Connecticut Financial Literacy Standards
As of 2015, the Constitution State had earned a grade of “F” for its public school financial instruction standards. This finding was posed by the Champlain College Center for Financial Literacy, which compiles a state-by-state National Report Card biannually. Personal finance concepts are not required to be taken or taught as graduation requirements in Connecticut schools, either in a stand-alone course or embedded in other classes.
Still, the Constitution State has made some strides toward establishing guidelines that may improve that grade. The Connecticut Department of Education has built educational frameworks that would help educators develop courses to include personal finance topics. In 2015, the state enacted a law requiring the State Board of Education to make financial literacy curriculum available and provide related materials and assistance to school districts. Through an agreement with the Banking Department, the State of Connecticut awards grants to school districts to present personal finance instruction online or through traditional courses in Connecticut high schools.
In recent research, the Council for Economic Education reports that, although personal finance coursework is included in Connecticut K-12 standards, there is no requirement that a high school class in financial literacy be offered and/or taken as a condition for graduation.
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.
