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Personal Financial Literacy Implications for Colorado Teachers. The Need for Personal Financial Literacy. 55% of parents with children 16-24 voiced concern over their child’s ability to become financially independent
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Personal Financial Literacy Implications for Colorado Teachers
The Need for Personal Financial Literacy • 55% of parents with children 16-24 voiced concern over their child’s ability to become financially independent • 1 in 3 parents have taught their teen how to balance a checkbook, fewer (29%) explained how credit cards work
93% of parents worry their teen will make financial missteps • 72% of parents acknowledge they are the primary source of PFL education • 1 in 4 parents are not currently saving for retirement or their child’s education
More than 2/3’s of parents feel less prepared to give financial guidance than they do talking about the “birds & bees” • 47% of teens between 12-17 have a savings account, 12% have a checking account, and 15% have an ATM
Personal Financial Literacy- The first approach…making it simple
Agenda • Highlights: standards revision process • Key Features: PFL Expectations • Deeper Look: PFL expectations • Grounding: PFL expectations • Other Support
How familiar are you with the PFL writing process? I heard something about that What is PFL? c. I am ready for implementation
Phases of Implementation for Colorado’s Revised Academic Standards
What are the highlights of personal financial literacy within the standards revision process?
Parameters for the standards revision process Research Based • West Ed and CDE collaborated to gather national and international research Inclusive • Educators, citizens, higher education, business & industry • Feedback ongoing from stakeholders throughout the process Transparent • All could see updates, notes, and deliberations
Fewer, Clearer, Higher Process for each phase of standards revision
State Board of Education Colorado Department of Education Personal Financial Literacy Subcommittee Financial Literacy Recommendations Economics Grade Level Expectations Mathematics Evidence Outcomes Conference Committee Integrated into Economics and Mathematics
What is your level of awareness of the PFL expectations? • I have thoroughly read through ALL of the PFL expectations and made note of implications for my district. • I have read the PFL expectations. • I have skimmed the PFL expectations. • I have not yet read the PFL expectations.
House Bill 1168 • Manage savings, investments, checking accounts • Design and maintain a household budget • Manage personal debt • Understand consumer credit & finance • Manage personal credit options • Select among short-term and long term investments
Financial Literacy Four Key Areas • Goal Setting, Careers, and Financial Responsibility • Planning, Income, Saving, and Investing • Credit • Risk Management and Insurance Prepared Graduate Competency in Economics Acquire the knowledge and economic reasoning skills to make sound financial decisions (PFL)
Assessing Personal Financial Literacy • Within the new Colorado assessment system • Within the mathematics assessment at each assessed grade level • Details available in the future
High School example Economics Expectation: Analyze the components of personal credit to manage credit and debt
Directions • At your table, choose a partner • 2. The table then decides which set of partners will review • P-K • 1-2 • 3-4 • 5-6 • 7-8 • Partner Discussion • What concepts & skills do you see emphasized at the grade levels? • Table Discussion: • Overview of what is emphasized at each grade level
URL http://www.cde.state.co.us/action/Financial_Literacy/index.htm
What are the implications for your work? Table Talk
Crosswalk Document Standard Grade Expectation Referent District Notes Intention Implication Crosswalk Documents http://www.cde.state.co.us/cdeassess/UAS/Crosswalk/CAS_Crosswalk.html
How to Partner with CDE Communication opportunities Collaboration opportunities Professional development opportunities Sharing opportunities