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ppt, 1.4mb

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