Arizona Financial Literacy Standards
How does the Grand Canyon State measure up in terms of financial literacy benchmarks for high school students? Arizona receives a “B” grade as of 2015, says the Center for Financial Literacy at Champlain College. Beginning with the Class of 2012 Arizona has required high school students to complete a half-year course in economics, for which the passing criteria include five high-level concepts that must be taught, one of which is personal finance. Based on these data, Champlain calculates that Arizona students receive approximately 12 hours of personal finance instruction as a requirement for graduation.
Champlain College aggregates statistics and grades each state for personal finance instruction in its National Report Card published every other year. In 2013, the Arizona legislature passed a law that required academic standards for social studies to include personal finance concepts. Although the State Board of Education is not authorized to require a stand-alone personal finance course as a graduation requirement, local school districts can choose to prescribe separate courses that are in addition to or higher than the study or competency requirements stipulated by the law. The Center also mentions the fact that in Arizona it is unclear how student achievement toward financial literacy standards is measured.
The Council for Economic Education states that Arizona does include personal finance education in its K-12 standards, which are required to be implemented by public school districts. A high school course in financial literacy must be offered and taken, although in Arizona the curriculum is incorporated into another class with a different name (economics). However, there are no current testing standards.
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.
