Personal Financial
  Management
State Board of Education
      April 14, 2009
Challenges and Consequences
            • Many young people struggle in
              the management of their first
      ...
Michigan Content Expectations
            •   Basic personal financial
                management skills are attained
    ...
Personal Finance
            Management Skills

              •   Earning
              •   Spending
              •   Sav...
Personal Finance
            for High School Students
Describe and demonstrate how the economic forces of scarcity and
opp...
Personal Finance
•   4.1.4 Key Components of Personal Finance – Evaluate key
    components of personal finance including,...
Assessment
• Personal Finance will be part of the model
  Secondary Credit Assessments for
  Economics




4/21/2009      ...
2002 Legislative Requirement
• PA 111 required MDE in section 1165 to
  “develop and make available to schools
  one or mo...
2008 Legislative Changes
• The Revised School Code was amended
  to allow financial literacy as described in
  section 116...
Personal Financial Resources
• Updating to reflect the following:
     – Jump Start Coalition national criteria for
      ...
Financial Literacy
             Advisory Group
• Represent business, banking, and
  education
• Update the current on-line...
Contact Information
• Mary Alice Galloway, Interim Director, Office of School
  Improvement, Gallowaym@michigan.gov

• Deb...
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Personal Financial Management

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Personal Financial Management

  1. 1. Personal Financial Management State Board of Education April 14, 2009
  2. 2. Challenges and Consequences • Many young people struggle in the management of their first consumer credit experience, establish bad financial management habits, and stumble through their lives learning by trial and error. 4/21/2009 2
  3. 3. Michigan Content Expectations • Basic personal financial management skills are attained during the K-12 educational experience. • Personal Finance expectations should be included in high school economics and other elementary, middle, and high school courses. 4/21/2009 3
  4. 4. Personal Finance Management Skills • Earning • Spending • Saving • Borrowing • Investing 4/21/2009 4
  5. 5. Personal Finance for High School Students Describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices. • 4.1.1 Scarcity and Opportunity Costs – Apply concepts of scarcity and opportunity costs to personal financial decision making. • 4.1.2 Marginal Benefit and Cost – Use examples and case studies to explain and evaluate the impact of marginal benefit and marginal cost of an activity on choices and decisions. • 4.1.3 Personal Finance Strategy – Develop a personal finance strategy for earning, spending, saving and investing resources. 4/21/2009 5
  6. 6. Personal Finance • 4.1.4 Key Components of Personal Finance – Evaluate key components of personal finance including, money management, saving and investment, spending and credit, income, mortgages, retirement, investing (e.g., 401K, IRAs), and insurance. • 4.1.5 Personal Decisions – Use a decision-making model (e.g., stating a problem, listing alternatives, establishing criteria, weighing options, making the decision, and evaluating the result) to evaluate the different aspects of personal finance including careers, savings and investing tools, and different forms of income generation. • 4.1.6 Risk Management Plan – Develop a risk management plan that uses a combination of avoidance, reduction, retention, and transfer (insurance). 4/21/2009 6
  7. 7. Assessment • Personal Finance will be part of the model Secondary Credit Assessments for Economics 4/21/2009 7
  8. 8. 2002 Legislative Requirement • PA 111 required MDE in section 1165 to “develop and make available to schools one or more model programs for youth financial education.” • A resource was created and can be accessed at michigan.gov/socialstudies 4/21/2009 8
  9. 9. 2008 Legislative Changes • The Revised School Code was amended to allow financial literacy as described in section 1165 to count toward the fourth mathematics credit under section 1278a, requirements for Michigan high school diploma. 4/21/2009 9
  10. 10. Personal Financial Resources • Updating to reflect the following: – Jump Start Coalition national criteria for selecting financial literacy materials – Content expectations – New materials produced since 2002 – Support for the fourth mathematics related credit 4/21/2009 10
  11. 11. Financial Literacy Advisory Group • Represent business, banking, and education • Update the current on-line resources for teachers • Identify new financial literacy resources • Assist MDE with marketing the financial resources 4/21/2009 11
  12. 12. Contact Information • Mary Alice Galloway, Interim Director, Office of School Improvement, Gallowaym@michigan.gov • Deborah Clemmons, Supervisor, Curriculum and Literacy, Office of School Improvement, Clemmonsd@michigan.gov • Karen R Todorov, Social Studies Consultant, Office of School Improvement, Todorok@michigan.gov 4/21/2009 12
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