By Daniel Thompson

– 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

By Daniel Thompson

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

By Daniel Thompson

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

By Daniel Thompson

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

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

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

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

By Daniel Thompson

During the Great Recession, while individuals, businesses, and policymakers nationwide were trying to determine ways to solve current and pressing problems, visionary leaders in Virginia were taking steps to help prevent a recurrence. In 2009, the Virginia Board of Education amended the high school graduation requirements to include a requirement that every student pass a full-credit (full-year) course in economics and personal finance, seeking to better equip graduating students to be successful in the labor market and remain financially solvent. Virginia’s graduating class of 2015 was the first to graduate with all students meeting this new requirement.

Virginia’s Standards of Learning are among the strongest in the nation. They contain elements of economics and personal finance in each grade, K-12, building on previously learned concepts from each level to the next. Since Virginia is one of only a few states with a full-credit requirement in economics and personal finance, Virginia’s students are poised to have a competitive advantage.

Ensuring that Virginia’s teachers have both the content knowledge and engaging, effective lessons to use in teaching their students is critical. In collaboration with the Virginia Department of Education and many in the private sector, the Virginia Council on Economic Education and its affiliated, university-based Centers for Economic Education have conducted economics institutes and personal finance institutes for more than 1,700 high school teachers, well over half of those teaching the course statewide. Our strong public/private partnership will enable ongoing delivery of quality training and resources to meet the continuing needs of teachers and their students.

The full-year high school course in Virginia provides all students with essential life skills that will benefit them, regardless of their future vocation or personal circumstances. Economically and financially literate students will become more productive employees and possibly, entrepreneurs. They will become more savvy consumers and more responsible users of credit. And, they will become more informed citizens and voters. By educating Virginia’s students in economics and personal finance, we are helping to create financially responsible adults and a more qualified workforce, ultimately leading to a stronger economy in Virginia.

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 Virginia Leads the Charge in Preparing Students for Lifelong Financial Success - Daniel R. Mortensen, Executive Director, Virginia Council on Economic Education appeared first on Council for Economic Education.

POSTED: February 3, 2016 | BY: brendan

By Daniel Thompson

During the Great Recession, while individuals, businesses, and policymakers nationwide were trying to determine ways to solve current and pressing problems, visionary leaders in Virginia were taking steps to help prevent a recurrence. In 2009, the Virginia Board of Education amended the high school graduation requirements to include a requirement that every student pass a full-credit (full-year) course in economics and personal finance, seeking to better equip graduating students to be successful in the labor market and remain financially solvent. Virginia’s graduating class of 2015 was the first to graduate with all students meeting this new requirement.

Virginia’s Standards of Learning are among the strongest in the nation. They contain elements of economics and personal finance in each grade, K-12, building on previously learned concepts from each level to the next. Since Virginia is one of only a few states with a full-credit requirement in economics and personal finance, Virginia’s students are poised to have a competitive advantage.

Ensuring that Virginia’s teachers have both the content knowledge and engaging, effective lessons to use in teaching their students is critical. In collaboration with the Virginia Department of Education and many in the private sector, the Virginia Council on Economic Education and its affiliated, university-based Centers for Economic Education have conducted economics institutes and personal finance institutes for more than 1,700 high school teachers, well over half of those teaching the course statewide. Our strong public/private partnership will enable ongoing delivery of quality training and resources to meet the continuing needs of teachers and their students.

The full-year high school course in Virginia provides all students with essential life skills that will benefit them, regardless of their future vocation or personal circumstances. Economically and financially literate students will become more productive employees and possibly, entrepreneurs. They will become more savvy consumers and more responsible users of credit. And, they will become more informed citizens and voters. By educating Virginia’s students in economics and personal finance, we are helping to create financially responsible adults and a more qualified workforce, ultimately leading to a stronger economy in Virginia.

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 Virginia Leads the Charge in Preparing Students for Lifelong Financial Success - Daniel R. Mortensen, Executive Director, Virginia Council on Economic Education appeared first on Council for Economic Education.

POSTED: February 3, 2016 | BY: brendan

By Daniel Thompson

During the Great Recession, while individuals, businesses, and policymakers nationwide were trying to determine ways to solve current and pressing problems, visionary leaders in Virginia were taking steps to help prevent a recurrence. In 2009, the Virginia Board of Education amended the high school graduation requirements to include a requirement that every student pass a full-credit (full-year) course in economics and personal finance, seeking to better equip graduating students to be successful in the labor market and remain financially solvent. Virginia’s graduating class of 2015 was the first to graduate with all students meeting this new requirement.

Virginia’s Standards of Learning are among the strongest in the nation. They contain elements of economics and personal finance in each grade, K-12, building on previously learned concepts from each level to the next. Since Virginia is one of only a few states with a full-credit requirement in economics and personal finance, Virginia’s students are poised to have a competitive advantage.

Ensuring that Virginia’s teachers have both the content knowledge and engaging, effective lessons to use in teaching their students is critical. In collaboration with the Virginia Department of Education and many in the private sector, the Virginia Council on Economic Education and its affiliated, university-based Centers for Economic Education have conducted economics institutes and personal finance institutes for more than 1,700 high school teachers, well over half of those teaching the course statewide. Our strong public/private partnership will enable ongoing delivery of quality training and resources to meet the continuing needs of teachers and their students.

The full-year high school course in Virginia provides all students with essential life skills that will benefit them, regardless of their future vocation or personal circumstances. Economically and financially literate students will become more productive employees and possibly, entrepreneurs. They will become more savvy consumers and more responsible users of credit. And, they will become more informed citizens and voters. By educating Virginia’s students in economics and personal finance, we are helping to create financially responsible adults and a more qualified workforce, ultimately leading to a stronger economy in Virginia.

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 Virginia Leads the Charge in Preparing Students for Lifelong Financial Success - Daniel R. Mortensen, Executive Director, Virginia Council on Economic Education appeared first on Council for Economic Education.

POSTED: February 3, 2016 | BY: brendan