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Do you know more than a H.S. senior? Presented by: Paula Craw, CEPF®, ECMC. Today’s agenda. Quiz Why do we care? What defines financial literacy? FLEC’s* 5 core competencies Tracking to accepted standards Resources.
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Today’s agenda Quiz Why do we care? What defines financial literacy? FLEC’s* 5 core competencies Tracking to accepted standards Resources *Financial Literacy and Education Commission – established by Congress in 2003
Why do we care? • Recent economic crisis has highlighted the need for information, education & tools • Pass rate for the last Jump$tart high school financial literacy test was 48.3% • Correlation between financial literacy education and lower default rates www.ifap.ed.gov/presentations/attachements/1208C2108v2.ppt • Some states require schools to promote principles of economic education and financial literacy
Financial literacy defined But first, a few questions • Do you have a program on your campus? • If yes, what’s included?
Financial literacy defined But first, a few questions • If yes, how did you decide what to include? • If no, what concepts do you think define financial literacy?
Financial literacy defined Core competencies
Core competencies Earning Spending Saving and investing Borrowing Protecting against risk
Industry standards National Standards in K-12 Personal Finance Education established by the Jump$tart Coalition for Personal Financial Literacy National Standards for Adult Financial Literacy established by the Institute for Financial Literacy
Why track to core competencies? 1) Ensure basics are covered 2) Increase credibility for your efforts/program 3) Standardize content 4) Help others understand what you’re doing for students
Resources www.consumerfinance.gov www.mymoney.gov www.nefe.org www.cashcourse.org www.jumpstart.org www.finlit.org www.ecmc.org/financialliteracy
Paula Craw National Director, Outreach and Financial Literacy 757.374.6771 email@example.com This presentationis intended to provide general guidance and resources to assist you. It is not intended to provide individual financial advice which may vary based upon personal circumstances.