NJEFP Conference 2013

1. New Jersey’s Core Curriculum Standards and New Financial Literacy Requirements NJEFP Conference 2013 Christy Tighe, Vice President Junior Achievement of New Jersey

2. In the 21st century, life and work are conducted in a dynamic context that includes: • A global society facing complex political, economic, technological, and environmental challenges • A service economy driven by information, knowledge, and innovation • Diverse communities and workplaces that rely on cross-cultural collaborative relationships and virtual social networks • An intensely competitive and constantly changing worldwide marketplace

3. Provide a consistent, clear understanding of what students are expected to learn, so teachers and parents know what they need to do to help • Designed to be robust and relevant to the real world • Reflects the knowledge and skills that our young people need for success in college and careers. Educational Standards… With American students fully prepared for the future, our communities will be best positioned to compete successfully in the global economy.

4. 21st-century life and career skills enable students to make informed decisions that prepare them to engage as active citizens in a dynamic global society and to successfully meet the challenges and opportunities of the 21st-century global workplace.

5. “As important as reading and math and social studies and science, I think today more than ever financial literacy has to be part of that. To continue to have a population that is relatively illiterate in these matters I think has real negative consequences to our democracy.“ –Education Secretary Arne Duncan’s 2011 appeal for financial literacy programs in schools "Improving basic financial education at the elementary and secondary school level will provide a foundation of financial literacy." — Alan Greenspan, Federal Reserve Chairman Everyone’stalking about it…

6. New Jersey did something about it! Standard 9.2 Personal Financial Literacy: All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy.

7. N.J.A.C. 6A:8-5.1(a)1v 2.5-Credit Graduation Requirement for Financial, Economic, Business and Entrepreneurial Literacy • Adopted by the State Board of Education in 2009 • Requires at least 2.5-credits in financial, economic, business, and entrepreneurial literacy • effective with the 2010-2011 grade nine class • Goal: To ensure that students demonstrate understanding about how the economy works and their own role in the economy, and also develop the necessary skills to effectively manage personal finances by the time they graduate.

8. Standard 9.2 is aligned to the Jump $tart Coalition for Personal Financial Literacy’s National Standards in K-12 Personal Finance Education and includes seven strands: • Income and Careers • Money Management • Credit and Debt Management • Planning, Saving, and Investing • Becoming a Critical Consumer • Civic Financial Responsibility • Risk Management and Insurance

9. Challenges • School districts have seen their budgets cut dramatically over the past few years. Many had to cut programs, teachers, and student activities. • By Jan. 2, 2013, federal education funding for New Jersey is scheduled to drop by $85 million. The cuts are part of the Budget Control Act of 2011, which includes a provision to impose $1.2 trillion in across-the-board budget cuts in almost all federal programs, including education. • Many teachers are not prepared to teach the required financial literacy courses. Solution? Partnerships with businesses and education organizations.

10. Promoting Business Education Since 1919 • Volunteers engage in hands-on teaching methods • Skills help students build a strong foundation for their future economic success • Align with NJ Core Curriculum Content Standards and Partnership for 21st Century Skills • At no cost to your district- so you can put our successful Business-Education partnerships to use in your schools!

11. Junior Achievement of New Jersey offers in-school and after-school programs for grades K-12. Each year, with the help of volunteers, students throughout New Jersey learn entrepreneurship, work readiness and financial literacy concepts and skills.

12. Engaging themes help K-6 students learn economic concepts through the Elementary School Program. Each theme builds on the previous and stresses the relationship between school and future success. The Middle Grades Program emphasizes the importance of an education and staying in school while introducing students to economic concepts and information about the world of work, financial literacy, and entrepreneurship. The High School Program strives to help students develop the knowledge, skills, and attitudes necessary to become productive citizens and workers.

13. Two pronged approach: 1. Teachers provided with lesson standards-based curriculum plus all materials to teach a four week course 2. Capstone field trip to the JA Finance Park simulated city “I learned that anything you want in life is going to have to be earned. Bills are a great responsibility and you need to spend your money wisely. Also, if you are able to get what you want, it will be more fulfilling because you must have worked hard to get it.” - JA Student, Truth Middle School, East Orange

14. It’s your turn!