Bring Personal Finance to "Life" and Increase Accountability ...


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  • Welcome. How many of you are currently teaching a Personal Finance course? How many years have you taught this or a similar course? Are you overwhelmed by the amount of materials, resources, and requirements? Do you feel your students are enthused about the content? Or just “getting by…” How many of you attended the R/R sessions with Dr. Wang? What was the one thing about his presentation that “sticks” in your mind? Let’s see if we can take some of the R/R information and apply it to Personal Finance so that you can “account” for the results of your teaching and your students’ enthusiastic participation in the mastery process.
  • What do you perceive to be the problem spots as related to the personal finance course? Maturity? Reading comprehension? Carry over of information from one task to another? Math skills? Technology skills?
  • This past year has been one of my most frustrating in terms of student work pace and seeming inability to complete projects and assignments—even when they were of high interest to the student! I sometimes found myself having difficulty staying “enthused” when I could not get them to finish up a section so we can move on to the next! I kept cutting interesting and fun things from the “plan” because they needed more time to research and complete tasks. GRRRRR!
  • One of the things we as teachers KNOW about is the need for VARIETY: Variety in types of assignments Variety in level of difficulty Variety in strategies or approaches to any topic. We know about layering or spiraling the learning process: Start with basics: vocabulary and/or process (steps) Provide some sort of guided practice/application Reinforce with independent projects (solo or group) Assess mastery
  • Reading and Math deficits and lack of “transfer of learning” skills. Need to be able to think through financial needs and monitor money flow Brainstorm reading and math needs for PF (look at PF curriculum goals & crosswalk)
  • Often at this conference, I collect a multitude of GREAT IDEAS that I want to use this coming year. By the time I get home with all my conference materials, deal with last-minute end-of-summer travels and family needs, and get into FBLA training and planning, these great ideas get buried and lost. A few may stick in my mind enough to actually try or at least flit through my mind as I plan the first few days of lessons and handouts, but that is usually about it. Once school starts, the daily pace of keeping up with planning, duplicating, grading gets piled up with this year’s professional development and accountability stuff my district wants for this year not to mention the extra-curricular assignments. All those great ideas, then, get buried only to be resurrected as I flip through stuff to get career ladder documents done or other reports, grants, etc., etc., etc!
  • Well, let’s look at some hard, cold facts about education effectiveness. Answer this question for yourself: How many of you believe that you can require your students to work harder?
  • You’ve probably heard that the average American carries more than $8,000 in credit card debt. The surprising thing about this statistic isn’t that it’s so widely known. Rather, its that the statistic paints a picture that’s just plain wrong! To get that number, CardWeb simply divided the total outstanding credit card debt at the end of 2002 -- $750.9 billion -- by the 84 million American households that it says have at least one credit card. (CardWeb uses a slightly different definition of household than the Fed does. And the company contends that 80% of households, rather than the Feds 76.2%, have at least one credit card.)
  • The other statistic that seems alarming is the level of bankruptcy filings. We are all aware of the stringent changes in the bankruptcy laws. Widespread abuse of bankruptcy as an “escape” from my own lack of self-control and planning forced these changes. Jump$tart Coalition and other economic research groups have indicated that those states that require a personal finance course as a high school graduation requirement have shown significant drops in both credit card debt levels and numbers of bankruptcy filings. These two facts alone make teaching personal finance take on a sense of “mission” for us. Helping students to reach a level of financial literacy for future survival adds urgency to our need to cover the content. A key part of our mission is to help the student to think FUTURE. Thus, we need to be future-minded in planning for critical content, for effective strategies, and rigorous assessment.
  • Changing world : Technology has brought many and drastic changes to our everyday lives – our workplace, our homes, personal lives and education system. Skills for life-long learning cannot be taught in silos (discrete topics) “Rather, students learn them through high-quality, challenging lessons based on real-world problems and unbounded by separate school subject.” (Dr. Willard Daggett, 2005) Need to motivate students : Must engage students in meaningful and challenging work. Emphasize essential skills & knowledge : Relate them to projects and/or problems that are relevant and related to the context. When provided a context, students are more likely to see the relevance and make connections for long-term learning. Shift focus from teaching to learning : Think in terms of student learning rather than focusing on teaching. Reduce overloaded curriculum : (Blanket Mentality) Set priorities of what to include in instruction ask “What do students need to know to succeed in life?” and “What do students need to know to succeed on the test?” If a topic fulfills either, it is a high priority. If it does not meet either, reexamine whether it is worth keeping in the curriculum. Unified perspective and focus : This becomes a real concern when schools break student learning up by subjects. It is difficult to think about a common focus among the different subject areas. NOW LET’S GET ON WITH LEARNING MORE ABOUT RIGOR AND RELEVANCE FRAMEWORK.
  • Of all the courses we teach in business, PF should prepare a student for real life. The DESE PF project used many people from many fields to verify the Jump$tart competencies and to pull together examples of quality materials. Your own experience can verify and give credibility to what you do in the classroom setting. We need to move quickly from the “information/vocabulary” to the “laboratory” setting with our activities.
  • Do we agree that this seems to be the “bottom line” of where we need to be with Personal Finance? Remember: the teacher models how to do
  • In general, these are some things that we know we can and need to do to help our students improve the outcome of their educational investment.
  • Washor and Mojkowski, Educational Leadership, 2007
  • Rigor & Relevance Uses Relational Learning Each quadrant requires more developed relationships and requires more reflective thought Instructional strategy can be matched up with R/R Quadrant
  • The right standards: Look at the PF guide on the MCCE or DESE website. Look at what you do with your own financial planning: overall, yearly, monthly, daily. We have an on-line test for those who are not taking the approved course. It closely aligns with the curriculum. However, you can screen a bit more. What they must know to survive daily. What they need to know to plan and think ahead toward retirement. What they need to know to enrich their quality of life on all levels financially.
  • See hand-out (pink) Acquisition —Students gather and store bits of knowledge and information. Students are primarily expected to remember or understand this acquired knowledge. Recall definitions of various technical terms. “ Help students acquire the vocabulary and tools for mastery.” Application —Students use acquired knowledge to solve problems, design solutions, and complete work. The highest level of application is to apply appropriate knowledge to new and unpredictable situations. “ Follow written directions to install new software on a computer.” Assimilation —Students extend and refine their knowledge so that they can use it automatically and routinely to analyze and solve problems and create solutions. “ Compare and contrast several technical documents to evaluate purpose, audience, and clarity.” Adaptation —Students have the competence to think in complex ways and also to apply knowledge and skills they have acquired. Even when confronted with perplexing unknowns, students are able to use their extensive knowledge base and skills to create unique solutions and take action that further develops their skills and knowledge. “ Write procedures for installing and troubleshooting new software”
  • Taxonomy verb list handout
  • Application Model Decision Tree handout
  • Looking at the two axis together, we can see a better parallel of rigor as the priority or goal.
  • Application Model handout
  • So how do we apply this to preparing for teaching and learning?
  • If we try to “cover it all” we have resorted to Cat Litter teaching.
  • So we need to look at the “bottom line” resource guides to help us filter through the tons of “stuff” to share with our students.
  • These are only a few of the MANY resources available, many of which are listed in the DESE/MCCE PF curriculum.
  • I can use the R’s from the Rigor and Relevance pieces to evaluate information as well as strategies.
  • This indicates what research says is the effectiveness level of each of these strategies. When I look back through the lesson plans of what I have used in the past, I realize that the frequency of strategies I use seems to be opposite of what is needed! So, the lesson for me is to look VERY closely at what I do and decide how I can do it differently in order to incorporate the more effective practices.
  • See Hand-out
  • Here is an example for a reading standard in science.
  • Now let’s look at one for personal finance.
  • Here is an example from Math.
  • Using a math standard, here is a personal finance example.
  • See hand-out: This can test the Application level to help you reach a higher level on assignments.
  • Look back at the relationship slide (16)
  • Activities do not guide us in what we teach, rather grade level standards/competencies and knowing the end goal guide our teaching. There is a significant distinction! Let’s take a look at some examples of strategies for each quadrant.
  • Prior to this slide, provide individuals to share out what they have learned thus far. See hand-out (salmon color)
  • Keep in mind that all quadrants are useful. The type of assignment and the learning style of the student influence what and how you set up an activity.
  • In the overall picture, we have looked only at the planning phase with some mention of the assessment piece. Much more is available, but I chose to look primarily at the planning/strategies piece for now.
  • Bring Personal Finance to "Life" and Increase Accountability ...

    1. 1. Bring Personal Finance to “Life” and Increase Accountability Outcomes Karon L. Tomerlin, Aurora High School MBEA/MO-ACTE Summer 2007 [email_address]
    2. 2. Is there actually a problem in education today?
    3. 3. Are you tired of low student achievement and their lack of motivation?
    4. 4. Benefit of Rigor and Relevance <ul><li>Increase the impact of personal finance by planning activities using the rigor and relevance framework. </li></ul><ul><li>Prepare your students for life and for testing . </li></ul>
    5. 5. Why bother? <ul><li>Significant literacy deficit overall impacts ability to learn and master critical skills </li></ul><ul><li>Personal financial literacy deficit impacts both personal and national economic effectiveness </li></ul>
    6. 6. Why are We Dragging Our Heels? <ul><li>No Time for Planning </li></ul><ul><li>Little Time for Implementation </li></ul><ul><li>Unclear Strategy </li></ul><ul><li>Low Student or Teacher Initiative </li></ul><ul><li>Not a Clear Understanding of Rigor </li></ul><ul><li>No Consistency </li></ul>
    7. 7. Facts <ul><li>For every 100 ninth graders (Center for Higher Education Management Systems, 2003) </li></ul><ul><ul><li>67 graduate from high school </li></ul></ul><ul><ul><li>38 enter college </li></ul></ul><ul><ul><li>26 still enrolled after their sophomore year </li></ul></ul><ul><ul><li>18 graduate from college in six years </li></ul></ul><ul><li>82 percent of students reported that they would have worked harder if a teacher would have required it. </li></ul>
    8. 8. Financial Facts <ul><li>“ The Truth about Credit Card Debt,” Liz Pulliam Weston, </li></ul><ul><li>The average American carries more than $8,000 in credit card debt. </li></ul><ul><li>In reality, most Americans owe nothing to credit card companies. </li></ul><ul><li>Most households that carry balances owe $2,000 or less. </li></ul><ul><li>Only about 1 in 20 American households owes $8,000 or more on credit cards. </li></ul><ul><li>These figures are from the Federal Reserves 2001 Survey of Consumer Finances, one of the most comprehensive assessments of what Americans own and owe. </li></ul>
    9. 9.
    10. 10. Future Trends <ul><li>Today’s ninth graders will graduate in 2011. </li></ul><ul><li>What trends will affect the world they will enter ? </li></ul><ul><li>What will the educated student look like in the year 2030 ? </li></ul><ul><li>How much time have you spent considering these questions ? </li></ul>
    11. 11. Ask Me..... “ How will I ever use what I’m learning today? ”
    12. 12. What changes can we make? <ul><li>Keep it “fresh” </li></ul><ul><li>Update for relevance to student lifestyles/backgrounds </li></ul><ul><li>Encourage social-appropriateness for career success (networking) </li></ul><ul><li>Look at what you do: “ real world?” versus “it’s on the test!” </li></ul>
    13. 13. “Bottom Line” Literacy <ul><li>Results from relevance of content/strategy to lifestyle, background, and future needs </li></ul><ul><li>Emphasizes process learning </li></ul><ul><li>Leads to independent learning </li></ul>
    14. 14. What can we do? <ul><li>Provide access to a variety of materials </li></ul><ul><li>Use instructional strategies to stimulate interest in more complex material </li></ul><ul><li>Implement high quality assessments to show strengths/weaknesses of students and professional learning needs of teachers </li></ul><ul><li>Model and teach reading and math competencies and study strategies across the content areas </li></ul><ul><li>Team stronger readers with struggling readers for one on one </li></ul>
    15. 15. What Is Rigor? <ul><li>Deep Immersion in Subject </li></ul><ul><li>Uses Sophisticated Texts, Tools and Language </li></ul><ul><li>Real-World Settings </li></ul><ul><li>Complex, Messy Problems </li></ul><ul><li>Experience is Reflective and Intimate </li></ul><ul><li>Active Learning </li></ul><ul><li>Observe and Maintain Information </li></ul><ul><li>Challenge Assumptions </li></ul><ul><li>Learning and Work Never Completed </li></ul>
    16. 16. RIGOR RELEVANCE A B D C Rigor/Relevance Framework Teacher Works Student Thinks Student Thinks and Works Student Works High High Low Low
    17. 17. Rigor & Relevance Framework <ul><li>Focus on the Right Standards </li></ul><ul><ul><li>What is on the Standard/National Tests </li></ul></ul><ul><ul><li>What Matters in Life </li></ul></ul><ul><li>Trim Down Curriculum </li></ul><ul><ul><li>What Must They Know </li></ul></ul><ul><ul><li>What They Need to Know </li></ul></ul><ul><ul><li>… All of the Rest </li></ul></ul>
    18. 18. KNOWLEDGE A P P L I C A T I O N A B D C Acquisition Application Adaptation Assimilation Rigor/Relevance Framework
    19. 19. Knowledge Taxonomy 1. Recall Knowledge 2. Comprehension 3. Application 4. Analysis 5. Synthesis 6. Evaluation
    20. 20. Application Model <ul><li>5 Application to real-world unpredictable situations </li></ul><ul><li>4 Application to real-world predictable situations </li></ul><ul><li>3 Application across disciplines </li></ul><ul><li>2 Application within discipline </li></ul><ul><li>1 Knowledge of one discipline </li></ul>
    21. 22. How can we get it together? <ul><li>Work with what you already use </li></ul><ul><li>Determine where it fits in </li></ul><ul><li>Look at adjustments that will move it from it’s current quadrant to the next level. </li></ul>
    22. 23. Planning Instruction Students can do no better than the assignments they’re given
    23. 24. McREL – Marzano Research <ul><li>3,093 benchmarks on national standards </li></ul><ul><li>X average 5 hours per standard </li></ul><ul><li>= 15,465 hours to teach all skills </li></ul><ul><li>K-12 IF a student misses NO days and takes NO lunch, he/will have 9,042 hours at school. </li></ul><ul><li>Joanna Kister, SREB Consultant, Dallas, TX, January 18-20, 2007 </li></ul>
    24. 25. Heidi Hayes Jacobs <ul><li>Given the limited time you have with your students, curriculum design has become more and more an issue of deciding what you won’t teach as well as what you will teach. You cannot do it all. As a designer, you must choose the essential.” </li></ul><ul><li>Joanna Kister, SREB Consultant, Dallas, TX, January 18-20, 2007 </li></ul>
    25. 26. Resources
    26. 27. Resources <ul><li>Magazines </li></ul><ul><li>Money </li></ul><ul><li>SmartMoney </li></ul><ul><li>Kiplinger Personal Finance </li></ul><ul><li>Fortune </li></ul><ul><li>Web Sites </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li>Books </li></ul><ul><li>Personal Financial Literacy (SW) </li></ul><ul><li>Managing Your Personal Finances (SW) </li></ul><ul><li>Personal Finance (Glencoe) </li></ul><ul><li>Financial Planning Program (NEFE) </li></ul><ul><li>Choice Chance Control (State Farm) </li></ul>
    27. 28. Rigor/Relevance? <ul><li>The “R”s of R-Factor Learning </li></ul><ul><li>Relationships- Why do I need to know this? Will it be on the test? </li></ul><ul><li>Rigor- How challenging is it for students? </li></ul><ul><li>Relevance- How real? Connections? </li></ul><ul><li>Responsibilities- Who does what? </li></ul>
    28. 29. Current Practices Lecture Reading Audio Visual Demonstration Discussion Group Practice & Application Teach Others 5% 10% 20% 30% 50% 75% 90%
    29. 31. Example Multiple Performances for Single Standard Reading - H.S Level <ul><li>A Read science experiment and identify necessary materials to perform experiment. </li></ul><ul><li>B Locate and read a current article on biotechnology. </li></ul><ul><li>C Read and analyze three original newspaper articles from World War II and identify reasons for opposition to US entry into the war. </li></ul><ul><li>D Research pertinent information related to the El Nino weather pattern and propose possible family vacation destinations. </li></ul>Standard: Identify, collect and/or select pertinent information while reading R/R Quadrant Student Performance
    30. 32. Example Multiple Performances for Single Standard Personal Finance/Reading - H.S Level <ul><li>A Read chapter on types of investments and identify necessary terms related to each. </li></ul><ul><li>B Locate and read a current article on a selected type of investment instrument. </li></ul><ul><li>C Read and analyze three original magazine articles identify strategies for investing. </li></ul><ul><li>D Research pertinent information related to a given case and propose possible investment options for the situation. </li></ul>R/R Quadrant Student Performance Standard: Identify, collect and/or select pertinent information while reading
    31. 33. <ul><li>A Calculate mean, mode, median on a set of data. </li></ul><ul><li>B Collect data on braking distance of automobiles at various speeds and determine averages. </li></ul><ul><li>C Select the best measure of central tendency and calculate data to support a specific intent. </li></ul><ul><li>D Develop a statistical sampling plan for determining number of products which do not meet quality standards. </li></ul>Example Multiple Performances for Single Standard Math - M.S Level Standard: Use statistical measures, including central tendency, to describe and compare data R/R Quadrant Student Performance
    32. 34. Example Multiple Performances for Single Standard Personal Finance/Math - HS Level <ul><li>A Calculate current balance on a check book register. </li></ul><ul><li>B Collect data on transactions for one month and determine current balance. </li></ul><ul><li>C Complete a reconciliation for a bank statement. </li></ul><ul><li>D Audit a bank reconciliation case before completing all transactions and reconciliation for a second month. </li></ul>R/R Quadrant Student Performance Standard: Use real numbers to solve problems.
    33. 35. Decision Tree <ul><li>Is it Application? </li></ul><ul><ul><li>If NO </li></ul></ul><ul><li>If YES - Is it real world? </li></ul><ul><ul><li>If NO and one discipline </li></ul></ul><ul><ul><li>If NO and interdisciplinary </li></ul></ul><ul><li>If YES - Is it unpredictable? </li></ul><ul><ul><li>If NO </li></ul></ul><ul><ul><li>If YES </li></ul></ul>Application Model <ul><ul><li>Level 1 </li></ul></ul><ul><ul><li>Level 2 </li></ul></ul><ul><ul><li>Level 3 </li></ul></ul><ul><ul><li>Level 4 </li></ul></ul><ul><ul><li>Level 5 </li></ul></ul>
    34. 36. Relevance Connection <ul><li>Critique your “assignments” and begin to tweak them for higher levels of rigor and relevance. </li></ul><ul><li>Self-Reflect: who is doing all the work? (Flat line teachers) </li></ul>
    35. 37. Strategies for Increasing Rigor? Washor and Mojkowski, Educational Leadership, 2007 <ul><li>Work with Passions and Interests </li></ul><ul><li>Connect Learning to Real-World Contexts </li></ul><ul><li>Build Relationships </li></ul><ul><li>Address the Head, Hand, Heart, and Health </li></ul><ul><li>Assess Rigorously </li></ul>
    36. 38. Quadrant A Strategies <ul><li>Guided Practice </li></ul><ul><li>Lecture </li></ul><ul><li>Memorization </li></ul><ul><li>Games </li></ul><ul><li>Recognition & Rewards </li></ul><ul><li>Review/Re-teach </li></ul>B A D C
    37. 39. Quadrant B Strategies <ul><li>Community Service </li></ul><ul><li>Demonstration </li></ul><ul><li>Instructional Technology </li></ul><ul><li>Simulation/Role Play </li></ul><ul><li>Internship </li></ul><ul><li>Total Physical Response </li></ul><ul><li>Video </li></ul>B A D C
    38. 40. Quadrant C Strategies <ul><li>Brainstorming </li></ul><ul><li>Compare/Contrast </li></ul><ul><li>Literature </li></ul><ul><li>Research </li></ul><ul><li>Socratic Seminar </li></ul><ul><li>Teacher Question </li></ul><ul><li>Writing </li></ul>B A D C
    39. 41. Quadrant D Strategies <ul><li>Community Service </li></ul><ul><li>Comparative Learning </li></ul><ul><li>Inquiry </li></ul><ul><li>Instructional Technology </li></ul><ul><li>Internships </li></ul><ul><li>Presentations/Exhibitions </li></ul><ul><li>Problem-Based Learning </li></ul><ul><li>Project Design </li></ul><ul><li>Work-Based Learning </li></ul>B A D C
    40. 42. Rigor & Relevance Framework Worksheet <ul><li>On this worksheet think about the “assignments” you ask your students or teachers to complete. Try to write a few assignments in each of the framework boxes. Consider how you might alter the assignment for a higher level of learning. </li></ul>
    41. 44. Rigorous and Relevant Instruction Rigor/Relevance Rigor/Relevance Feedback Reflection What How How Well Student Learning Student Learning Instruction Assessment Expected Student Performance Actual Student Performance
    42. 45. Rigor & Relevance Framework: A Useful Tool to Evaluate <ul><li>Curriculum </li></ul><ul><li>Instruction </li></ul><ul><li>Assessment </li></ul><ul><li>Activities </li></ul>
    43. 46. To Learn About Additional Training in Rigor and Relevance (R-Factor Learning) Contact: <ul><li>Dr. Barbara Harrison, Director </li></ul><ul><li>Missouri Center for Career Education </li></ul><ul><li>1-660-543-8768 </li></ul>
    44. 47. Willard Wirtz <ul><li>There aren’t two worlds -- education and work, there is one world -- life. </li></ul>