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Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
Personal Finance: A Local Graduation Requirement
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Personal Finance: A Local Graduation Requirement

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  • 1. The Case for Financial Literacy as a Priority for Every Student
  • 2.  
  • 3. 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.
  • 4. 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.
  • 5. 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.
  • 6. 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.
  • 7. 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
  • 8. 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.
  • 9. 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!
  • 10. 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.
  • 11. 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.
  • 12. 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.
  • 13. Salem City Schools Personal Finance Curriculum
    • Investments
    • Banking
    • Credit
    • Savings
    • Consumer skills
  • 14. Curriculum (cont.)
    • Insurance
    • Taxes
    • Buying a house and car
    • Budgeting
    • For complete curriculum go to www.salem.k12.va.us
  • 15. 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
  • 16. Observations
    • Ask a lot of questions
    • Course reinforces math skills
    • THERE IS A BIG NEED FOR PERSONAL FINANCE!
  • 17. Materials Available
    • Websites
    • Guest speakers
    • Junior Achievement
    • Simulations
  • 18. Materials Available (cont.)
    • Jumpstart coalition
    • No textbook is needed
    • The hardest part is figuring out what materials to use
  • 19. 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
  • 20. 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%
  • 21. Results
    • Students are asking their parents questions about financial topics
    • Never met a parent who did not think it was a great idea
    • 1 st place in the SMG in the Radford Region
    • Graduates will provide more info in the future
  • 22. Results
    • Here is what the students are saying:
  • 23. Here is what the students are saying
  • 24. Here is what the students are saying
  • 25. Resources
    • No Textbook Necessary!
    • Abundant Materials available online at no charge
    • Jump$tart Coalition Clearinghouse includes 312 Publications
  • 26. Resources
    • Jump$tart Coalition Members and Local Businesses are great sources of information and materials
    • Virginia Tech Assistant Professor:
        • Cecia Ray Hayhoe, PH.D.
        • (540) 231-3497
        • [email_address]
  • 27. Resources: Time is Money
    • Look first at your Business Department and evaluate current requirements and course offerings
    • Consider re-allocation of Business Teacher course assignments from potentially outdated Intro. to Computers courses to Personal Finance
  • 28. Resources: Time is Money
    • VA DOE also has a course code for Social Studies Teachers who may already be teaching local electives in Economics
    • Teacher Training is available FREE from Jump$tart Coalition Members
  • 29. 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.
  • 30. 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.
  • 31. 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.
  • 32.
    • You know they need it
    • and
    • they deserve it from you!!!
  • 33. Contacts
    • H. Alan Seibert, Ed. D. Kevin Garst
    • Division Superintendent Personal Finance Instructor
    • Salem City Schools Salem High School
    • 510 South College Avenue 400 Spartan Drive
    • Salem, VA 24153 Salem, VA 24153
    • Telephone: (540)389-8406 Telephone: (540)389-2437
    • [email_address] [email_address]
    • Curtis Hicks Wayne Adkins
    • Director of Secondary Instruction Vice Chairman
    • Salem City Schools Salem City School Board
    • 510 South College Avenue 510 South College Avenue
    • Salem, VA 24153 Salem, VA 24153
    • Telephone: (540)389-0130 Telephone: (540)353-5370
    • [email_address] [email_address]

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