Implementing the Wisconsin Model Academic Standards for Personal Financial Literacy

1. Implementing the Wisconsin Model Academic Standards for Personal Financial Literacy Beth Ratway beth.ratway@dpi.wi.gov

2. Goals Review the standards Introduce and get feedback on the Planning Curriculum Guide Break down standards and begin to think about how to teach them

3. Grade Level Groups Pink � Elementary Green � Middle Yellow � High School None � Other Discuss what is financial literacy and why you chose this session

4. Curriculum Planning Guide for Personal Financial Literacy Introduction Building an Effective Program Planning Instruction Creating Assessments Designing Professional Development Resources

5. Tools Financial Literacy Connections to WI Model Academic Standards (green) Tool to get to know the PFLS (buff) Checklist of ideas/moving forward (blue) Thinking template � how to integrate (Coral) Common rubric (red) Individual Growth (pink) Self Assessment Rubric (white)

6. Introduction--Defining Financial Literacy What is Financial Literacy? Why teach Financial Literacy? What does Personal Financial Literacy Include? How can we approach Financial Literacy?

7. What Is Financial Literacy? Financial Literacy can be defined as the ability to evaluate, handle and communicate information about money and financial services. This will include determining financial choices of all types, the ability to plan for the future, and the capability to respond to life events and their affect on personal finances.

8. What Does Personal Financial Literacy Include? Relating Income and Education Money Management Credit and Debt Management Planning, Saving and Investing Becoming a Critical Consumer Community and Financial Responsibility Risk Management

9. Letter Groups Get into letter groups Sit by your standard Read it as a group Make a list of the content students would need to reach this standard What concepts or big ideas would they need to reach the standard? What skills would they need? What dispositions would they need?

10. How Can We Approach Financial Literacy? Stand alone courses District required courses Revamping existing courses Integrating across the curriculum K-12 Others???

11. Building an Effective Financial Literacy Program Where Are the personal Financial literacy standards Taught? What Principles Should Guide the Development of the Program? Key Characteristics of an Effective Financial Literacy Program What Are the Steps in Building an Effective Program? Making Community ConnectionsPlanning Instruction in Financial Literacy-Units, Resources and Activities

12. Where Are the personal Financial literacy standards Taught? GRADE LEVEL GROUPS

13. What Principles Should Guide the Development of the Program? Clear mission and vision Connected to the standards Relevant Community focused Integrated with other curricular areas Supported with adequate resources Continuous evaluation for effectiveness Learner-centered Effective delivery

14. What Are the Steps in Building an Effective Program? Create a common understanding of the standards (with a cross section of the entire district and community). Tie to mission and vision of district. GREEN BUFF Identify the gaps and overlaps in terms of what is currently being taught. Create time for vertical conversations within and across departments (including members of the community) to focus on gaps and overlaps. Ask, �How does this fit into our department/grade level school mission and vision--what can we do to move forward?� CORAL Determine and research what already exists to provide support. Create a plan to move forward. BLUE Implement program.

15. Planning Instruction in Financial Literacy Connecting to the Standards Deciding What You Want Students to Know and Do Determining the Big Ideas Developing Key Questions Asking Deeper Questions During the Learning Ways to Assess and Instruct RED - PINK Instructional Strategies Ways to Refine, Accommodate and Extend Learning Opportunities Financial Literacy Connections to Wisconsin Model Academic Standards Sample Activities for Each Standard Full Course Resources

16. Connecting to the Standards What do I want all students to know and do? (Rigor) Why? (Relevance) What do I need to know and do to get them there? How will I get them there? (teaching strategies) How will we know when they learned it? (formative and summative assessment) What will we do when they don�t learn it OR if they already know it?

17. Deciding What You Want Students to Know and Do What is the purpose of implementation? How does this connect to what I am already teaching? Where do the financial literacy standards naturally fit? How do the financial literacy standards connect to what I want students to know and do?

18. Instructional Strategies Identifying similarities and differences Summarizing and note taking Reinforcing effort and providing recognition Homework and practice Nonlinguistic representations Cooperative learning Setting goals and providing feedback Generating and testing hypotheses Activating prior knowledge

19. 4MAT Why is this important to learn? Here the learner connects and attends to personal meaning of the concept being introduced. What is the concept? This is the traditional focus we find in the classroom, informing the learner what is important to know. How can the learner use this? The application of knowledge is essential. The learner would question how this information fits into the real world. This would enable them to answer and be able to do something with the information. What are the possibilities? The final step in the learning cycle asks the learner to create new possibilities of the concept.

20. Creating Assessments in Financial Literacy What Is a Balanced Assessment System? How Can We Use the Standards to Create Assessments? How Do We Develop Rubrics Around Key Ideas? Resources to Build Quality Assessments and Rubrics

22. Grade level (color) groups Share the content, concepts, skills and dispositions from your letter groups Develop one assessment for your grade level using the performance standards

23. Designing Professional Development to Promote Understanding Getting Teachers Interested WHITE Getting Administration Interested Getting School Boards Interested Developing Content-Based Professional Development Content-Based Staff Development Workshops and State Association Conferences

24. Resources General K-12 Courses Programs

25. Feedback Are we on target? What else do you need? beth.ratway@dpi.wi.gov

26. A. RELATING INCOME AND EDUCATION Content Standard Students in Wisconsin will understand the relationship between education, income, career, and desired lifestyle and will develop the planning skills needed to achieve desired financial goals. Rationale: Establishing short-range and long-range financial goals is an essential part of financial literacy. This process begins while a person is in school and continues throughout life. A clear understanding of the interconnectedness of educational attainment, career choice, entrepreneurial attitudes, economic conditions, and desired lifestyle will help to shape goals and increase the likelihood of reaching them.

27. B. MONEY MANAGEMENT Content Standard Students in Wisconsin will manage money effectively by understanding and developing financial goals and budgets. Rationale: Money management is the basis of being financially responsible. Learning how to plan, develop, use, and maintain a personal budget is the first step in being able to make quality financial choices and decisions. The ability to apply positive money management skills, set financial goals, and understand effective cash flow strategies are the next steps that allow students to be responsible consumers.

28. C. CREDIT AND DEBT MANAGEMENT Content Standard Students in Wisconsin will make informed decisions about incurring debt and will manage indebtedness to remain both creditworthy and financially secure. Rationale: Most people incur debt and seek credit for major purchases such as a home, car, education, and/or business. The ability to choose the most advantageous sources and forms for financing has long-term benefits. It is essential to make informed decisions when incurring debt, understand the true costs of credit, and develop skills for managing existing debt.

29. D. PLANNING, SAVING, AND INVESTING Content Standard Students in Wisconsin will understand the value, features, and planning processes associated with saving and investing, and be able to apply this knowledge to long-term financial security and wealth. Rationale: Financial institutions, investment options, avenues for financial research, the economic history and performance of investments, and the appropriate application of basic economic principles are all essential features of planning, saving, and investing. Using information from these and other sources will lead to wiser decisions for individual, family, and business financial planning.

30. E. BECOMING A CRITICAL CONSUMER Content Standard Students in Wisconsin will know and use available consumer resources and make responsible choices by applying economic principles in their consumer decisions. Rationale: The increasing scope of product and service choices makes it essential that citizens know their resources, rights, and responsibilities as consumers. This includes an understanding of the role of contextual factors in decision making as well as the role of advertising, sales techniques, consumer laws, and consumer organizations. The ability to analyze opportunity costs, value, and benefits of products and services is an essential skill for consumers.

31. F. . COMMUNITY AND FINANCIAL RESPONSIBILITY Content Standard Students in Wisconsin will understand the personal and social impact of their own financial decisions within the family, the local community, and the global community, as well as understand the ethical and legal issues related to income, profit, and personal wealth. Rationale: The broader implications of personal financial decisions were never more critical than in today�s expanding global economy. The reality and potential for building and using personal wealth includes the need for a sense of responsibility to the broader community. This sensibility also requires an understanding of legal rights and responsibilities, and is part of being a good citizen.

32. G. RISK MANAGEMENT Content Standard Students in Wisconsin will understand the features and role of insurance in financial planning and be able to analyze and balance risk against benefits in financial planning. Rationale: Major unexpected financial losses or needs can affect the financial status of an individual or family for years. In addition to avoiding unreasonable risks in saving and investing, contemporary economics also requires that insurance, including life, property, health, liability, and disability, be part of personal, family, and business financial planning.