personal financial literacy (pfl) whats it all about?
TRANSCRIPT
Personal Financial Literacy (PFL)
What’s it all about?
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
“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
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
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.
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
Support staff includes national partners, local experts and NCDPI Social Studies Consultants
Multiple resources and materials are available for instruction
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
HB 16
Requires the public schools to teach personal financial literacy in high schools Up to five years to develop curriculum
Senate Bill 622
Requires the teaching of Personal Financial Literacy in Public Schools Up to two years to develop curriculum
Senate Bill 1113
Appropriate funds for instruction in personal financial literacy (Algebra I and Integrated Math beginning with the 2008-’09 school year)
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)
PFL legislation…
How will it affect Social Studies
Teachers Students
PFL… Civics & Economics courses will include
modules of instruction in Credit Savings Investing Checking
A pre- and post- survey of Personal Financial Literacy
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
Our Resources…2005-’06 Personal Financial Literacy
Documents Elementary Middle Secondary
Supplemental Secondary Resource Document
PERSONAL FINANCIAL LITERACY: ACTIVITIES AND TEACHING STRATEGIES FOR SECONDARY SOCIAL STUDIES
Section I - Economic BasicsThe Four Factors of Production and their RewardsCandy 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 StudyIs There Such a Thing as a Good Tax?
Section III - Money ManagementDream LifeFamily 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 RiskInsurance: Do We Need It?
Section VII – Banking Banks and Consumer ServicesNo Rubber Checks
Additional Resources
Our Resources…NEFE
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
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
PFL Contacts NCDPI Staff
Tracey Greggs, 6-12 Social Studies Chief; [email protected]
Judy McInnis, 6-12 Social Studies Consultant; [email protected]
Kelly Thomas, 9-12 Social Studies Consultant; [email protected]
Leigh Brady, Senior Vice President - Education Services, SECU 1-888-478-4648 (Toll Free)
Esther Dunnegan, Education Consultant; [email protected]
My Financial Literacy… Budget Busters What If? Are You A Risk Taker?