M/J Introduction to Personal Financial Literacy   (#2104060)

Version Description

This course consists for the following content areas and literacy strands:  Financial Literacy, Economics, Mathematics, Language Arts for Literacy in History/Social Studies and Speaking and Listening.  Content standards are geared toward deepening students' understanding of personal financial literacy through an economic perspective.  A basic understanding of economics provides a critical framework to make informed decisions about budgeting, saving, and investing.  In learning basic economics, students come to appreciate that choices have costs and benefits, and that it is often necessary to sort through complex information and weigh multiple costs and benefits before arriving at a decision.  Emphasis will be placed on economic decision-making and real-life applications using real data.

The primary content for the course pertains to the study of learning the ideas, concepts, knowledge, and skills that will enable students to make sound personal finance decisions; to become wise, successful, and informed consumers, savers, borrowers, investors, risk managers, and future employees or employers; and to be participating and informed members of the global economy.

The content for the course is primarily developed around six standards from the NGSSS Financial Literacy Strand:

• Earning Income
• Buying Goods and Services
• Saving
• Using Credit
• Financial Investing
• Protecting and Insuring

Content included in these standards includes, but may not be limited to:

• analyzing cost/benefit of economic decisions
• identifying different types of education and training required by various careers
• understanding the effect of acquiring education and skills on future income
• measuring the opportunity cost that education and training have in terms of time, effort, and money
• exploring the variety of payment method options
• classifying expenses in a budget
• assessing the quality and usefulness of information from marketers
• understanding the role of financial institutions as intermediaries between savers and borrowers
• understanding the role of government agencies in protecting savings deposits
• examining the difference between principal and interest
• identifying the time value of money
• explaining how people's tastes and preferences influence their choice of how much and what to save for
• understanding why people use credit
• identifying a credit card purchase as a loan from the issuer of the card
• explaining why interest rates vary across borrowers
• examining how a credit card user can avoid interest charges
• understanding the variety of possible financial investments
• calculating the rates of return on an investment and understanding why it may vary among financial products
• identifying insurance as the transfer of risk through risk pooling
• understanding each option for managing risk (assume it, reduce it, insure it) entails a cost 
• preventing identify theft and fraud

Special Notes

Instructional Practices:  Teaching using real world materials, examples, and simulations enhances students' content area knowledge and also strengthens their ability to comprehend concepts related to personal financial literacy.  Using the following instructional practices will also help student learning.

1. Incorporating current event articles on economic developments related to personal financial literacy.
2. Having students create economic models that reflect key concepts and economic decisions.
3. Use real world data and evidence to answer complex, high-level questions that are based on real world scenarios.
4. Require students to make and support personal financial decisions using evidence and trends.
5. Provided extended learning opportunities that simulate economic scenarios including, but not limited to:
   • opening a bank account
   • searching for and being offered a new job
   • planning and managing a household budget
   • analyzing the motivation and techniques of marketers
   • making a major purchase such as a home or automobile
   • applying for a credit card
   • planning for college expenses
   • filing a tax return
   • managing an investment portfolio

English Language Development (ELD) Standards Special Notes Section:

Teachers are required to provide listening, speaking, reading and writing instruction that allows English language learners (ELL) to communicate information, ideas and concepts for academic success in the content area of Social Studies.  For the given level of English language proficiency and with visual, graphic, or interactive support, students will interact with grade level words, expressions, sentences and discourse to process or produce language necessary for academic success. The ELD standard should specify a relevant content area concept or topic of study chosen by curriculum developers and teachers which maximizes an ELL’s need for communication and social skills. To access an ELL supporting document which delineates performance definitions and descriptors, please click on the following link: https://cpalmsmediaprod.blob.core.windows.net/uploads/docs/standards/eld/ss.pdf.

Open Educational Resources (OEL)

There are a number of free financial literacy resources designed for middle school students that are available, providing both full service lesson plans and online digital modules.  Please review the curriculum to determine it if is suitable for your educational needs before using.

• Next Gen Personal Finance - https://www.ngpf.org
• Take Charge Today - https://takechargetoday.arizona.edu
• FoolProof Financial Literacy - https://www.foolproofme.org/academy/middle-schools
• Finance Your Future - http://financeyourfuture.myfloridacfo.com/