Idaho Financial Literacy Standards
The Gem State is doing relatively well in terms of setting high standards for financial education in public schools, according to the Champlain College National Report Card on financial literacy: Idaho received a “B” grade for those criteria in 2015. Idaho’s high school graduation requirements stipulate that students must complete a half-year course in economics. The economics course standards comprise 16 learning objectives, and three of those objectives cover personal finance topics.
Based on these data the Center for Financial Literacy at Champlain determines that Idaho students receive approximately 11 hours of personal finance instruction in high school. Although the standards do not state how Idaho measures student retention of personal finance knowledge, the Gem State gets extra credit for hosting an extensive online database of educational links on financial literacy information.
The Economic Education Council (CEE) summarizes Idaho’s financial education criteria by noting that a high school course is required both to be offered and to be taken, and financial educational standards are in place that must be implemented at the school district level. No testing standards are stipulated.
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.
