Arkansas Financial Literacy Standards
In the arena of setting benchmarks for financial education in public schools, the Natural State is doing reasonably well. The Champlain College National Report Card on financial literacy, issued every other year, gave Arkansas a “B” grade in 2015. As part of the Smart Core curriculum, Arkansas high school students must complete a half-year economics course in order to graduate, and two of the nine strands in the economics requirement are related to personal finance.
By graduation, therefore, Champlain College researchers estimate that students have received 13 hours of instruction in money management. Depending on the teacher’s licensure, the economics standard can count as either social studies or career focus credit. Either way, students matriculate with some of the knowledge they need to handle real-world financial situations. It is not specified how or if student achievement in these topics is measured.
According to the Council for Economic Education (CEE), Arkansas incorporates a high school financial education requirement into its economics coursework. This mandate is included in K-12 standards; high school courses must be offered by all public schools and taken by all high school students.
National Standards for Financial Education
Financial Literacy Standards for Older Youth & Adults (High School through Adults)
Although there is no direct mandate by the California State Board of Education, it is recommended that national standards be implemented. Financial education is a unique subject; all participants have developed financial habits and relationships with money before instruction begins.
National standards are those that have been proven in empirical and theoretical research to produce the highest improvements in participant test scores.
Financial Literacy Standards for Kids (Kids PK through 8th Grade)
In collaboration with education leader Heidi Jacobs, the NFEC created these financial literacy standards to define learning goals and educational targets for optimal child financial education. Guided by strong pedagogical theory, the standards ensure that instructional targets are age- and developmentally-appropriate and that lessons can be effectively scaffolded. Standards represent five sections based on topic areas in the NFEC curriculum.
Standards for Financial Education Instructors
The NFEC teamed with the well-known Danielson Group to develop the first and only national standards for financial educators – The Framework for Teaching Personal Finance – to define optimal educator skill sets and performance levels. The framework also identifies the financial educator responsibilities empirically proven to produce highest gains in participant test scores. This framework is used in all 50 states, including California.
