As the requirements for the global economy have changed, so have the educational needs of our students. Financial Literacy Pedagogical Methods: Educational Methods of Personal Finance. Copyright 2020 National Financial Educators Council |, Local & Virtual Financial Education Events, personal finance curriculum for kids, teens, and adults, team of experts, leveraged existing research, and received feedback, NFEC’s Framework for Teaching Personal Finance. These foundation topics covered include: credit & debt, accounts & budgeting, psychology, skill growth and income. Learning financial literacy and other subjects from home. Standard 2: Relate careers, education, and income Many of the activities are hands on in nature, increasing retention rates and providing a true experiential learning program. Financial Literacy The National Standards for Financial Literacy provide a framework for teaching personal finance in kindergarten through 12th grade. The collaboration between the Danielson Group and the NFEC yielded the first and only national standards for financial educators – the Framework for Teaching Personal Finance. Between each meeting, a seven-person MSDE staff team researched and further refined the material developed To evaluate the quality of learning, the NFEC created its Financial Literacy Framework & Standards. Both schools of thought emphasize that children are active learners who filter new information to fit with their current beliefs. Here are some additional unique features included in the NFECs’ financial education curriculum. Students will apply financial literacy reasoning in order to make informed, financially responsible decisions. This book sets educational targets for both learners and instructors across ten essential categories of personal finance knowledge. It probes knowledge of four basic financial concepts: risk diversification, inflation, numeracy, and interest compounding. Both the Core Knowledge Theory and Piaget’s Theory also were explored during personal finance certification assessment development. The NFEC converted the ages to grade levels to ensure that students had the cognitive abilities and skills necessary to successfully complete the lessons at each level. The NFEC brought together a team of experts, leveraged existing research, and received feedback from hundreds of individual educators and financial professionals to create these frameworks. Giving instructors a framework for professional practice is common in many fields – education, financial services, accounting, law, and medicine, for example. Each learner is different, and their unique needs should be considered in the programming. It is important to note that, although the subject matter taught to teens and adults is similar, the NFEC’s Framework for Teaching Personal Finance highlights the importance of understanding the audience and modifying how lessons are taught to maximize appeal to the targeted ages. FINANCIAL LITERACY STANDARDS Page 4 Saving and Investing 3.2 Retirement Planning a) Explain and evaluate the importance of planning for retirement. c) Resource 1 d) Resource 2 Standards for Financial Literacy Learners: Financial Literacy Framework & Standards. Taking a comprehensive view of the issue of financial illiteracy and an individual’s personal definition of financial success, these standard encompass the NFECs financial literacy definition “possessing the skills and knowledge on financial matters to confidently take effective action that best fulfills an individual’s personal, family and global community goals.” Download the PDF of the NFECs’ Financial Literacy Grant Funding Outcomes. 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