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Personal Financial Literacy Implications for Colorado Teachers

Personal Financial Literacy Implications for Colorado Teachers. The Need for Personal Financial Literacy. 55% of parents with children 16-24 voiced concern over their child’s ability to become financially independent

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Personal Financial Literacy Implications for Colorado Teachers

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  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 child’s 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 child’s education

  4. More than 2/3’s 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 approach…making 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 Colorado’s 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 Colorado Department of Education Personal Financial Literacy Subcommittee Financial Literacy Recommendations Economics Grade Level Expectations Mathematics Evidence Outcomes Conference Committee Integrated into Economics and Mathematics

  13. What is your level of awareness of the PFL expectations? • I have thoroughly read through ALL of the PFL expectations and made note of implications for my district. • I have read the PFL expectations. • I have skimmed the PFL expectations. • 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

  20. High School example Economics Expectation: Analyze the components of personal credit to manage credit and debt

  21. 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

  22. Anticipated support from CDE

  23. URL http://www.cde.state.co.us/action/Financial_Literacy/index.htm

  24. What are the implications for your work? Table Talk

  25. Multi-Dimensional Support from CDE

  26. Crosswalk Document Standard Grade Expectation Referent District Notes Intention Implication Crosswalk Documents http://www.cde.state.co.us/cdeassess/UAS/Crosswalk/CAS_Crosswalk.html

  27. How to Partner with CDE Communication opportunities Collaboration opportunities Professional development opportunities Sharing opportunities

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