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Personal Financial Literacy PFL

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Personal Financial Literacy is now a requirement in North Carolina ... Certified Financial Planners (CFP's) & Financial Advisors. Insurance Agents ... – PowerPoint PPT presentation

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Title: Personal Financial Literacy PFL


1
Personal Financial Literacy (PFL)
  • Whats 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
Todays 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
Todays 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
  • HB 16 (1/31/05)
  • SB 622 (2005)
  • SB 1113 (3/22/07)
  • HB 1473 (2007) Appropriations Act for teaching
    PFL in Civics and Economics

9
HB 16
  • Requires the public schools to teach personal
    financial literacy in high schools
  • Up to five years to develop curriculum

10
Senate Bill 622
  • Requires the teaching of Personal Financial
    Literacy in Public Schools
  • Up to two years to develop curriculum

11
Senate Bill 1113
  • Appropriate funds for instruction in personal
    financial literacy (Algebra I and Integrated Math
    beginning with the 2008-09 school year)

12
House Bill 1473
  • Appropriates recurring funds for instruction in
    personal financial literacy (Civics and
    Economics)
  • Train teachers (2007-08)
  • Modules in Civics and Economics curriculum
    (2008-09)

13
PFL legislation
  • How will it affect
  • Social Studies Teachers
  • Students

14
PFL
  • Civics Economics courses will include modules
    of instruction in
  • Credit
  • Savings
  • Investing
  • Checking
  • A pre- and post- survey of Personal Financial
    Literacy

15
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

16
Our Resources2005-06
  • Personal Financial Literacy Documents
  • Elementary
  • Middle
  • Secondary
  • Supplemental Secondary Resource Document

17
PERSONAL FINANCIAL LITERACY ACTIVITIES AND
TEACHING STRATEGIES FOR SECONDARY SOCIAL STUDIES
  • 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

18
Our ResourcesNEFE
19
Our PartnersSECU
  • Provide training to teachers
  • Provide resource materials
  • Provide human resources
  • Are local (over 277 locations throughout NC)
  • Services and materials are free

20
Local Partners
  • CPAs
  • Certified Financial Planners (CFPs)
  • 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

21
PFL Contacts
  • NCDPI Staff
  • Tracey Greggs, 6-12 Social Studies Chief
    TGreggs_at_dpi.state.nc.us
  • Judy McInnis, 6-12 Social Studies Consultant
    JMcInnis_at_dpi.state.nc.us
  • Kelly Thomas, 9-12 Social Studies Consultant
    KThomas_at_dpi.state.nc.us
  • Leigh Brady, Senior Vice President - Education
    Services, SECU
  • 1-888-478-4648 (Toll Free)
  • Esther Dunnegan, Education Consultant
    estherdunnegan_at_aol.com

22
My Financial Literacy
  • Budget Busters
  • What If?
  • Are You A Risk Taker?
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