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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-FrankWallStreetReformand Consumer Protection 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].
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
1.1
1.2
1.3
1.4
1.5
2.1
2.2
2.3
2.4
3.1
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ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 7
FrameworkThe framework set forth in this guide is designed to besimpleandintuitive,providingafirststepforthosejustbeginningtopursueK-12financialeducationorthoseseekingtoenrichexistingK-12financialeducationinitiatives. The framework consists of three sections (“Layingthegroundwork,”“BuildingtheInitiative”and“ExtendingtheImpact”).
Withineachmodule,therearemultiplecasestudiesandaccompanyingresourcestoilluminatespecificeffortsneededforadvancingK-12financialeducation.TheCFPBbroughttogetherinformationgatheredthroughananalysisofcurrentefforts,insightssharedbyK-12financialeducationpolicymakers,aswellasdiscussionswithexpertsandleadersinthefinancialeducationcommunity.
Laying the groundwork focuses on making the caseforK-12financialeducation,settingastrategyforinitiatives,definingthestructureforinitiatives,fosteringpartnerships, and securing resources.
Building the Initiative focuses on key components ofK-12financialeducationincludingstandardsandrequirements,classroomresources,teachertraining,andinitiativeevaluations.
Extending the Impactfocusesonimplementation,strategies for outreach and recognition, and improving andscalingefforts.
The framework does not constitute a prescription that appliesinallsituations;uniquestatecircumstanceswilldictatethespecificcombinationsofapproachesthataremostapplicable.Additionally,CFPBintendstoperiodicallyimproveandupdatethispolicymakerresourceguide.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 8
Guiding questionsInusingthisguide,considerthedifferentareasrelatedtoK-12financialeducationthatyoumaywanttoinitiate,strengthen,orscale,andthenreviewrelevantcasestudiesandresourcesconnectedtothatarea.Theguideisdesignedtobeflexibleandintendedto helpyou advance K-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
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
1.1
1.2
1.3
1.4
1.5
2.1
2.2
2.3
2.4
3.1
3.2
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 11
1. Laying the groundwork
Themosteffectiveandenduringmovementsarebuilton strong foundations. First and foremost, this means buildingacaseanddevelopingastrategicplantoguidefurtherefforts.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.ThesummitwasaresultofcollaborationbetweentheNewJerseyDepartment of Education, New Jersey Department of Banking and Insurance, theNewJerseyCoalitionforFinancialEducation,andJuniorAchievementofNewJersey.Participantsincludedpolicymakers,educators,businessleaders,andotherkeyalliestolearnaboutavailableresourcesforK-12financialeducationandcontributetheiruniqueperspectivesandviewpoints.Thesummitsupportedthenewly-adoptedstaterequirementforstudentstocompleteafinancial,economic,business,andentrepreneurialcourseforhighschoolgraduation. Source: New Jersey Department of Education Grades: K-12 Learn more:http://www.state.nj.us/education
COUNCIL FOR ECONOMIC EDUCATION (CEE) SURVEY OF THE STATESTheSurveyoftheStatesisatwiceyearlyreportthatprovidesastatebystateanalysisofstatepoliciesthathavebeenenactedtorequireorencouragefinancial
Key questions to consider in this module: § Doesthecaseincludeavarietyofinputstoappealtoarangeofinterests,
viewpoints, and supporters?
§ Isthereevidence-basedresearchanddataavailabletosupportthecase?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 13
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educationandeconomicseducationinstructioninK-12schools.Specifically,theSurveyoftheStatesdescribesanddocumentsarangeofpolicyoptionsthatareavailabletopolicyleaderssuchashighschoolgraduationrequirements,creationofcontentstandards,requirementstoimplementcontentstandards,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.Everystrategyisuniqueandshouldbecustomizedtomeettheneeds of the communities in your state.
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,
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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increasing access to teacher training, and the need for grants to support new efforts.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
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
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 16
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Case study takeaways: § Incorporatingarangeofinsightsandinputcanhelptoensurethestrategyisbothrobustandcompelling,tosecurecommitmentandactionfromkeystakeholders.
§ Strategiesshouldincludegoalsandaspirationsandoutlinespecificactionsforapath forward.
§ Goalsshouldbeclearandtimeboundandprogressshouldbemeasurable.
ForadditionalinformationpleasereviewtheAdditional resources laying the groundworkattheendofthissection.Additionally,pleasereviewtheDevelopment tool to set the strategyintheappendix
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 17
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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
Key questions to consider in this module: § Doesthestructurehavethelongevityandhumancapitalrequiredtoachieveobjectives?
§ Aretherightmixofpeople,skills,expertiseandcapabilitiesinplace?
§ Doesthestructureincludeappropriatedecisionpointsandprocessestomakeprogressandoperationalizeobjectives?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 18
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MARYLAND FINANCIAL LITERACY EDUCATION ADVISORY COUNCIL TheFinancialLiteracyEducationAdvisoryCouncil supports the state with implementingK-12financialeducationstandardsandthestatewidecurriculum.Theadvisorycouncilmanagesafinancialeducationdesignteamthatdevelopedthestate’sstandardsandcurriculum.Thefinancialeducationdesignteamcomprisedofteachers,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,andstudentloansforthesevenththroughthe 12thgrades.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 19
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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. After identifying strategies, the partnership reviews and recommends financialeducationresources,providesteachertraining,andraisesawareness.Additionally,thepartnershipprovidesannualreportstostateleadership—includingthegovernor,superintendentofpublicinstruction,highereducationlegislativecommittee,andK-12educationlegislativecommittee.Thepartnership
Key questions to consider in this module: § Whoarepotentialpartnersinthefinancialeducationcommunity?
§ Doesthepartnershipcapitalizeuponexternalpartners’capabilitiesandassetstoincreasethecapacityandreachofK-12financialeducationinitiatives?
§ Isthepartnerrelationshipsymbiotic?Dobothsidescontributetoeachother’sobjectives?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 20
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includesmembersacrossstategovernment,financialinstitutions,nonprofit,highereducation,andprofessionalassociations. Source: WashingtonState Grades: K-12 Learn more: http://feppp.org
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.TheCooperativeExtensionlinkstheresourcesandexpertiseof
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morethan3,000countyextensionoffices,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
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-12financialeducationinitiatives.
Case studies
NEW JERSEY LEGISLATION FOR CREDIT UNIONSIn2011,NewJersey’slegislatureauthorizedthestate’screditunionstotakedeposits,suchastaxreceipts,fromthestate.Whileservingaspublicdepositories,the credit unions accepting the funds are required to provide funding for K-12 financialeducation.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.
Key questions to consider in this module: § Whatexistingfundingstreamsareavailable?
§ Istheresourcesustainable?
§ Canyouleveragepublic-privatepartnershipstobringvitalresources?
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DollarWiseofferstheopportunityforUSCMmemberstoapplyforinnovationgrantstocitiesdemonstratingfinancialeducationcommitmenttotheircitizens.Additionally,DollarWiseawardsgrantstocitieswithinnovativeeffortstoincorporatefinancialeducationintotheirsummeryouthemploymentinitiatives.DollarWisealsopromotesfinancialplanningdaysofferingfreefinancialeducationandplanningfromcertifiedfinancialplanners.DollarWisehasbeensupportedbythe Bank of America Foundation since 2005. Source: UnitedStatesConferenceofMayors Grades: K-12 Learn more: http://bedollarwise.org
STATE FUNDING MODELSToadequatelyfundK-12financialeducationcampaigns,stateshaveemployedinnovativefundingmodels.WestVirginiacreatedaConsumerEducationFund,whichreceivesapercentageofallcivilpenaltiescollectedbyitsDivisionofBanking, to promote consumer awareness and understanding of issues around mortgagelending.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.
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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
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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
FINANCIAL LITERACY FRAMEWORKIn2012,ChicagoPublicSchoolsintegratednewfinancialliteracycourseworkintoitsK-12curriculum.TheFinancialLiteracyFrameworkwastheresultofapartnershipwithfinancial
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 29
leadersfromboththeprivateandpublicsectorandprovidedCPSstudentswiththeskillsneededtounderstandfinanceissues. 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
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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)studentsandprofessionalsfrombothmultiplepracticesettingsandcontent areas. 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
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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 grantwasusedtotrainmiddleandhighschoolteachersviagraduate-levelcourseatMiddleTennesseeStateUniversity.Courseworkequalsthreehoursofcreditandisfullypaidfor.Teachers receive a stipend 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
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.Whileweunderstandthateach state has unique circumstances when it comes to financialeducationimplementation,contentstandardsandrequirementscanhelpsetexpectationsabouttheknowledgeandskillsstudentsmustdemonstrate.Trainedteacherscanskillfullydeliveraswellasadaptthecurriculuminwaysthataredevelopmentallyappropriateandengagingtostudents.High-qualityclassroominstructionalmaterialshelpactualizethestandards.Lastly,rigorousevaluationmethodshelpmeasuretheimpactandeffectivenessoftheinstruction,allowingyoutocontinuouslymonitorandimprovecomponents of the initiative.
Themodulesthatfollowcontaininformationtosupportthedesignandimplementationforeachofthesecomponents—standardsandrequirements,teachertraining,classroomresources,andevaluation—tobuildrobustandscalableK-12financialeducationinitiatives.
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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$tartCoalition’sNationalStandardsinK-12 PersonalFinanceEducation.Thesestandardsdefinetheknowledgeandskillsthatstudentsmustmasterateachlevel.Moreover,thestandardsmakeiteasiertoevaluatestudentfinancialknowledgeanddetermineoutcomesandeffectiveness.Whiletherearenuancestothetwosetsofstandards,bothencouragefinancialeducationwithafocus on the fourth, eighth, and 12th grades.
Key questions to consider in this module: § WhatK-12financialeducationcontentstandardsareinplace?Howdotheyvarybygradelevel?
§ Arefinancialeducationstandardstiedtoanexistingcourseorrequiredtobetaughtaspartofastand-alonecourse?
§ DostatetestsincludeK-12financialeducationstandards?
§ Howdoyouenforcestandards?Doassociatedrequirementsexistaroundthestandards(e.g.,isfinancialeducationagraduationrequirement)?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 34
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Case studies
COLORADO DEPARTMENT OF EDUCATION REVIEW OF POTENTIAL STANDARDS. InanefforttodeterminethebeststrategyforimplementingK-12financialeducationstandards,theColoradoDepartmentofEducation(CDE)consideredfouroptionsforincorporatingstandards.TheseincludedembeddingK-12financialeducationstandardswithinbothsocialstudiesandmathematics;withineithermathematicsorsocialstudies;adoptingnationalstandardsandaligningtomath,Englishlanguagearts,and/orsocialstudiesstandards;ordevelopingstate-specific,customizedstandards.CDEconsideredthestatesemployingtheapproaches,specificsaroundhowtheapproacheslooksinpractice,andtheappropriatenessoftheapproachestoColorado’sspecificneeds.Ultimately,ColoradointegratedpersonalfinancestandardsintoitsK-12socialstudiesandmathematicsstandards. Source: ColoradoDepartmentofEducation’s Grades: K-12 Learn more: http://www.cde.state.co.us/standardsandinstruction/pflreview
JUMP$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 LITERACY.TheNationalStandardsforFinancialLiteracyprovidesaframeworkforteachingpersonalfinancefromkindergartento12thgrade.Thestandardsfocusonsixkeytopics:earningincome,buyinggoodsandservices,usingcredit,saving,financialinvesting,andprotectingandinsuring.In2014,FloridawasthefirststatetoadoptCEE’supdatedstandards.FloridafinancialeducationpolicymakerschosetoincludethestandardsasapartoftheNextGenerationSunshineStateStandards(NGSSS)forSocialStudies.Thestandardsappearasadistinctstrand,onparwitheconomics,geography,worldhistory,andotherkeytopics,withintheNGSSSfor
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grades four, eight, nine and 12. The standards underpin the new Economics with FinancialLiteracycoursegraduationrequirementforstudentsenteringninthgradeduringthe2013-2014academicyears.Florida’schapteroftheCEEhostsworkshopstosupportteachersintheirimplementationofthenewrequirements. Source: CouncilforEconomicEducation Grades: K-12 Learn more: http://www.councilforeconed.org/resource/national-standards-for-financial-literacy
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
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Case study takeaways: § Decisionsregardingthemostappropriatesetofstandardstoadoptvarybasedonspecificneedsofthestate.
§ Ifthestatedoesnotrequireschoolstoimplementfinancialeducationstandards,schoolsaresignificantlylesslikelytoteachfinancialeducationbecauseofcompeting requirements.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
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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
Key questions to consider in this module: § WhatopportunitiesexistforteacherstogainfamiliarityandskillinteachingK-12financialeducation?
§ Whoprovidesincentivesandsupporttoencourageteacherstoattendtrainings?
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THE JUMP$TART EDUCATOR CONFERENCE Eachyear,theJump$tartCoalitionhostsaNationalEducatorConferencegearedtoward Pre-K-12 educators. The conference provides participants with resources, professionaldevelopment,andnetworkingopportunitiesbetweeneducatorsandfinancialprofessionals.Additionally,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$tartCoalitionandEdgewoodCollege,offersthreecourseseachsummer.Designedforteachers,thecourseworkfocusesonincorporatingK-12financialeducationconceptsinpersonalfinance,familyandconsumersciences,socialstudies,economics,math,andbusinesscourses.TheOfficeofFinancialLiteracyencouragesfinancialcounselors,technicalcollegefaculty,correctionsstaff,andschoolprincipalsandadministratorstoattend. Source: EdgewoodCollege Grades: K-12 Learn more: http://www.edgewood.edu/Events/NIFEL
CLICK, LEARN, AND TEACHClick,Learn,andTeachisaseriesoffreeonlineprofessionaldevelopmentprogramsonK-12economicsandfinancialeducationfromtheFederalReserveBanksofAtlantaandSt.Louis.TeacherscanearnGraduateCredit,FederalReserveBankCertification,orContinuingProfessionalDevelopmentUnitsincertainstates. Source: FederalReserveBanksofAtlantaandSt.Louis Grades: K-12 Learn more: https://www.stlouisfed.org/education/teacher-professional-development
TENNESSEE FINANCIAL LITERACY SUMMITSTheTennesseeDepartmentofTreasury’sFinancialLiteracyCommission,anonprofitorganizationcreatedbytheTennesseeGeneralAssembly,conductsaseriesoffreesummitsonfinancialeducationforK-8teachersthroughoutthestate.Thesessionsaredesignedtoincreaseteachercomfortwithfinancialeducationcurriculum,andincludefinancialadvisorsallowingteacherstoaskquestions
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abouttheirretirementplanningoptions.Thesummitscounttowardateacher’scontinuing education credits and sometimes provide other incentives to encourage participation. More than 1,800 teachers from across the state received the training in a two-year period. Source: Tennessee Department of Treasury Grades: K-8 Learn more: http://www.proedtn.org/?TNFLCsummits2014
CHAMPLAIN COLLEGE SUMMER INSTITUTEChamplainCollegedesignedaone-weekprofessionaldevelopmentprogramtoincreasethefinancialeducationandinstructionalcapabilityofVermont’sK-12teachers.TheprogramusesacurriculumcompiledbyanationalsteeringcommitteethatincludestheJump$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.
§ Providing incentives for participation, such as continuing education credits or otherincentivescanhelpencourageattendance.
§ Whethertheprogramleveragesexistingcurriculumorusesproprietarymaterials,themostsuccessfulteachertrainingprogramsworktoensureteachersfeelcomfortablewiththematerialathandandarewellpreparedtoimplementitintheirclassrooms.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
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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,USOEworkedwitheducatorsto
Key questions to consider in this module: § Areresourcesreadilyavailabletoteachersandstudents?
§ Doclassroomresourcesfullyalignwithlearningoutcomesorstatestandards?
§ Doclassroomresourcespresentavarietyofricheducationalcontentatrelevantandappropriatepointsforstudents?
§ Aretheresourcesobjectiveandbalanced?
§ Doclassroomresourcesintegrateeasilywithexistingstandardsandcurricula?
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designamatrixthatassignsfinancialandeconomicconceptstogradelevels.Byprovidingideasforintegratingage-appropriatefinancialcontentintoexistingcourses,suchasmathematics,socialstudies,andlanguagearts,FinanceintheClassroommakesiteasyforteacherstointroduceK-12financialeducationconceptsearlyandreinforcethemconsistentlythroughouttheK-12schoolyears. Source: UtahDepartmentofEducation/UtahEducationNetwork Grades: K-12 Learn more: http://financeintheclassroom.org
THE JUMP$TART CLEARINGHOUSETheJump$tartClearinghouseisanonlinelibraryoffinancialeducationresourcesgearedtowardeducatorsandparents.Jump$tartstaffreviewsubmissionstotheClearinghouse againstcriteriaalignedtoJump$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,including
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Money 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
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,andacollection
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ofonlineresourcesandlearningactivities. Source: NationalEndowmentforFinancialEducation Grades: 9-12 Learn more: http://www.hsfpp.org
COUNCIL FOR ECONOMIC EDUCATION (CEE) FINANCIAL FITNESS FOR LIFEFinancialFitnessforLifeisaneconomicandfinancialeducationprogramforstudentsingradesK-12.Topicscoveredinthecurriculumincludeearningandincome, consumer decision-making and spending, saving and investing, money management,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 Todayaprogramandcurriculumwithadecision-basedapproachtopersonalfinance.TheTake Charge Today program is founded on the idea that a university-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.MoneyasYouGrowoffers
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20essential,age-appropriatefinanciallessons—withcorrespondingactivities. 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. 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
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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. Source: ChamplainCollege Grades: 3-8 Learn more: http://www.awesomeislandgame.com
MY CLASSROOM ECONOMYCreatedbyVanguardand5thgradeteacher,MyClassroomEconomyisaclassroomeconomicsystemthatteachesfinancialeducationthroughsimulation.Studentsearnschool“dollars”throughclassroomjobsandpayrentfordesks,payfinesforbreakingclassroomrules,andmakepurchases.TheprogramiscustomizablebygradelevelandisdesignedtooverlayclassroomcurriculumthatalignstotheCommon Core State Standards. Source: Vanguard Grades: K-12 Learn more: http://myclassroomeconomy.org
BANK AT SCHOOL PROGRAMSAcrossthecountry,severalpartnershipsareinplacetoofferaccesstosavingsaccountstostudents.Theseprogramsoftenprovideexperientiallearningopportunitiestostudentsbyallowingthemachancetomanageasavingsaccountandpracticesavingtowardfuturegoals.PilotstudiesofbankatschoolprogramsinEauClaire,Wisconsin,andAmarillo,Texas,demonstratedstudentknowledgegainsinfinancialliteracy,positiveincreasesinstudents’perceptionsofbankingandsaving,andsignificantincreasesinthelikelihoodofhavingabankaccountasanadult.
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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 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-12financialeducationinitiatives.
§ Regardlessoftheinstructionalmaterialsdesignedorapproved,classroomresourcesshouldaligntostatestandardsandexpectations,andbedevelopmentallyappropriate.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
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2.4 Evaluating the initiativeAswithanyneweffort,itiscriticaltoestablishmilestones,benchmarks,andmetrics to assess outcomes and measure progress. Methods of measuring the successofK-12financialeducationeffortsincludeusingmetricssuchasrubricsandstudentassessments,aswellasevaluatingbroaderK-12financialeducationprogressthroughstandardizedtesting.
2.4.1 Initiative AssessmentWhilenooneuniversalmethodofevaluatingthequalityandeffectivenessofK-12financialeducationinitiativesexists,thereareanumberofassessmentbanksandtoolkitsavailableforidentifyingandincorporatingappropriateevaluationmechanisms.Theseresourcesinclude:
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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)isafreeservicethatallowsteachers
Key questions to consider in this module: § Howdoyoudefinesuccessforyourinitiative?
§ DostandardizedassessmentsincludeK-12financialeducationconcepts?
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tosecurelyadministerassessments,gainreal-timedata,andmeasurestudentknowledgeofeconomicandpersonalfinanceconcepts.Theserviceallowsteacherstoanalyzetheeffectivenessoftheirinstructionandadjustaccordingly.TheOACoffersteacherstheabilitytoanalyzeindividualandclassdatabytestandtestitem.Teacherscantrackindividualstudentandclasswideprograms,evaluatestudentperformancecomparedtostandardsandbenchmarks,anddevelopcustomreportsofstudentandclassperformance.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’sDepartment of Education, requires students to take end-of-course assessments in a varietyofsubjects.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.
§ Standardizedevaluationmeasuresallowformoreaccurateprogramcomparisons across regions, thus creating opportunities for sharing of promisingpracticesandpotentiallyidentifyingareasforimprovement.
ForadditionalinformationpleasereviewtheAdditional resources for building the initiative at the end of this section.
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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
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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,”andthencompletesactivitieswiththeultimategoalof
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solvingthemission. 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 HABITS’Seriesofvideosaroundpersonalfinanceissues,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.
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Source: SanFranciscoOfficeofFinancialEmpowerment Grades: K-2 Learn more: http://sfofe.org/programs/k-to-c
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
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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
THE STOCK MARKET GAMETheStockMarketGameprogramisanonlinesimulationoftheglobalcapitalmarketsthatengagesstudentsingrades4-12intheworldofeconomics,investingandpersonalfinance. Source: SIFMA Foundation Grades: 4-12 Learn more: http://www.stockmarketgame.org/index.html
MYCREDITUNION.GOVMyCreditUnion.govoffersinformationonhowtostartastudentruncreditunionatschoolandalsoprovidesadditionfinancialtoolsandresources. Source: NationalCreditUnionAssociation 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
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2.4.1 Initiative AssessmentMONEY F-I-TWhitepaperfocusedonneedtoandstructureofnear-termandlong-termassessmentsofstudents’financialliteracy. Source: CenterforFinancialSecurity,UniversityofWisconsin-Madison Grades: 3-5 Learn more: http://moneyfitevaluation.wordpress.com
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
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,itwillnotrealizeitsintendedimpactwithout a consistent focus on ongoing outreach and enhancement.Tocreate,capture,andsustainvalue,itiscriticaltoextendthereachofK-12financialeducationinitiativesbyengagingabroadcommunityofstakeholders,andbybuildingaframeworktomeasure,adapt, and strengthen initiatives over time.
ThefollowingsectioncontainsguidanceonhowtoeffectivelycarryoutandaugmentK-12financialinitiatives,includingresourcestosupportthepromotionandrecognitionofefforts,andimproveandscaleexistinginitiatives.
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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 campaignprovidesstudiesandadvicefromfinancialexpertsincludingtheFederalReserveandU.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.InMarch2004theSenate
Key questions to consider in this module: § Whatisyourengagementstrategy?
§ Dothechannelsaligntoyourtargetstakeholdersandconstituents?
§ Doyoucommunicatemessagesclearlyandconsistently?Whoprovidesrecognitionforsuccessfulefforts?
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passedResolution316thatofficiallyrecognizedAprilasNationalFinancialLiteracyMonth.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
MINNESOTA DEPARTMENT OF COMMERCE FINANCIAL CAPABILITY MONTHMinnesota’sGovernorproclaimedApril2014asthestate’sFinancialCapabilityMonth–inlinewiththePresident’sNationalFinancialCapabilityMonth.ThroughoutApril,tenstateagenciesconductednearly40educationalandoutreacheventspromotingfinancialeducation.Themonthprovidesseveraleventsspecificallytargetedtoparentsofstudents.Todrawattentiontotheopportunitytousechildren’sliteraturetoteachK-12financialeducation,thestate’sCommerceandEducationCommissionersconductedajointeventcelebratingtheIt’s Never too Early to Startparent’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 engagesteenagersineducatingthemselves,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)providesoverallmanagementfortheinitiative.
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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.EventsthroughouttheUnitedStatesappearontheMoneySmartWeekwebsite.SchoolscantakeadvantageoftheeventsandresourcesprovidedbyMoneySmartWeektointroduceorfocusonK-12financialeducation. Source: FederalReserveBankofChicago Grades: K-12 Learn more: http://www.moneysmartweek.org
Case study takeaways: § Platformsforsuccessfuloutreachinitiativesincludesocialmedia,competitions,
and events.
§ 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 60
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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,MSDEadministeredasurveyaskingschoolsystems
Key questions to consider in this module: § Arestructuresinplaceforidentifyingareasforcontinuedimprovement?
§ Whatmechanismsareinplacetoshareresultsandaddtothebodyofknowledgeofwhatworks?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 61
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todescribethedeliveryoffinancialeducationatthevariousgradelevelsandwhatadditionalresourceswerestillneededtoassistwiththisinitiative.Basedonteachersurveyresponses,MSDEplanstoexpandteachertraining0pportunitiesbydevelopingteachertoolkitsandanonlineteachercourseforfinancialeducation. Source: MarylandStateDepartmentofEducation(MSDE) Grades: K-12 Learn more: http://msde.state.md.us/fle/docs/FinancialLiteracyEducationUpdate_112013.pdf
VERMONT HIGH SCHOOL PILOT STUDYThestateofVermontpartneredwithChamplainCollege’sCenterforFinancialLiteracytostudytheeffectivenessofhighlytrainedteachersonfinancialeducationoutcomesinVermonthighschools.Thestatehasfinancialeducationstandardsandrequirements,butwantedtounderstandwhatelsewasrequiredtodevelopsuccessfulfinancialeducationprogramsinitsschools.Theinitiativewillalsoidentifythebestpracticesoftheteachersinvolvedinthepilotthroughthecreationof 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 62
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
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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 64
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 65
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 66
APPENDIX A:
CFPB resources for advancing K-12 financial education Inadditiontothisguide,theCFPBprovidesavarietyofresourcestopromoteK-12financialeducation.Thelistofresourcesbelowindicatesthenameoftheresourcesource,abriefdescription,andweblink.
2014 FINANCIAL LITERACY ANNUAL REPORTOutlinestheBureau’sstrategytoimprovefinancialliteracy,andhighlightsfrompastandongoing initiatives. 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: Making the case, Setting the strategy
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 67
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,andhowtofixanerror in a credit report. http://www.consumerfinance.gov/askcfpb Corresponding Module: Classroomresources
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 68
CFPB BROCHURESTheCFPBcreatedarangeofpublicationsforconsumersthatprovidestraightforwardinformationaboutmoneymanagementandotherfinancialissues.Thesepublicationsincludebrochuresaboutcheckingyourcreditreport,avoidingcheckingaccountfees,tax-timesaving,howtoavoidforeclosure,whattodoifyoucannotpayyourcreditcardbills,andothertopics.TheCFPBmakesmanyoftheseresourcesavailableinbothEnglishandSpanish.Thesepublicationsareavailableforfreedownloadorbulkorder. http://promotions.usa.gov/cfpbpubs.html Corresponding Module: Classroomresources
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 69
APPENDIX B:
Development template to set the strategySettingthestrategyisakeycomponentoflayingthegroundworkforK-12financialeducationefforts.Aftermakingthecaseforfinancialeducationandgeneratingsupportfromtheappropriatestakeholders,itiscriticaltodevelopasoundstrategyfortheinitiative.Thisstrategywillformthefoundationfortheinitiative’sdesignandexecution,guidingresourceallocation,performance measurement, and ongoing decision making and adaptation.
Thestrategydevelopmenttoolthatfollowsoutlinestheprimaryelementstoconsiderwhensettingthestrategyforaninitiative.Itisdesignedasastartingpointforsurfacinganinitialstrategicconceptthatwillthenfeedintothedevelopmentofacomprehensivestrategyandplan,butshouldnotbeusedasthesoleinputintoafinalizedoverarchingstrategy.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 70
Components of an effective strategyInordertoturnvisionintoimpact,effectivestrategiesalignchoicesinfourkeyareas:identifyinggoalsandobjectives,focusingefforts,outliningactivities,andidentifyingtheassetsandcapabilitiesrequired.Thesechoicesshouldbeintegratedandmutuallyreinforcing,suchthateachchoicesupportsthoseprecedingandfollowingit(e.g.,capabilitiesandsystemsidentifiedshouldsupporttheaspirationsfortheinitiative).
FIGURE 1: COMPONENTS OF AN EFFECTIVE STRATEGY
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
THEREFORE
THEREFORE
THEREFORE
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 71
§What is our goal and objective?:Thisincludesdefiningthepurposeandrationalefortheinitiative,challengesitwilladdress,andprimaryobjectives.Thebestgoalsaremeasurable,time-bound,ambitiousyetattainable,andaddressaclearneed.
§Where will we focus efforts?:Thisincludeswhoyouseektoimpact,whatservicesyouwillprovide,theprogramdesigntodeliverthem,andtheroleandpositioningfortheinitiativeinthefield.Thesechoiceswillnotonlyguidewheretodirectyourefforts,butalsowhere not 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 72
Strategy development templateTheexamplebelowprovidesanillustrationofemployingthestrategydevelopmenttooloutlinedabove.Thisexamplesetsaninitialstrategicconceptforahypotheticalteachingtraininginitiative.TheCFPBdoesnotintendthistobeanendorsementofanyspecificapproach,butratherisincludedfordemonstrativepurposesonly.
Thetemplatebelowservesasastartingpointforsurfacinganinitialstrategicconceptorthoughtstarter,ratherthanacomprehensivestrategy.Beforefinalizingastrategy,itisimportanttoincorporatetheappropriatestakeholdersforavettingprocess.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 73
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 74
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:
____________________________________________
____________________________________________
____________________________________________
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 75
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 76
APPENDIX C:
Evaluation template to foster partnershipsEffortstofosterpartnershipsareanessentialelementtolaythegroundworkforfinancialeducation.Afterdefininganinternalstructurefortheinitiative,policymakerscanexpandthe impact and scope of your efforts through tapping into outside resources and support. Thesepartnershipscanbringaddedskills,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,
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 77
partnershipsformedatthelocallevelcanthenbescaledacrossstatesifthepartnershipprovessuccessful.Takentogether,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 78
TABLE 2: PARTNERSHIP EVALUATION TEMPLATE
Organization or Program Type
Potential Partnership Value (“Give”)
Incentives for Partner (“Get”)
Recommended Approach
