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Financial Literacy Institute February 2014: Day 1

Financial Literacy Institute February 2014: Day 1. Melissa Groves mgroves@towson.edu Debbie Batchelor dbatchelor@towson.edu. Our mission is to insure that Maryland's school children leave high school equipped with the economic, financial literacy and

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Financial Literacy Institute February 2014: Day 1

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  1. Financial Literacy Institute February 2014: Day 1 Melissa Groves mgroves@towson.edu Debbie Batchelor dbatchelor@towson.edu

  2. Our mission is to insure that Maryland's school children leave high school equipped with the economic, financial literacy and decision-making content and skills they need to make informed, rational decisions as consumers, workers, citizens, savers, investors and participants in the global economy.

  3. How Does MCEE Accomplish Its Mission? Maintaining the MCEE website at www.econed.org Sponsoring signature programs Stock Market Game™ The Poster Contest Assisting with curriculum writing Providing Professional Development for educators

  4. Grades1 MSDE CPD( plus 1 AU for Baltimore City Teachers) Active participation 30% In-Class Quizzes (2) 20% Online Rdgs/Assessments 25% Post-Test 20% Behavioral Survey 5%

  5. Grades2 MSDE CPD( plus 1 AU for Baltimore City Teachers) Active participation 20% In-Class Quizzes (2) 20% Online Rdgs/Assessments 20% Post-Test 20% Behavioral Survey 5% Original Lesson; Field Test; Summary 15%

  6. Grading Notes Original Lesson Plan (Due on/before 5:00 p.m. March 28, 2014) Based on a literary or informational text Aligned to one or more of Maryland’s Financial Literacy Standards ANDReading and/or Mathematics Common Core Using same format as MCEE lessons distributed throughout the Institute Field Test/Written Summary (Due on/before 5:00 p.m. March 28, 2014) Teach your original lesson (as outlined above) to your students Submit a written summary that includes: student’s response to the lesson, what did/did not work, changes you would make in the future based on the success/failure of the field test

  7. Grading Notes, cont Behavioral Survey Pre-Survey: Completed on Day 1 of the course Post-Survey: Completed in late April You will receive notification relative to the method of taking the test, i.e. ScanTron, Survey Monkey, Online testing site, etc…. Results will remain anonymous No credits issued until the Behavioral Survey is returned in late April/early May

  8. Objectives During this presentation, we will… • explore the Maryland State Curriculum for Personal Financial Literacy Education • review key financial literacy concepts for Grades K-5 • link lessons to concepts and standards…including the Common Core

  9. How the Institute Works: The Ying and Yang of It Debbie Pedagogy Melissa Content

  10. Financial Literacy A variety of materials to help you

  11. Why Financial Literacy? • Develops financial literacy skills that will enable students to make sound choices as consumers • Helps to establish good habits and responsible attitudes from at an early age

  12. What Personal Finance is About Your source for understanding aspects of Financial Literacy

  13. The Maryland State Curriculum for Personal Financial Literacy Education Defines what students should know and be able to do at various points in time Specific grade-level curriculum to be developed by the individual LEAs 3. Implemented: September 2011

  14. The Standards Making informed responsible decisions Relate careers, education, and income Plan and Manage Money Managing credit and debt Creating and building wealth Managing risks and preserving wealth

  15. Standard 1Make Informed, Financially Responsible Decisions Making financial choices (includes resources, decision-making process, opportunity cost) Explaining philanthropy Identifying goals Markets

  16. Productive Resources NATURAL HUMANCAPITAL (Think “Product”)

  17. Human Resources Workers; The health, strength, talents, education and skills that humans can use to produce goods and services.

  18. Natural Resources Gifts of nature that can be used to produce goods and services

  19. Capital Resources Tools; the goods that are manufactured or constructed by people and used to produce other goods and services.

  20. Decision-Making Process"It's awfully awfully awful when you can't make up your mind!" Hunches in Bunches by Dr. Seuss

  21. Another Option

  22. And Yet Another

  23. Opportunity Cost The next best choice!

  24. For Decision-Making & Opportunity Cost Check Out… Lesson 4 Lesson 5

  25. Philanthropy A personal interest in helping others, especially through gifts to charity Lesson 15

  26. Goods Things that people make or grow that satisfy economic wants; things desired by consumers and supplied by producers.

  27. Services Community jobs; Actions (jobs) that people do for each other

  28. Goods & Services Lesson 2 Lesson 1

  29. MarketWhere buyers and sellers exchange resources, goods, and services.

  30. Mama Panya’s Pancakes:A Village Tale from Kenya Market Goods Services

  31. Standard 2 HighlightsRelate Careers, Education, and Income Impact of education, interest & skills on income (What Personal Finance is About pgs.6-8) Potential sources of income How income affects spending Lesson 1

  32. Isabel’s Car Wash Relationships among education, skills, economic conditions, and income Sources of income Goods Investing

  33. Standard 3 HighlightsPlan and Manage Money Spending Plans Financial Services Develop Age-Appropriate Financial Goals Taxation Contracts

  34. Contracts Agreement between two or more people to do or not do something (Add “legally binding” when age-appropriate) Behavior Contract Student Name: Vinny BarbarinoRoom: 222 Vinnie Barbarino will demonstrate good behaviors each day at school. Vinnie is expected to follow the teacher's directions the first time she asks him to do something. He is expected to do so promptly and with a good attitude. Each time that Vinnie does not meet these expectations, he will receive a tally mark for the day on the tracking sheet. These tally marks will determine the rewards and consequences that Vinny receives, as shown below. Zero = A chance to roll the die after school for one of the rewards listed belowOne = Does not get a chance to roll the die that dayTwo or more = Loss of recess the next day and/or other consequences as determined by Mr. Kotter Die Rolls: 1 = One table point for his table2 = One raffle ticket for monthly class drawing3 = One piece of candy4 = Gets to be first in line for the next school day5 = Gets to help teacher after school that afternoon6 = Five marbles for the class marble jar We agree to the terms of this behavior contract as set forth above. Gabe Kotter Maria Babarino Vinnie Barbarino

  35. Drew Plans a Budget Decision-Making Spending Plan Goods/Services

  36. Allowance Day Coins in my pocket dance around As I walk about the mall. Today was payday for my chores And I am walking tall. It seems the coins are pleading In their jingly, jangly voice: “Let’s buy a toy!”“Let’s buy some food!” How will I make a choice?

  37. Financial Product Services offered at financial institutions such as CDs, Money Market Accounts, Savings Accounts, Loans, Mortgages, Credit Cards, Insurance, etc….

  38. Be a Wise Consumer Financial Services

  39. CD? Piggy Bank? Savings Account? Rachel receives $100 for her high school graduation. She plans to buy a television, but it will cost $200. Rachel figures that, with the money she earns at the her summer job, it will take her 4 months to save enough money for the TV.

  40. CD? Piggy Bank? Savings Account? Ari adds up all of the money that he receives for his birthday. Happily he finds that he has a total of $100, which is enough money for the bike that he plans to buy next weekend.

  41. CD? Piggy Bank? Savings Account? Every year for her birthday, Lakesha’s grandparents give her $100 to save for her future education. She wants to earn as much interest as she can on her money.

  42. What Are Taxes? History of taxes Meaning and purpose of taxes How taxes affect individuals Reasons for taxes

  43. A Make-n-Take Moment

  44. Melissa’s Website Information from today’s session is available on Melissa’s website at: http://pages.towson.edu/mgroves/FinLitInstitute.html

  45. Info for Online Session Go to: https://university.educatedinvestor.com/university/login.xml?for=MDFLI (Will email you the link to cut/paste onto your browser.) Username: Your email address Password: finlit

  46. Online Session continued… Must complete the following modules: Getting Started with Saving and Investing Basics of Personal Finance Basics of Investing Working with Financial Advisors Due: February 7, 2014 by 5:00 p.m. Extra Credit: Complete: Investment Risks module Submit via email to Melissa (mgroves@towson.edu): a one page summary with a recommendation about whether it should be added to the Institute and why

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