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MONEY SENSE:
PERSONAL FINANCE, PTA,
AND YOUR CHILD
California State PTA Convention 2015
1
Presenters
Alex Brown, CPA, CFP
Board Member, CalCPA Sacramento Chapter
Kathie Blanchette
Vice President of Education
Junior Achievement of Northern California
Bruce Kajiwara, CPA/PFS, CFP
Board of Directors, California Jump$tart Coalition
Conveners: Celia Jaffe & Michele Passwaters
Education Commission, California State PTA
2
Workshop Agenda
Welcome
Financial Literacy For Youth – PTA Resolution
Why do people need to be financially literate?
Childhood attitudes toward money and saving
Key financial concepts for high school students
Resources available
Ideas for PTA activities
Q&A
3
“Financial Literacy for Youth”
PTA resolution adopted in 1999
RESOLVED, That the California State PTA provide materials to promote financial literacy and urge its units, councils and districts to make available information to educate families and help teach financial understanding, fiscal responsibility and effective decision making; and be it further
RESOLVED, That the California State PTA encourage and support the development of integrated curricula in personal finance education for grades K-12; and be it further
4
“Financial Literacy for Youth” cont.
RESOLVED, That the California State PTA encourage the development of statewide academic standards in personal financial literacy as a requirement for high school graduation; and be it further
RESOLVED, That the California State PTA support legislation which holds credit card companies, and marketing and lending agencies accountable for establishing and observing responsible credit limits and lending practices, especially for youth under 21 years of age;
5
Resolution>PTA Advocacy>New Law
RESOLVED, That the California State PTA encourage the development of statewide academic standards in personal financial literacy as a requirement for high school graduation;
Topics such as budgeting and managing credit, student loans, consumer debt, and identity theft security are required to be integrated into curriculum frameworks in social sciences, health and math when next revised.
Due to the Financial Literacy
resolution, PTA supported
Assembly Bill 166.
Assembly Bill 166 became
law January 1, 2014
6
Why Financial Literacy? 7
Why Financial Literacy?
American teens rank right below average on a
recent OECD (Organization for Economic
Cooperation)assessment
A survey from the Jump$tart Coalition conducted
from 1997-2008 showed high school seniors doing
worse in their understanding of financial literacy
57.3% in 1997 vs. 48.3% in 2008
8
Why Financial Literacy?
According to a 2011 Capitol One survey of the students planning to take out student loans, 44 percent of the students said that they have either not discussed with their parents how student loans work, or they have had a brief conversation with little detail.
On average, college students graduate with $26,000 in debt
$1.2 trillion in total student loan debt nationwide
Long term consequences
Precluded from certain employment
Dropping out of school in order
to work to pay off debt
9
Why Financial Literacy?
A 2011 Junior Achievement and Allstate Foundation survey revealed nearly 50 percent of American teenagers are unsure how to use a credit card effectively, yet 24 percent believe high school or younger is when they should get their first credit card.
According to the 2011 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling, one in three adults in the United States reported that they had no savings.
10
AB 166 & Common Core
AB 166
Mandates financial literacy be integrated in K to 12
curriculum
Common core and financial literacy
Opportunities to reinforce concepts across disciplines
Home economics/career & technical education
teachers at the forefront of financial literacy
education
11
Bruce Kajiwara, CPA/PFS, CFP Board of Directors, California Jump$tart Coalition
California Jump$tart Coalition:
www.cajumpstart.org
National Jump$tart: www.jumpstart.org
Resources from Jump$tart Coalition 12
Community Partnerships and Resources for Financial
Literacy
Who we are
• A not-for-profit, Section 501(c)(3) organization • Affiliated with the National Jump$tart Coalition
for Personal Financial Literacy • A resource for Californians interested in Personal
Financial Literacy • Membership is diverse and free • The Board and members are from across the state
and represent a range of organizations
Our Partners in Educating California’s Youth
About Personal Finance
Our mission: to improve the personal financial literacy of California's youth ... By helping the personal finance education community become more connected, effective, and powerful By supporting the implementation of personal finance education at every level from K-12th Grades
What we do
California Has Had No High School Requirements for Personal
Financial Education
Organizations Are Ready to Help with Personal Financial Education
No cost materials and teacher training Coordination of volunteers for course instruction Support for presentations in individual classes or
full school assemblies K – 12 online activities, games and resources After-school programs and assistance Standards-based and bilingual curriculum
How We Can Help Prepare Students for Financial Success
Engage teachers/principals/PTAs/ superintendents/school boards to develop the best local delivery strategy Spread the word among community
organizations, leaders, local government officials Volunteer to teach, or to help us spread the
message!
Early financial concepts for elementary and
middle school children.
Childhood Attitudes toward Money and Saving 20
Elementary & Middle School
Early Financial Concepts…a sampling 21
Take responsibility for personal financial
decisions.
Make financial decisions by systematically
considering alternatives and consequences.
Explore career options.
Identify sources of personal income.
Develop a plan for spending and saving.
Elementary & Middle School
Early Financial Concepts, cont. 22
Describe how to use different payment
methods.
Consider charitable giving.
Discuss how saving contributes to financial well-
being.
Develop a system for keeping and using
financial records.
Sample lesson 23
Kathie Blanchette Vice President of Education
Junior Achievement of Northern California
Northern California: www.janorcal.org
Southern California: www.jasocal.org
San Diego: www.jasandiego.org
Sacramento: www.jasac.org
National: www.juniorachievement.org
Junior Achievement Resources 24
Sampling of Junior Achievement Programs
25
JA BizTown® JA BizTown combines in-class learning with a day-long visit to a simulated town.
This popular program allows elementary school students to operate banks, manage restaurants, write checks, and vote for mayor. The program helps students connect the dots between what they learn in school and the real world. (Grade 5)
JA Economics for Success® JA Economics for Success gives students the information needed to build strong
personal finances, a cornerstone to a happy, secure life. Students learn the importance of exploring career options based on their skills, interests, and values. They also learn about spending money within a budget; saving and investing wisely; and using credit cautiously. (Grades 6-8)
JA Finance Park® JA Finance Park is a month-long program that introduces students to personal
financial planning and career exploration. At the culmination of this teacher-led program, students visit JA Finance Park, a realistic on-site or virtual community, to put into practice what they've learned by developing and committing to a personal budget. (Middle School and High School)
Sampling of Junior Achievement Programs
26
JA More than Money® JA More than Money teaches students about earning, spending, sharing, and
saving money. It also identifies businesses that students can start or jobs they can perform to earn money. Students play a game to learn money-management skills and to better understand the role and importance of money in their lives. (Grades 3-5)
JA Personal Finance® JA Personal Finance explores the fundamental elements of personal finances:
earnings, saving and investing, budgeting, credit, risk management, and giving. Students apply these elements to a personal financial plan that allows them to set specific goals for their lifelong financial needs and desired quality of life. (Grades 9-12)
Also, apps for students: JA Build Your Future
JA Success Park
JA Assembling Your Career
High School Financial Concepts 27
High School Concepts…a sampling 28
The risks and protections of checks, stored value cards, debit cards, gift cards and online and mobile payment systems.
Compare the features and costs of personal checking accounts offered by different financial institutions.
Compare the advantages and disadvantages of owning a house versus renting.
Research the average costs of all expenses associated with a four-year college education, a wedding, and a new versus used car.
Differentiate among various types of student loans and alternatives as a means of paying for post-secondary education.
The Siren Song of Borrowing 29
Borrowing: Reap the Rewards 30
31
Alex Brown, CPA, CFP Board Member, CalCPA Sacramento Chapter
California Society of Certified Public Accountants
CalCPA Education Foundation
www.calcpa.org/Content/Financial_Literacy.aspx
CalCPA Resources 32
CalCPA’s Financial Literacy Programs
Dollars & Sense
Ages 18+
High School Financial Planning Program
Grades 9-12
Financial Smarts for Teachers
Financial program designed for teachers
33
Key Features of Our Program
FREE
No selling of products or services of any kind
Staffed by volunteers who are licensed CPAs
Each presentation can be tailored to the specific
needs of the audience and/or teacher
34
High School Financial Planning Program
Available statewide
One presentation or
series
Topics include:
Money management
Borrowing
Earning power
Investing
Financial services
Insurance
35
Financial Smarts for Teachers (FSFT)
Available statewide
One presentation or series
Gets teachers comfortable with financial topics and issues
Topics include:
Taxes
Credit
Saving & investing
Financial planning
Home ownership
Risk management
Retirement
36
How to Get Started
Visit www.calcpa.org to learn more
Contact CalCPA Institute strategic relations manager David Lo at [email protected] to schedule a visit
Make sure to have the following information: time/date, location, type of audience and number, specific topics to be covered and frequency
37
What can your PTA do? 38
PTA Ideas 39
Set up a series of “parent&me” practical financial skills lessons for your school community.
Bring in a guest speaker* as part of a PTA meeting
To talk about saving for college
To give a sample of a Junior Achievement or CalCPA lesson to determine interest in hosting a whole course
Discuss with your principal or district instructional staff how the concepts specified in AB 166 will be integrated into the curriculum.
Set up an activity in conjunction with a scout troop or school club on career exploration or life skills.
PTA Ideas, cont. 40
Feature links to financial skills games and other informational sites on your PTA website.
Put financial literacy information in your newsletter or out on your list-serve.
Offer to find a guest speaker* for a middle school math class to talk about financial careers or to explain compound interest.
*Organizations like those featured in this workshop have trained presenters
and professionally prepared curriculum. Be cautious about inviting local financial advisors who are looking to market their services.
Questions? 41
Workshop B06
Money Sense: Personal Finance, PTA, and Your Child
California State PTA Education Commission
Thank you for attending. Have a wonderful day. 42