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Personal Financial Literacy

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Personal Financial Literacy Implications for Colorado Teachers We wanted to start with a few statistics regarding financial literacy * More stats and your personal ... – PowerPoint PPT presentation

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Title: Personal Financial Literacy


1
Personal Financial Literacy Implications for
Colorado Teachers
2
The Need for Personal Financial Literacy
  • 55 of parents with children 16-24 voiced concern
    over their childs ability to become financially
    independent
  • 1 in 3 parents have taught their teen how to
    balance a checkbook, fewer (29) explained how
    credit cards work

3
  • 93 of parents worry their teen will make
    financial missteps
  • 72 of parents acknowledge they are the primary
    source of PFL education
  • 1 in 4 parents are not currently saving for
    retirement or their childs education

4
  • More than 2/3s of parents feel less prepared to
    give financial guidance than they do talking
    about the birds bees
  • 47 of teens between 12-17 have a savings
    account, 12 have a checking account, and 15
    have an ATM

5
Personal Financial Literacy- The first
approachmaking it simple
6
Agenda
  • Highlights standards revision process
  • Key Features PFL Expectations
  • Deeper Look PFL expectations
  • Grounding PFL expectations
  • Other Support

7
How familiar are you with the PFL writing process?
  • I heard something about that
  • What is PFL?
  • c. I am ready for implementation

8
Phases of Implementation for Colorados Revised
Academic Standards
9
What are the highlights of personal financial
literacy within the standards revision process?
10
Parameters for the standards revision process
Research Based
  • West Ed and CDE collaborated to gather national
    and international research

Inclusive
  • Educators, citizens, higher education, business
    industry
  • Feedback ongoing from stakeholders throughout the
    process

Transparent
  • All could see updates, notes, and deliberations

11
Fewer, Clearer, Higher
Process for each phase of standards revision
12
State Board of Education
Personal Financial Literacy Subcommittee
Colorado Department of Education
Financial Literacy Recommendations
Mathematics Evidence Outcomes
Economics Grade Level Expectations
Conference Committee
Integrated into Economics and Mathematics
13
What is your level of awareness of the PFL
expectations?
  1. I have thoroughly read through ALL of the PFL
    expectations and made note of implications for my
    district.
  2. I have read the PFL expectations.
  3. I have skimmed the PFL expectations.
  4. I have not yet read the PFL expectations.

14
Key Features of Personal Financial Literacy
Expectations
15
  • House Bill 1168
  • Manage savings, investments, checking accounts
  • Design and maintain a household budget
  • Manage personal debt
  • Understand consumer credit finance
  • Manage personal credit options
  • Select among short-term and long term investments

16
Financial Literacy Four Key Areas
  • Goal Setting, Careers, and Financial
    Responsibility
  • Planning, Income, Saving, and Investing
  • Credit
  • Risk Management and Insurance
  • Prepared Graduate Competency in Economics
  • Acquire the knowledge and economic reasoning
    skills to make sound financial decisions (PFL)


17
Assessing Personal Financial Literacy
  • Within the new Colorado assessment system
  • Within the mathematics assessment at each
    assessed grade level
  • Details available in the future

18
A deeper look at the PFL expectations?
19
The Template

Content Area Content Area
Standard Standard
Prepared Graduates Prepared Graduates

High School and Grade Level Expectations High School and Grade Level Expectations
Concepts and skills students master Concepts and skills students master

Evidence Outcomes 21st Century Skills and Readiness Competencies
Students can Inquiry Questions
Students can Relevance and Application
Students can Nature of the Discipline
20
High School example
Economics Expectation Analyze the components
of personal credit to manage credit and debt
Economics Evidence Outcomes Analyze various lending sources, services, and financial institutions Investigate legal and personal responsibilities affecting lenders and borrowers Make connections between building and maintaining a credit history and its impact on lifestyle Mathematics Evidence Outcomes Evaluate the costs and benefits of credit (2.6f) Analyze various lending sources, services and financial institutions (2.6g)
21
Content Area Mathematics Content Area Mathematics Content Area Mathematics
Standard Patterns, Functions, and Algebraic Structures Standard Patterns, Functions, and Algebraic Structures Standard Patterns, Functions, and Algebraic Structures
Prepared Graduate Competencies Use critical thinking to recognize problematic aspects of situations, create mathematical models, and present and defend solutions Prepared Graduate Competencies Use critical thinking to recognize problematic aspects of situations, create mathematical models, and present and defend solutions Prepared Graduate Competencies Use critical thinking to recognize problematic aspects of situations, create mathematical models, and present and defend solutions

High School Expectation High School Expectation  
Concepts and skills students know include Concepts and skills students know include  
6. Identify essential quantitative relationships in a real-world problem, use elementary functions to develop a mathematical model, and use all available tools, including technology, to find and interpret solutions. 6. Identify essential quantitative relationships in a real-world problem, use elementary functions to develop a mathematical model, and use all available tools, including technology, to find and interpret solutions.  
Evidence Outcomes 21st Century Skills and Readiness Competencies  
Students can Represent and solve problems in various contexts using linear and quadratic functions Represent and solve problems in various contexts, including investment growth and depreciation, using power and exponential functions Represent and solve problems involving direct and inverse variations and a combination of direct and inverse variation Analyze the reasonableness of a solution in its given context and compare the solution to appropriate graphical and numerical estimates Analyze the impact of interest rates on a personal financial plan (PFL) Evaluate the costs and benefits of credit (PFL) Analyze various lending sources, services and financial institutions (PFL) Inquiry What phenomena can be modeled with particular functions? Which financial applications can be modeled with exponential functions? Linear functions? How can patterns, relations, and functions be used as tools to describe and explain real-life situations? What elementary function or functions best represent(s) a given scatter plot of two-variable data? How much would todays purchase cost tomorrow? (PFL) What is the difference between simple and compound interest and how do these relate to linear and exponential growth? (PFL)  
Students can Represent and solve problems in various contexts using linear and quadratic functions Represent and solve problems in various contexts, including investment growth and depreciation, using power and exponential functions Represent and solve problems involving direct and inverse variations and a combination of direct and inverse variation Analyze the reasonableness of a solution in its given context and compare the solution to appropriate graphical and numerical estimates Analyze the impact of interest rates on a personal financial plan (PFL) Evaluate the costs and benefits of credit (PFL) Analyze various lending sources, services and financial institutions (PFL) Applying Mathematics in Society and Using Technology Use translations of elementary functions to model real-world data Use functions to represent population growth Use spreadsheets to calculate loan amortization and make predictions about a personal financial plan (PFL) Investigate the implications of inflation on income, budgets, savings and spending. Apply interest formulas to explore the effect of compound interest on an investment over time (PFL) Compare the costs of different ways of obtaining credit (PFL) Analyze the most cost-effective option for a large purchase (PFL)  
Students can Represent and solve problems in various contexts using linear and quadratic functions Represent and solve problems in various contexts, including investment growth and depreciation, using power and exponential functions Represent and solve problems involving direct and inverse variations and a combination of direct and inverse variation Analyze the reasonableness of a solution in its given context and compare the solution to appropriate graphical and numerical estimates Analyze the impact of interest rates on a personal financial plan (PFL) Evaluate the costs and benefits of credit (PFL) Analyze various lending sources, services and financial institutions (PFL) Nature of Mathematics Mathematicians represent concepts concretely and use multiple representations  
22
Content Area Social Studies Content Area Social Studies Content Area Social Studies
Standard Economics Standard Economics Standard Economics
Prepared Graduates Acquire the knowledge and economic reasoning skills to make sound financial decisions (PFL) Prepared Graduates Acquire the knowledge and economic reasoning skills to make sound financial decisions (PFL) Prepared Graduates Acquire the knowledge and economic reasoning skills to make sound financial decisions (PFL)

Grade Level Expectation High School Grade Level Expectation High School  
Concepts and skills students master Concepts and skills students master  
6. The components of personal credit to manage credit and debt(PFL) 6. The components of personal credit to manage credit and debt(PFL)  
Evidence Outcomes 21st Century Skills and Readiness Competencies  
Students can Analyze various lending sources, services, and financial institutions Investigate legal and personal responsibilities affecting lenders and borrowers Make connections between building and maintaining a credit history and its impact on lifestyle Inquiry Questions Why is it important to know the similarities and differences of revolving credit, personal loans, and mortgages? How does the law protect both borrowers and lenders? Why is a good credit history essential to the ability to purchase goods and insurance, and gain employment? When should you use revolving credit and/or personal loans?  
Students can Analyze various lending sources, services, and financial institutions Investigate legal and personal responsibilities affecting lenders and borrowers Make connections between building and maintaining a credit history and its impact on lifestyle Relevance and Application The understanding of the components of personal credit allows for the management of credit and debt. For example, individuals can use an amortization schedule to examine how mortgages differ, check a credit history, know the uses of and meaning of a credit score, and use technology to compare costs of revolving credit and personal loans. Knowledge of the penalties that accompany bad credit, such as the inability to qualify for loans, leads to good financial planning.  
Students can Analyze various lending sources, services, and financial institutions Investigate legal and personal responsibilities affecting lenders and borrowers Make connections between building and maintaining a credit history and its impact on lifestyle Nature of Economics Financially responsible consumers know their rights and obligations when using credit. Financially responsible consumers frequently check their own credit history to verify its accuracy and amend it when inaccurate. Financially responsible consumers make decisions that require weighing benefit against cost.  
23
  • Directions
  • At your table, choose a partner
  • 2. The table then decides which set of partners
    will review
  • P-K
  • 1-2
  • 3-4
  • 5-6
  • 7-8
  • Partner Discussion
  • What concepts skills do you see emphasized at
    the grade levels?
  • Table Discussion
  • Overview of what is emphasized at each grade
    level

24
Anticipated support from CDE
25
(No Transcript)
26
URL
  • http//www.cde.state.co.us/action/Financial_Litera
    cy/index.htm

27
What are the implications for your work?
Table Talk
28
Multi-Dimensional Support from CDE
29
Crosswalk Documents
Crosswalk Document Standard Grade
Expectation Referent District Notes
Intention Implication
http//www.cde.state.co.us/cdeassess/UAS/Crosswal
k/CAS_Crosswalk.html
30
How to Partner with CDE
Communication opportunities
Collaboration opportunities
Sharing opportunities
Professional development opportunities
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