April is Financial Literacy Month, and one of the three resolutions passed at the 2017 Illinois PTA Convention called for the Illinois PTA to advocate for schools to incorporate financial literacy education into their existing curricula. Financial literacy is critical for students to acquire, as managing money, purchasing a car or house, saving for a child’s education and for retirement are all essential skills for adults. Add to that the challenge of managing student loan debt, which now exceeds credit card debt in the US, and students graduating from high school or college face far greater financial challenges than their parents did.
Here are some resources that PTAs, teachers, and school districts can use to incorporate financial literacy into their curricula aligned with the Illinois Learning Standards.
- The University of Illinois Financial Literacy Program: Run by the University of Illinois at Urbana-Champaign’s Business school, these resources are primarily aimed at high school students and teachers. Among the resources is the University of Illinois Securities Exchange Simulation (UISES) that allows high school students to buy and sell equities just like real investors using the same web-based simulation that UIUC’s business school uses to teach undergraduates, MSF, and MBA students.
- The Illinois Bankers Association: IBA resources include links to programs that help students build their financial literacy skills, including the US Federal Reserve’s education materials.
- Council for Economic Education: The CEE has developed K-12 standards for financial literacy that are aligned with and connected to the Common Core State Standards (and thus the Illinois Learning Standards), allowing financial literacy materials to be used to teach to current standards. CEE also provides materials on assessing students’ financial literacy knowledge and skills as well as offering professional development materials to help teachers feel comfortable with the materials. Also available is the Financial Fitness for Life curriculum that has teacher, student, and parent guides.
- National Education Association: The NEA teachers’ union provides resources for teaching financial literacy, including lesson plans, lesson sets, games, and background resources aimed directly at the teacher in the classroom.
- Money as You Learn: Developed as part of President Obama’s Advisory Council on Financial Capability, Money as You Learn provides teachers with Common Core aligned texts, lessons, and tasks that connect the Common Core to real life applications while also equipping students with the knowledge needed to make smart financial decisions.
- Junior Achievement: Junior Achievement has provided students with hands-on financial and economic experience for years. Junior Achievement programs could be incorporated into the classroom or run by a PTA as a separate program.
- Making Cents: The Making Cents Project is a cooperative effort of the Pennsylvania Department of Education and Penn State University aimed at improving personal finance and economic education throughout the state. Though targeted at Pennsylvania, the project has archived webinars (both slides and videos) for teachers, curriculum resources, a model high school personal finance course, and research results on economic and financial literacy education.
Please share these resources with your school district and your principal, encourage them to use financial literacy materials to teach the Illinois Learning Standards they are already focused on, and consider how your PTA can support financial literacy education at your school through programs and events.
Photo © 2003 by Jacob Edward under Creative Commons license.