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State Leaders Should Provide Professional Development for Our Teachers

By April Somboun

By: Derek D’Angelo, President, Michigan Council on Economic Education

Why do you wear your seat belt while in a motor vehicle? I don’t wear my seat belt because of a government requirement, I wear it because my mother was in a horrible accident. It was a cold February morning in 1993 and my mother was on the way to work when her mini-van caught a patch of ice. The vehicle began to slide uncontrollably and she was t-boned on the passenger side by a truck. She was wearing her seat belt, spent a week in the hospital, and eventually made a full recovery.

Michigan was the first state to enact a seat belt law in July of 1985. Initially the legislation was met with much resistance from legislators and a populace whose seat belt usage was less than 20%. In the year of my mother’s accident the seat belt usage rate in Michigan had climbed to 64.4%. Merely establishing a requirement was only a first step toward moving the seat belt usage rate to the 93.3% it sits at today. Just as important was the research that showed people how many lives were saved, the graphic pictures of those who were not, enforcement efforts, and technological improvements to vehicles that followed enactment of the legislation.

Now that 20 state legislatures have jumped the hurdle to require high school students take a course in economics and lawmakers in 17 states require high school students take a course in personal finance, the work has just begun. Seldom do we put enough focus on the importance of the steps following legislative action. Establishing a state requirement is only the first step in the process of building a citizenry equipped to make financially sound decisions. Teachers must be supported through an investment in high-quality professional development. The delivery of this professional development must be strategically designed to target the needs of the teacher within the subject they teach. The model of large auditorium sit-and-get district required professional development should be abandoned for a more differentiated approach that encourages a growth mindset in teachers.

It’s time for a new conversation about teacher improvement. Teachers should receive ongoing professional development, tailored to their unique needs as lead learners in their classrooms. State Councils and Centers for Economic Education are uniquely positioned to provide high-quality, low cost professional development to those teaching economics and financial literacy. Across the nation, State Councils and Centers for Economic Education are equipped to provide the curriculum tools, the pedagogical support, and the community of peers needed for teachers to successfully implement and create the change sought by establishing state standards in economics and financial literacy.

We know that states with economic and financial literacy requirements are more likely to save, more likely to pay off credit cards in full each month, and less likely to be compulsive buyers. In 1985, the establishment of a state requirement in Michigan jumped seat belt usage to 60%, before falling back to 45% shortly thereafter. It is not enough to merely establish a state standard and believe all the problems will go away. The establishment of state standards in economics and financial literacy must be followed by a proper investment in the educators who will be delivering the messages to our children. It seems a much better and more cost-effective option than just hoping children learn from the accidents they witness.

The post State Leaders Should Provide Professional Development for Our Teachers appeared first on Council for Economic Education.

POSTED: February 8, 2016 | BY: brendan

State Requirements Matter

By Daniel Thompson

SOS Image State Requirements Matter

– J. Michael Collins, Ph.D., Center for Financial Security, University of Wisconsin-Madison

Schools play a significant role in the lives of young people as they develop into independ­ent, capable members of communities. Starting at young ages, schools teach kids to be safe, to be healthy, to be civic-minded, and, at least in some states, to be responsible for their personal financ­es. But there is wide variation across states in terms of what sorts of eco­nomic and personal finance education is offered to students. Some states offer little guidance to school districts relat­ed to what personal finance content to offer in schools at each grade level; others have pushed ahead, requiring courses from elementary to high school-aged students, supporting and training teachers, and in some cases even testing students on learning outcomes.

The variation in approaches allows us to study how different strategies work. In states where personal finance is part of a formal course, teachers are trained on the content, and students are tested, students develop better credit behaviors early in adulthood. Students who gradu­ate after more rigorous standards are put into place are more likely to make on-time payments and keep up with their bills—they still use debt and credit, but seem to understand how to manage those obligations better than students who did not graduate under higher standards for personal finance and eco­nomics. The figure below shows the difference in credit scores for students who graduated before financial educa­tion mandates were imposed, relative to comparable states and controlling for local trends. Student credit scores are 8 to 17 points higher by age 22 in three key states that made a change in financial education policies in 2007.

States that combine personal finance and economics, support teach­ers, and hold students accountable for learning objectives have the best chance of promoting the develop­ment of young people who are bet­ter financial managers and stewards of their credit—behaviors with which many, if not most, young people tend to struggle. Rigorous state standards can facilitate local schools to implement well-designed programs, which in turn expose students to con­cepts they otherwise would not learn. Communities may also benefit from having more financially competent households; perhaps stronger econom­ics and personal finance standards could even be viewed ultimately as an eco­nomic development strategy, developing young people with an increased ability to manage credit and invest in their future.

Policymakers seem to understand, at least in some areas, that state support for economics and personal finance mat­ter. There is still much to learn about the optimal blend of topics, testing and grade levels, but support for economics and financial education, from grade school to high school, is valuable for students and communities.

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

The post State Requirements Matter appeared first on Council for Economic Education.

POSTED: February 5, 2016 | BY: brendan

State Requirements Matter

By Daniel Thompson

SOS Image State Requirements Matter

– J. Michael Collins, Ph.D., Center for Financial Security, University of Wisconsin-Madison

Schools play a significant role in the lives of young people as they develop into independ­ent, capable members of communities. Starting at young ages, schools teach kids to be safe, to be healthy, to be civic-minded, and, at least in some states, to be responsible for their personal financ­es. But there is wide variation across states in terms of what sorts of eco­nomic and personal finance education is offered to students. Some states offer little guidance to school districts relat­ed to what personal finance content to offer in schools at each grade level; others have pushed ahead, requiring courses from elementary to high school-aged students, supporting and training teachers, and in some cases even testing students on learning outcomes.

The variation in approaches allows us to study how different strategies work. In states where personal finance is part of a formal course, teachers are trained on the content, and students are tested, students develop better credit behaviors early in adulthood. Students who gradu­ate after more rigorous standards are put into place are more likely to make on-time payments and keep up with their bills—they still use debt and credit, but seem to understand how to manage those obligations better than students who did not graduate under higher standards for personal finance and eco­nomics. The figure below shows the difference in credit scores for students who graduated before financial educa­tion mandates were imposed, relative to comparable states and controlling for local trends. Student credit scores are 8 to 17 points higher by age 22 in three key states that made a change in financial education policies in 2007.

States that combine personal finance and economics, support teach­ers, and hold students accountable for learning objectives have the best chance of promoting the develop­ment of young people who are bet­ter financial managers and stewards of their credit—behaviors with which many, if not most, young people tend to struggle. Rigorous state standards can facilitate local schools to implement well-designed programs, which in turn expose students to con­cepts they otherwise would not learn. Communities may also benefit from having more financially competent households; perhaps stronger econom­ics and personal finance standards could even be viewed ultimately as an eco­nomic development strategy, developing young people with an increased ability to manage credit and invest in their future.

Policymakers seem to understand, at least in some areas, that state support for economics and personal finance mat­ter. There is still much to learn about the optimal blend of topics, testing and grade levels, but support for economics and financial education, from grade school to high school, is valuable for students and communities.

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

The post State Requirements Matter appeared first on Council for Economic Education.

POSTED: February 5, 2016 | BY: brendan

State Requirements Matter – J. Michael Collins, Ph.D., Center for Financial Security, University of Wisconsin-Madison

By Daniel Thompson

SOS Image State Requirements Matter – J. Michael Collins, Ph.D., Center for Financial Security, University of Wisconsin Madison

Schools play a significant role in the lives of young people as they develop into independ­ent, capable members of communities. Starting at young ages, schools teach kids to be safe, to be healthy, to be civic-minded, and, at least in some states, to be responsible for their personal financ­es. But there is wide variation across states in terms of what sorts of eco­nomic and personal finance education is offered to students. Some states offer little guidance to school districts relat­ed to what personal finance content to offer in schools at each grade level; others have pushed ahead, requiring courses from elementary to high school-aged students, supporting and training teachers, and in some cases even testing students on learning outcomes.

The variation in approaches allows us to study how different strategies work. In states where personal finance is part of a formal course, teachers are trained on the content, and students are tested, students develop better credit behaviors early in adulthood. Students who gradu­ate after more rigorous standards are put into place are more likely to make on-time payments and keep up with their bills—they still use debt and credit, but seem to understand how to manage those obligations better than students who did not graduate under higher standards for personal finance and eco­nomics. The figure below shows the difference in credit scores for students who graduated before financial educa­tion mandates were imposed, relative to comparable states and controlling for local trends. Student credit scores are 8 to 17 points higher by age 22 in three key states that made a change in financial education policies in 2007.

States that combine personal finance and economics, support teach­ers, and hold students accountable for learning objectives have the best chance of promoting the develop­ment of young people who are bet­ter financial managers and stewards of their credit—behaviors with which many, if not most, young people tend to struggle. Rigorous state standards can facilitate local schools to implement well-designed programs, which in turn expose students to con­cepts they otherwise would not learn. Communities may also benefit from having more financially competent households; perhaps stronger econom­ics and personal finance standards could even be viewed ultimately as an eco­nomic development strategy, developing young people with an increased ability to manage credit and invest in their future.

Policymakers seem to understand, at least in some areas, that state support for economics and personal finance mat­ter. There is still much to learn about the optimal blend of topics, testing and grade levels, but support for economics and financial education, from grade school to high school, is valuable for students and communities.

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

The post State Requirements Matter – J. Michael Collins, Ph.D., Center for Financial Security, University of Wisconsin-Madison appeared first on Council for Economic Education.

POSTED: February 5, 2016 | BY: brendan

CEE Report – Winter 2016

By Daniel Thompson

Winter CEE Report Cover1 CEE Report   Winter 2016

In This Issue:

2015 Visionary Awards: A Record-Breaking Year!
Note from Nan
Focus on the Mississippi Council on Economic Education
2015 Accomplishments
54th Annual Financial Literacy and Economic Education Conference
2016 Survey of the States Released
Over 100 Video-Entries for CEE’s Video Contest
An Innovative Digital Assessment Tool to Track Students’ Progress
Integrating Math and Real World Concepts to Hook Kids
2015 Donor Honor Roll

The post CEE Report – Winter 2016 appeared first on Council for Economic Education.

POSTED: February 4, 2016 | BY: brendan

CEE Report – Winter 2016

By Daniel Thompson

Winter CEE Report Cover1 CEE Report   Winter 2016

In This Issue:

2015 Visionary Awards: A Record-Breaking Year!
Note from Nan
Focus on the Mississippi Council on Economic Education
2015 Accomplishments
54th Annual Financial Literacy and Economic Education Conference
2016 Survey of the States Released
Over 100 Video-Entries for CEE’s Video Contest
An Innovative Digital Assessment Tool to Track Students’ Progress
Integrating Math and Real World Concepts to Hook Kids
2015 Donor Honor Roll

The post CEE Report – Winter 2016 appeared first on Council for Economic Education.

POSTED: February 4, 2016 | BY: brendan

CEE Report – Winter 2016

By Daniel Thompson

Winter CEE Report Cover1 CEE Report   Winter 2016

In This Issue:

2015 Visionary Awards: A Record-Breaking Year!
Note from Nan
Focus on the Mississippi Council on Economic Education
2015 Accomplishments
54th Annual Financial Literacy and Economic Education Conference
2016 Survey of the States Released
Over 100 Video-Entries for CEE’s Video Contest
An Innovative Digital Assessment Tool to Track Students’ Progress
Integrating Math and Real World Concepts to Hook Kids
2015 Donor Honor Roll

The post CEE Report – Winter 2016 appeared first on Council for Economic Education.

POSTED: February 4, 2016 | BY: brendan

IN A STUDENT’S WORDS: Virginia’s Course “Gets an A in My Book” – Nicolas Jirinec, Chesterfield, VA

By Daniel Thompson

….AS A 2015 GRADUATING SENIOR WHO WAS REQUIRED to take [Virginia's full-credit economics and personal finance course], I can attest firsthand to its practicality and necessity in today’s society. In fact, this class is very beneficial in teaching students about financing their future lives.

The class taught us about the stock market, how it works and how to buy and sell stocks. It taught us how companies work, and even how to balance a personal checkbook. We learned about supply and demand, the Invisible Hand, the broken window fallacy and how companies finance capital. This was by far the most practical class ever offered at the high school level in my opinion; and should have been required a long time ago.

We also engaged in a simulated stock market game, researched business financial reports and learned about productivity and human capital. I visited the Federal Reserve in Richmond as part of the class assignment on the circular flow of money.

This class has helped me create a useful résumé, get my first job at Chuy’s Mexican Restaurant and acquire the necessary skills required to understand how to file my first set of tax returns. This class was practical, taught fundamentals that can be used every day and helped prepare students for the real world that lies ahead after high school. This course gets an A in my book.

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

Source: “Finance class taught real-world skills.” Letter to the Editor. Richmond Times-Dispatch, May 27, 2015. Reprinted with permission from the author and publication.

The post IN A STUDENT’S WORDS: Virginia’s Course “Gets an A in My Book” – Nicolas Jirinec, Chesterfield, VA appeared first on Council for Economic Education.

POSTED: February 4, 2016 | BY: brendan

IN A STUDENT’S WORDS: Virginia’s Course “Gets an A in My Book” – Nicolas Jirinec, Chesterfield, VA

By Daniel Thompson

….AS A 2015 GRADUATING SENIOR WHO WAS REQUIRED to take [Virginia's full-credit economics and personal finance course], I can attest firsthand to its practicality and necessity in today’s society. In fact, this class is very beneficial in teaching students about financing their future lives.

The class taught us about the stock market, how it works and how to buy and sell stocks. It taught us how companies work, and even how to balance a personal checkbook. We learned about supply and demand, the Invisible Hand, the broken window fallacy and how companies finance capital. This was by far the most practical class ever offered at the high school level in my opinion; and should have been required a long time ago.

We also engaged in a simulated stock market game, researched business financial reports and learned about productivity and human capital. I visited the Federal Reserve in Richmond as part of the class assignment on the circular flow of money.

This class has helped me create a useful résumé, get my first job at Chuy’s Mexican Restaurant and acquire the necessary skills required to understand how to file my first set of tax returns. This class was practical, taught fundamentals that can be used every day and helped prepare students for the real world that lies ahead after high school. This course gets an A in my book.

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

Source: “Finance class taught real-world skills.” Letter to the Editor. Richmond Times-Dispatch, May 27, 2015. Reprinted with permission from the author and publication.

The post IN A STUDENT’S WORDS: Virginia’s Course “Gets an A in My Book” – Nicolas Jirinec, Chesterfield, VA appeared first on Council for Economic Education.

POSTED: February 4, 2016 | BY: brendan

IN A STUDENT’S WORDS: Virginia’s Course “Gets an A in My Book” – Nicolas Jirinec, Chesterfield, VA

By Daniel Thompson

….AS A 2015 GRADUATING SENIOR WHO WAS REQUIRED to take [Virginia's full-credit economics and personal finance course], I can attest firsthand to its practicality and necessity in today’s society. In fact, this class is very beneficial in teaching students about financing their future lives.

The class taught us about the stock market, how it works and how to buy and sell stocks. It taught us how companies work, and even how to balance a personal checkbook. We learned about supply and demand, the Invisible Hand, the broken window fallacy and how companies finance capital. This was by far the most practical class ever offered at the high school level in my opinion; and should have been required a long time ago.

We also engaged in a simulated stock market game, researched business financial reports and learned about productivity and human capital. I visited the Federal Reserve in Richmond as part of the class assignment on the circular flow of money.

This class has helped me create a useful résumé, get my first job at Chuy’s Mexican Restaurant and acquire the necessary skills required to understand how to file my first set of tax returns. This class was practical, taught fundamentals that can be used every day and helped prepare students for the real world that lies ahead after high school. This course gets an A in my book.

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

Source: “Finance class taught real-world skills.” Letter to the Editor. Richmond Times-Dispatch, May 27, 2015. Reprinted with permission from the author and publication.

The post IN A STUDENT’S WORDS: Virginia’s Course “Gets an A in My Book” – Nicolas Jirinec, Chesterfield, VA appeared first on Council for Economic Education.

POSTED: February 4, 2016 | BY: brendan