworkingwithstategovernmentoffices,potentialpartnersstandtogainaddedvisibilityandrecognition.Inaddition,partnershipsformedatthelocallevelcanthenbescaledacrossstatesifthepartnershipprovessuccessful.Taken
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 75
together,hypothesesaroundthe“give”and“get”canofferagreatersenseofthepotentialvalueandfeasibilityoftherelationship.Basedonthesemeasures,youshouldworktoprioritizethehighest-valuefeasiblepartnerships.
Finally,turnintentionintoactionbythinkingthroughthebestavenuesforestablishingtheprioritizedpartnershipsandappropriatecontactsforinitiatingtherelationship.
Partnership evaluation templateThetemplatebelowprovidesastartingpointtothinkthroughthepartnershipdevelopmentprocess,fromcatalogingthevariousorganizationsinyourareatobeginningtherelationship.Therowbelowofthetemplateprovidesafewexamplesforyoutoconsider.TheCFPBdoesnotintendthistemplateasanendorsementofanyspecificapproachoracomprehensivepartnershipassessmentorstrategy,butratherisincludedfordemonstrativepurposesonly.
Table 1: An illustrative example
Organization or Program Type
Potential Partnership Value (“Give”)
Incentives for Partner (“Get”)
Recommended Approach
Organization X Local nonprofit, bank or credit union, academic institution, etc.
Knowledge and research, influence and ability to effect change, visibility and awareness, etc.
Alignment with organization’s purpose, marketing value, etc.
One-on-one meeting with Program Director, email with attached infographic to Corporate Social Responsibility lead, etc.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 76
Table 2: Partnership evaluation template
Organization or Program Type
Potential Partnership Value (“Give”)
Incentives for Partner (“Get”)
Recommended Approach
