Uncategorized

Putting Financial Education on the Map in Rhode Island – Seth Magaziner, Rhode Island State Treasurer

AS RHODE ISLAND’S STATE TREASURER, I am reminded every day of the critical importance of equipping our students with financial literacy skills so that they are able to make smart financial decisions throughout their lives. I am proud to be a part of recent efforts in Rhode Island to do just that.

The Survey of the States played an important role in propelling change in Rhode Island. The 2014 Survey showed that our state had no standards, course requirements, or statewide testing in personal finance. A group of concerned high school students in Rhode Island recognized that they are making life-altering financial decisions on education, housing, and transportation immediately after, and often even before, their high school graduation. They took it upon themselves to do something to improve the state’s educational system. In November 2014, they successfully advocated for the adoption of CEE’s National Standards for Financial Literacy as Rhode Island’s first-ever statewide standards. As a result, Rhode Island is now “on the map” when looking at the status of personal finance education across the nation.

Yet there is still more work to be done. Here in Rhode Island, we continue to build on the financial literacy initiative that began with those few motivated Rhode Island teenagers. A coalition of interested policymakers, educators, and industry leaders has been working together to build the financial capability of our youth so that the next generation will be better able to make informed decisions that positively impact their financial future, as well as our society as a whole. Thanks to organizations like the Rhode Island Council for Economic Education, we’re working to provide resources and professional development to teachers, and continuing to build awareness of the need for financial education throughout the state, region, and country.

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

POSTED: February 2, 2016 | BY: Daniel Thompson

American Students Lack Financial Knowledge and Skills

In 2012, nearly 30,000 teenagers from 18 countries took part in the first large-scale international assessment of young people’s financial literacy. More than one in six students in the United States failed to reach the baseline level of proficiency in financial literacy. Overall, American students fall in the middle of the pack globally.

mean financial literacy scores American Students Lack Financial Knowledge and Skills

Visit our website, http://SurveyoftheStates.com for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

POSTED: February 1, 2016 | BY: Daniel Thompson

Note from Nan J. Morrison, President & CEO | Economic and Personal Finance Education in Our Nation’s Schools

SOS Cover7 300x262 Note from Nan J. Morrison, President & CEO | Economic and Personal Finance Education in Our Nation’s SchoolsEvery two years, the Council for Economic Education (CEE) comprehensively reviews the state of K-12 economic and financial education in the United States, collecting data from all 50 states and the District of Columbia. There has been notable progress since the first survey was published in 1998; yet the pace of change has slowed. The 2016 Survey of the States shows that there has been no improvement in economic education in recent years and slow growth in personal finance education.The biennial Survey of the States serves as an important benchmark for our progress, revealing both how far we’ve come and how far we still have to go.

Research shows that requirements are the main driver of economics and personal finance being taught in schools. CEE works with our nationwide network of affiliates to both advocate for requirements and assist in their implementation. To support local and state advocacy initiatives, we have developed voluntary standards in economics and personal finance; nationally-normed, curriculum-agnostic assessments in economics and personal finance; and an online advocacy toolkit.

Visit our website for an interactive experience and download the study. And, find out where you state stands in economics and personal finance education and how you can take action today.

POSTED: January 29, 2016 | BY: Daniel Thompson

Participants Needed for Personal Finance Tests

CEE is seeking teachers in grades 4 to 12 to have their students take one of CEE’s three new personal finance tests. Your participation will help CEE to set the baseline for item performance, while simultaneously giving you feedback on your students’ performance along with comparison data showing average scores of other students across the country.

Each teacher that implements the Basic Finance Test (BFT) or Test of Financial Knowledge (TFK) by December 18, 2015 will be entered to win one of 10 free copies of Financial Fitness for Life teacher package flash drives.

  • Test of Financial Literacy (TFL)           Grades 11 to 12 (50 test items)
  • Test of Financial Knowledge (TFK)      Grades 7 to 9 (45 test items)
  • Basic Finance Test (BFT)                     Grades 4 to 6   (35 test items)

All students are eligible to take the tests regardless of their level of personal finance education. Some students may have learned about personal finance in school, outside of school, or not at all. CEE wants to know how students of all backgrounds do on the tests.

If you are interested in participating:

  1. Complete this short survey: https://www.surveymonkey.com/r/cee_pfl_tests
  2. Follow the instructions in the confirmation message to proceed with testing your students.

POSTED: December 4, 2015 | BY: Annamarie Cerreta

The U.S. May Be the World’s Richest Country, But It Ranks 14th in Financial Literacy

The United States, although by many measures the world’s wealthiest country, ranks only 14th in terms of financial literacy, a survey cited in the Wall Street Journal reports.

This new financial literacy ranking comes from a survey of 150,000 adults from 148 different countries. The survey/quiz consisted of questions focused on four basic personal finance topics: inflation, interest, compounding and financial diversification.

Only 57% of Americans managed a passing grade, compared with over 70% in Norway, Denmark and Sweden and over 60% in Israel, Canada, the U.K., the Netherlands, Germany, Australia, Finland and New Zealand.

The questions in the survey were crafted to be universally applicable and have universally accepted answers, according to Annamaria Lusardi, the director of George Washington University’s financial literacy center, and a CEE board member. “One of the things that worries me is even some countries with developed economies have very low levels of financial literacy,” Ms. Lusardi said.

Read more and see who tops the U.S.

POSTED: November 25, 2015 | BY: Annamarie Cerreta

The 10th Annual Visionary Awards

 

Last night, the Council for Economic Education (CEE) held its 10th Annual Visionary Awards dinner hosting 300 guests at the Pierre Hotel in New York City. The evening showcased CEE’s mission, our impact to date, and honored leaders who promote economic and financial literacy. The evening was a night of thought-provoking discussion, amiable conversation, and intellectual discourse.

2015 visionary award winners with nan and steve The 10th Annual Visionary Awards

The Visionary Awards were given to four leaders who continue to advance our mission. The honorees were Ann Kaplan, Partner, Circle Wealth Management; Robert E. Moritz, U.S. Chairman and Senior Partner PwC; Prof. Robert J. Shiller, Sterling Professor of Economics, Yale University; and Andrew Ross Sorkin, Founder of DealBook, Financial Columnist for The New York Times, and CNBC Co-Anchor of “Squawk Box.”

During the evening, attendees enjoyed an entertaining fireside chat with the honorees moderated by the evening’s Master of Ceremonies and CNBC’s chief economist reporter, Steve Liesman. The fireside chat addressed hot topics such as women in the workplace, the housing “bubble,” interest rates, and most importantly, how individuals can make an impact to ensure our youth are given the opportunity to learn about economics and personal finance.

va photo 51 The 10th Annual Visionary Awards

CEE also honored three exemplary New York Metropolitan area teachers who advance economic education in and out of the classroom. The teachers received the Alfred P. Sloan Teaching Champion Awards for their excellence in economic education. They continually deliver this important content in and out of their classrooms and achieve results. 

The evening raised over $700,000 to support CEE’s programs and help us reach our goals to reach and teach every child in the United States to create a more informed citizenry capable of making better decisions as savers, investors, borrowers, voters, and participants in the global economy.

We would also like to thank those who attended and to our sponsors who helped make this amazing event happen!

va photo 6 1024x682 The 10th Annual Visionary Awards

IMG 42612 1024x682 The 10th Annual Visionary Awards

IMG 5165 1024x682 The 10th Annual Visionary Awards

IMG 5069 1024x682 The 10th Annual Visionary Awards

POSTED: October 30, 2015 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , ,

More from the CEE