Transcript PowerPoint
Salem City Schools Children First Personal Finance: A ½ Credit Financial Literacy Requirement for Graduation Graduation Requirement • ½ Credit Semester (18 week) course in the Business Department • Required beginning with the 2010 Graduating Class • Available in 9th-12th grade • Replaced a local requirement in Computer Literacy Why a Graduation Requirement? • Not all students were receiving adequate instruction on practical financial topics • Surveys tell us that 12th grade students do not possess knowledge on income, credit, taxes, and retirement. • Students requested instruction in practical life skills Why a Graduation Requirement? • Young people generally do not receive this information at home • Employers report lack of understanding and training on job responsibilities • Requirements under SB 950 are spread over way too many classes Implementation • Replaced Computer Literacy as a graduation requirement – A dated requirement of little value for students today, most now exceed basic computer skills in the middle school • Requested approval for change from State Board Implementation • Reviewed and modified curriculum for our elective class in Personal Finance – Committee involved math, business, English, and social sciences as well as business community members Implementation • For SY 2006-2007, there are nine sections with 216 students enrolled in the course • Students in 10th-12th grade are permitted to select either Computer Literacy or Personal Finance to meet the local requirement Course Content • Journey from understanding talent and traits to retirement • Stops along the way for taxes, credit, budgeting, job responsibilities, insurance, investments, and more Resource Materials • Numerous Sources: banks, credit unions, governmental agencies, businesses, Better Business Bureau, attorneys, accountants, non-profit organization, and more • Members of the Virginia Jump$tart Coalition • Speakers from Local Business Community Barriers • Barriers to supporting a graduation requirement in Personal Finance: Time and Money – Do you have a current graduation requirement that is dated and provides little value? – Materials for class are available from numerous sources at little or no cost – Practical application information – Does not require a lot of new money or additional time Benefits • Students develop consumer and financial skills to help them survive “life after graduation” • Your parents will love you for it • Your business and industry community will love you for it. Financial Literacy • Students scored an average of 16.47 out of 30 questions • The older students tend to have a better financial literacy foundation • Some of the students have not been exposed to any of the curriculum • Financial math skills are weak Students Reaction • Students are taking the classes for a variety of reasons • Most students like the material because it is applicable in everyday life • Students like talking about money • Students like the hands on experience Curriculum • Devising an investment plan • Handling banking transactions • Handling credit/loan functions • Analyzing insurance functions Curriculum (cont.) • Developing consumer skills • Planning for housing, transportation, and leisure expenses • Conducting tax functions • Preparing a personal financial plan Classroom • Textbooks • There are lots of supplementary resources available • Guest speakers • Hands on real life situations