Graduation Requirement: Minimum Institutional Credit Policy.
Personal Finance: A Local Graduation Requirement
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Transcript of Personal Finance: A Local Graduation Requirement
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The Case for Financial Literacy
as a Priority for Every Student
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Jumpstart Coalition 2006 Survey of High School Students
• Average score for Virginia students on the Jumpstart Coalition Survey of Financial Literacy is 55%.
• Only 5.2% of Virginia students scored a C or better on the Jumpstart Coalition Survey of Financial Literacy.
• Conversely, 94% of Virginia students achieved a score of D or lower on the 2006 Jumpstart Coalition Survey of Financial Literacy.
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Visa 2005 Survey of High School Parents
• 74% of parents ranked developing good personal financial skills as a concern for their children’s futures.
• 70% of parents surveyed said their child has not had any formal training in money management.
• 76% said that schools should be required to teach money management skills.
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Capital One 2006 Back-to-School Survey
• 49% of teens are eager to learn more about money management
• Only 43% of parents have discussed the importance of needs versus wants
• 42% of parents have not taken any steps whatsoever to discuss financial basics with their children.
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Hartford Financial Services 2007 Survey of College Students
• Less than one-quarter of students say they are prepared to deal with financial challenges after graduation.
• 76% wish they had more help preparing for their financial future
• Half of students surveyed say that parents teach them about financial matters.
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Additional Compelling Statistics• 75% of students admit to making
financial mistakes in college
• 52% of Americans do not review their credit report yearly
• 36% of Americans do not have a budget
• 63% of college students acquired a credit card before the age of 19.
• 53% of college students who have a credit card say that they did not receive appropriate education on the use of a credit card
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Debt in America
• Sallie Mae found that more than half of college students accumulated more than $5,000 in credit card debt while in school.
• One-third piled on more than $10,000 in credit card debt while in school.
• US Consumers received 8 billion direct mail credit card solicitations in 2006.
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What’s the answer? Financial Literacy Education for every
child!
• Focused Instruction in Financial Literacy
• Direct instruction to cover financial literacy objectives
• A comprehensive course on financial literacy!
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Virginia Requirements
• On March 26, 2005, the General Assembly approved SB 950, a bill directing the Virginia Board of Education to “establish objectives for economic education and financial literacy.”
• By July 1, 2006, the Board of Education developed and approved objectives for economics education and financial literacy at the middle and high school levels required of all students.
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Current Plan
• The current plan outlines 15 objectives from five categories connected to standards in as many as 60 classes in grades 6-12.
• Students’ primary exposure to financial literacy objectives is through math 6-8 and Government, a span of 6 years of their education.
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Current Plan
• Financial Literacy objectives are covered only in as much as the objective relates to the primary objective of the course.
• Financial literacy objectives are not the focus of the instruction.
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Salem City SchoolsPersonal Finance Curriculum
• Investments• Banking• Credit• Savings• Consumer skills
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Curriculum (cont.)
• Insurance • Taxes• Buying a house and car• Budgeting• For complete curriculum go to
www.salem.k12.va.us
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Observations• Students take course for a variety of
reasons• Wide variety of students• Students like it because it is relevant• Students like to talk about money
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Observations• Ask a lot of questions• Course reinforces math skills• THERE IS A BIG NEED FOR PERSONAL
FINANCE!
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Materials Available• Websites• Guest speakers• Junior Achievement • Simulations
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Materials Available (cont.)• Jumpstart coalition• No textbook is needed• The hardest part is figuring out what
materials to use
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Teacher Training• Anyone licensed in business can
teach the course• Very basic concepts• Does not go into a lot of detail• Teaching about things you
experience everyday
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Results• Students scored an average of 58%
on a pre-test• Students scored an average of 88%
on a post-test• Juniors and Seniors scored above the
88%
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Results• Students are asking their parents
questions about financial topics• Never met a parent who did not think
it was a great idea• 1st place in the SMG in the Radford
Region• Graduates will provide more info in
the future
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Results • Here is what the
students are saying:
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Here is what the students are saying
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Here is what the students are saying
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Resources• No Textbook Necessary!• Abundant Materials available online
at no charge• Jump$tart Coalition Clearinghouse
includes 312 Publications
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Resources• Jump$tart Coalition Members and
Local Businesses are great sources of information and materials
• Virginia Tech Assistant Professor:Cecia Ray Hayhoe, PH.D.(540) [email protected]
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Resources: Time is Money• Look first at your Business
Department and evaluate current requirements and course offerings
• Consider re-allocation of Business Teacher course assignments from potentially outdated Intro. to Computers courses to Personal Finance
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Resources: Time is Money• VA DOE also has a course code for
Social Studies Teachers who may already be teaching local electives in Economics
• Teacher Training is available FREE from Jump$tart Coalition Members
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The Problem• Students need to be financially literate to
function in a global economy.
• Parents and students report that they do not have the financial skills they will need.
• Debt and foreclosure rates are at historically high levels.
• Savings and rates are at historically low levels.
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Current Reality
• Financial literacy objectives are assigned to a variety of middle and high school courses.
• Financial Literacy objectives are covered in regards to their relationship to designated course objectives.
• Financial Literacy objectives are not the focus of instruction.
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The Solution
• Teach financial literacy objectives in a comprehensive course.
• Make financial literacy objectives the focus of instruction.
• Ensure that every child receives the financial education they need in order to be a contributing member of society.
• Require a course in Personal Finance for every student in your school division.
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You know they need itand
they deserve it from you!!!
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ContactsH. Alan Seibert, Ed. D. Kevin GarstDivision Superintendent Personal Finance InstructorSalem City Schools Salem High School510 South College Avenue 400 Spartan DriveSalem, VA 24153 Salem, VA 24153Telephone: (540)389-8406 Telephone: (540)[email protected] [email protected]
Curtis Hicks Wayne Adkins Director of Secondary Instruction Vice ChairmanSalem City Schools Salem City School Board510 South College Avenue 510 South College AvenueSalem, VA 24153 Salem, VA 24153Telephone: (540)389-0130 Telephone: (540)[email protected] [email protected]