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  • 1. Personal Financial Literacy (PFL) What’s it all about?
  • 2. A Call for Action
    • National Association of State Board of Education
    • North Carolina Department of the State Treasurer
    • The North Carolina General Assembly
    • The North Carolina Department of Public Instruction
  • 3.
    • “ The U.S. economy is the eighth wonder of the world. Americans’ ignorance of it is the ninth.”
    • Arthur Levitt
    • Former Chairman,
    • New York Stock Exchange
  • 4. Today’s Teens…
    • Fewer than half of teenagers polled understood how to budget
    • Entering college freshmen have an average debt of $1.500 on personal credit cards.
    • The average credit card debt for college seniors is $2,864; a 48% increase from freshmen
  • 5. Today’s Teens…
    • The average debt of graduating college seniors including student loans is $20,000.
    • Americans under age 25 are filing for bankruptcy faster than any other age group.
  • 6. The News…
    • Personal Financial Literacy is now a requirement in North Carolina
    • Multiple curricula will reflect changes in their NC Standard Course of Study
    • A series of regional workshops are designed for training
  • 7.
    • Support staff includes national partners, local experts and NCDPI Social Studies Consultants
    • Multiple resources and materials are available for instruction
  • 8. NC Legislation
    • SB 622 (2005) Teaching of Personal Finances in Schools
    • HB 1473 (2007) Appropriations Act for teaching PFL in Civics and Economics
    • HB 1474 (2009) Each student shall receive personal financial literacy instruction that include credit, managing a credit card, borrowing money for large purchases, and credit scores and reports
    • SB 1019 (2009) The establishment of a Financial Literacy Council to coordinate and expand the statewide delivery of financial education
  • 9. PFL legislation…
    • How will it affect
      • Social Studies Teachers
      • Students
  • 10. PFL…
    • Civics & Economics courses will include modules of instruction in
      • Credit
      • Savings
      • Investing
      • Checking
    • A pre- and post- survey of Personal Financial Literacy
  • 11. Why Civics & Economics?
    • It is a required course - all students take it
    • PFL should begin early in the HS career
      • Teens purchase
      • Teens have charge cards
      • Teens begin to work by 10th grade
    • Additional courses are available in other content areas
  • 12. Our Resources…2005-’06
    • Personal Financial Literacy Documents
      • Elementary
      • Middle
      • Secondary
    • Supplemental Secondary Resource Document
    • Section I - Economic Basics
    • The Four Factors of Production and their Rewards
    • Candy Bar Economics
    • Section II - Taxing and Spending
    • Local Taxes: Where Does All The Money Go?
    • State Taxes: Why Do We Pay the State?
    • Economic Investment in a Community: A Case Study
    • Is There Such a Thing as a Good Tax?
    • Section III - Money Management
    • Dream Life
    • Family Financial Project
    • Section IV - Savings and Investment
    • Investment: Does Money Grow?
    • Section V – Credit
    • Credit: Friend or Foe?
    • Read the Fine Print
    • Section VI – Insurance
    • Insuring Against Risk
    • Insurance: Do We Need It?
    • Section VII – Banking
    • Banks and Consumer Services
    • No Rubber Checks
    • Additional Resources
  • 14. Our Resources…NEFE
  • 15. Our Partners…SECU
    • Provide training to teachers
    • Provide resource materials
    • Provide human resources
    • Are local (over 277 locations throughout NC)
    • Services and materials are free
  • 16. Local Partners…
    • CPA’s
    • Certified Financial Planners (CFP’s)
    • & Financial Advisors
    • Insurance Agents
    • Banks & Credit Unions
    • Junior Achievement
    • Non-Profit Agencies
    • Other Government Agencies
    • - HUD, Social Security Administration, Dept of Labor etc.
    • Retired Professionals
  • 17. My Financial Literacy…
    • Budget Busters
    • What If?
    • Are You A Risk Taker?