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Show me the money!

Show me the money!. ATMIM January 12, 2012. Overview. Why Financial Literacy Mathematics not Economics Check it out Resources. Why F inancial Literacy. National Trend 21 st Century Skills Money Motivates. National Trend. 24 states require financial literacy standards

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Show me the money!

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  1. Show me the money! ATMIM January 12, 2012 S. Sweeney for ATMIM Jan 12, 2012

  2. Overview • Why Financial Literacy • Mathematics not Economics • Check it out • Resources S. Sweeney for ATMIM Jan 12, 2012

  3. Why Financial Literacy National Trend 21st Century Skills Money Motivates S. Sweeney for ATMIM Jan 12, 2012

  4. National Trend • 24 states require financial literacy standards • 8 specify in the mathematics curriculum • 10 specify in the social studies curriculum • 13 include passing grades as graduation requirement • 6 require integration throughout the grades, but do not specify content/curriculum S. Sweeney for ATMIM Jan 12, 2012

  5. Massachusetts & Financial Literacy • Legislation S-1994 AN ACT CONCERNING PERSONAL FINANCIAL LITERACY IN SCHOOLS • Requires the Department of Elementary and Secondary Education to develop standards and objectives for personal financial literacy for grades pre-K to 12 in the mathematics curriculum. • Includes some funding via the Financial Literacy Trust • Establishes an ESE Financial Literacy advisory council • In MA Senate Ways and Means committee S. Sweeney for ATMIM Jan 12, 2012

  6. Mathematics not Economics Where in the mathematics standards Primary Example Elementary Example Middle School Example High School Example S. Sweeney for ATMIM Jan 12, 2012

  7. MA Standards for Mathematics • Guiding Principle #4 Equity • … preparing students for college and careers is to ensure that they have the necessary mathematics and problem-solving skills to make sound financial decisions that they face in the world every day, … • Standards for Mathematical Practice • #2 Reason abstractly and quantitatively • #3 Construct viable arguments and critique the reasoning of others • #4 Model with mathematics • #6 Attend to precision S. Sweeney for ATMIM Jan 12, 2012

  8. Grade 2 Measurement and Data • 2.MD.7 Tell and write time from analog and digital clocks to the nearest five minutes, using a.m. and p.m. • MA.2.MD.7a Know the relationships of time, including seconds in a minute, minutes in an hour, hours in a day, days in a week, a month, and a year; and weeks in a month and a year. • 2.MD.8. Solve word problems involving dollar bills, quarters, dimes, nickels, and pennies, using $ and ¢ symbols appropriately. Example: If you have 2 dimes and 3 pennies, how many cents do you have? S. Sweeney for ATMIM Jan 12, 2012

  9. Primary Example: Grade 1 • Mathematics • Counting and addition and subtraction • Equations • Place value • MA additional standard comparative values of US coins • Social Studies (Economics) • Buying goods • Services • Economic choices regarding purchases S. Sweeney for ATMIM Jan 12, 2012

  10. Grade 5 • Introduction: They apply their understandings of models for decimals, decimal notation, and properties of operations to add and subtract decimals to hundredths. They develop fluency in these computations, and make reasonable estimates of their results. They compute products and quotients of decimals to hundredths efficiently and accurately. S. Sweeney for ATMIM Jan 12, 2012

  11. Elementary Example: Grade 4 • Mathematics: • Multistep word-problems with equations using variables • Comparing multi-digit numbers, including decimals ( =, <, >) • Four operations (+, -, x, /) • Fractions and decimals • Interpreting data • Social Studies (Economics) • Natural resources • Limited and unlimited resources effect choices • Buyers and sellers in the market place S. Sweeney for ATMIM Jan 12, 2012

  12. Grade 7 Expressions and Equations • 7.EE.3 Solve multi-step real-life and mathematical problems posed with positive and negative rational numbers in any form (whole numbers, fractions, and decimals), using tools strategically. Apply properties of operations to calculate with numbers in any form; convert between forms as appropriate; and assess the reasonableness of answers using mental computation and estimation strategies. For example: If a woman making $25 an hour gets a 10% raise, she will make an additional 1/10 of her salary an hour, or $2.50, for a new salary of $27.50. S. Sweeney for ATMIM Jan 12, 2012

  13. Middle School: Grade 7 • Mathematics • Ratio and proportional relationships • Rational numbers • Multi-step real-life problems • Social Studies (Economics) • Define and apply concepts: Producers, consumers, savings, prices, markets, trade, money, medium of exchange, supply and demand • (Grade 6) foreign currency; international trade S. Sweeney for ATMIM Jan 12, 2012

  14. Functions F-IF.8 Write a function defined by an expression in different but equivalent forms to reveal and explain different properties of the function. b. Use the properties of exponents to interpret expressions for exponential functions. For example, identify percent rate of change in functions such as y = (1.02)t, y = (0.97)t, y = (1.01)12t, and y = (1.2)t/10, and classify them as representing exponential growth or decay. S. Sweeney for ATMIM Jan 12, 2012

  15. High School Example Mathematics Social Studies/Economics • Quantities • Units, scale, descriptive modeling, levels of accuracy • Algebra • Expressions , equations, and inequalities • Rearranging formulas • Functions • Linear, quadratic, and exponential • Modeling • Statistics and Probability • Explanation of financial markets • Costs and trade offs • Market competition • Exchange rate and domestic pricing • Inflation • Local, state, and federal taxes S. Sweeney for ATMIM Jan 12, 2012

  16. 21st Century Skills S. Sweeney for ATMIM Jan 12, 2012

  17. Check it out! S. Sweeney for ATMIM Jan 12, 2012

  18. Tasks at your table • Each table has a task packet • Elementary, Middle or High School task. • Appropriate grade level content standards • Standards for Mathematical Practice • Review the task • Indicate the content and practice standards best met by the task S. Sweeney for ATMIM Jan 12, 2012

  19. Recommendations • Include monetary problems and tasks in your lessons • Be explicit: point out the uses of mathematics for financial literacy • Engage the students in their monetary/financial concerns • Early grades • Saving vs. spending • Middle grades • Needs vs. wants • High school • Credit vs. debits S. Sweeney for ATMIM Jan 12, 2012

  20. Opportunities • Massachusetts Financial Education Collaborative “Need and Wants” Video Challenge (Middle School) • http://masssaves.org/event/mfec-middle-school-needs-and-wants-video-contest • National Financial Capability Challenge (High School) • http://www.challenge.treas.gov/about.aspx • Financial Fluency Pilot for Algebra I or Algebra II S. Sweeney for ATMIM Jan 12, 2012

  21. Useful links • MA Department of Elementary and Secondary Education • MCAS transition: http://www.doe.mass.edu/mcas/transition/?section=math • Frameworks: http://www.doe.mass.edu/candi/commoncore • PARCC • http://www.parcconline.org/ • http://www.achieve.org/PARCC • Follow Bill S 1994 • Legislature: http://www.malegislature.gov/Bills/187/Senate/S01994 • Midas Collaborative: http://www.massassets.org • MA Treasurer’s Office: • http://www.mass.gov/treasury/financial-education/ • Jump$tart Coalition (FDIC) • http://clearinghouse.jumpstart.org/browse/free/?page=1 S. Sweeney for ATMIM Jan 12, 2012

  22. Questions?Thank you Sharyn M. Sweeney sweeneyeducation@gmail.com S. Sweeney for ATMIM Jan 12, 2012

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