West Virginia Financial Literacy Standards
In a National Report Card compiled biannually, Champlain College grades West Virginia with a “B” in terms of the state’s standards for financial education in schools. The Mountain State says students must pass a full-year course titled Civics for the Next Generation as a high school graduation requirement. This course includes five out of 43 benchmarks that are related to personal finances, for an estimated total of 14 hours of exposure to financial literacy instruction per student.
Recently the state education criteria received a boost when the West Virginia Treasurer’s Office launched NetWorth, a program designed to promote financial education in all West Virginia public schools beginning at the kindergarten level. NetWorth has won several national honors, including awards from the Council of State Governments and the Institute for Financial Literacy.
Financial instruction is covered under the West Virginia’s K-12 standards, as summarized by the Council for Economic Education (CEE), and those standards must be implemented by all districts. A high school personal finance course is required to be offered, but not to be taken.
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.
