Financial Education

Natalie Zfat + CEE’s 11th Annual Visionary Awards

Natalie Zfat Visionary Awards 2 300x300 Natalie Zfat + CEEs 11th Annual Visionary Awards

We are delighted to announce our collaboration with Natalie Zfat, writer and entrepreneur. Natalie will be providing live coverage via our social media channels at the 11th Annual Visionary Awards dinner. She will be taking over our Twitter, Instagram and Facebook pages tomorrow, October 26th at 6 p.m.

Follow along as Natalie shares her experience at the Visionary Awards–where we will honor four leaders who promote economic and financial literacy to create a better-informed society. This year’s honorees include Arianna Huffington, Founder of The Huffington Post and Founder and CEO of Thrive Global; Richard Edelman, President and CEO of Edelman, the leading communications marketing firm, with 65 offices and 5,500 employees worldwide; Frank Bisignano, Chief Executive Officer and Chairman of the Board of First Data Corporation; and Glenn Hubbard Dean and Russell L. Carson Professor of Finance and Economics at Columbia Business School.

Also, we will award the winners of the 4th annual Alfred P. Sloan Foundation Teaching Champion Awards, honoring three outstanding NYC metropolitan area teachers for excellence in economic education: Theresa Fisher, Ridgefield High School, Ridgefield, CT; Jonathan Joseph, White Plains High School, White Plains, NY; and Gloria Schneider, SAR High School, Bronx, NY.

Thank you, Natalie for your continued support of our mission and spreading word about the importance of personal finance and economic education.

POSTED: October 25, 2016 | BY: April Somboun | TAGS: , , , , , , ,

Graduating From Test Scores to Credit Scores

DSC6347Brian Page 8x10 hi res for print 150x150 Graduating From Test Scores to Credit Scores

Written by: Brian Page, Chair, Council for Economic Education Teacher Advisory Council

Later this spring, high schools across the country will be graduating students from a world of test scores to a world of credit scores. Many teens will unknowingly be making decisions that will impact them in the decade to come. Yet most lawmakers have fallen short of respecting personal finance as a dedicated subject worthy of stand alone classes required for graduation, taught by teachers trained to teach it well. It’s time we work together to advocate on behalf of high school students to prepare them for the real world.

High school science, math and language arts teachers receive content specific instruction in college, and are required to pass content specific tests to earn teacher certification. Personal finance… not so much. Often times when mandates are passed, they require the integration of personal finance into other coursework. The mandate is often dumped into the laps of teachers who have never been trained to teach personal finance.

A FINRA Investor Education Foundation-funded study, State Financial Education Mandates: It’s All in the Implementation, examined the effectiveness of state mandates on financial education for high-school students. The study noted that if a rigorous financial education program is carefully implemented, it can improve the credit scores and lower the probability of credit delinquency for young adults. In other words, we need to train our teachers, require semester courses devoted to personal finance, and use hands on teaching methods that focus on relevant content.

NCLB aside, our country has historically been a locally controlled education system. This changed following the financial collapse in 2008. Somehow a banking collapse led to education “reform”, and schools were faced with a multitude of new evaluation systems and testing requirements. Subsequently, schools and lawmakers now seem to lack the appetite to pass further education mandates. This should not preclude us from trying, using a common sense approach that does not further burden our schools. I’m confident that if asked, parents and teens would be much happier about recent reform efforts if standardized test scores were a little less important, and helping them build their own credit scores were a little more important.

POSTED: April 7, 2016 | BY: April Somboun | TAGS: , , , , , , , , , ,

Working to Advance Financial Education in Schools

Richard Cordray 264x300 Working to Advance Financial Education in Schools
By Richard Cordray, Director of the Consumer Financial Protection Bureau


As we observe National Financial Literacy Month, let us all continue our efforts to ensure children and youth develop the skills and habits that will help them to make better financial decisions as they become adults. There is not a single good reason – none – that should prevent any American from gaining the knowledge and skills needed to build a healthy financial future.

With a growing number of committed public, private, and nonprofit organizations working to advance K-12 financial education, no one needs to go it alone. Just recently, the Consumer Financial Protection Bureau (CFPB) developed a resource guide to support leaders interested in advancing K-12 financial education by connecting them to ongoing conversations and providing access to information, tools, and resources. The guide includes a framework, case studies and strategies on how best to lay the groundwork, build the initiative, and extend the impact of K-12 financial education. The resource guide is called “Advancing K-12 Financial Education: A Guide for Policymakers” and is available for download.

When I served as the Franklin County Treasurer in Ohio a decade ago, we formed a local committee on personal financial education to help further the vision of a society where everyone could strengthen their financial skills. We gathered information about school programs for young people and community programs for adults, and we matched people up with those available resources. With the support of a broad coalition we created an impetus for what is now an Ohio state law that requires personal financial education for all high school students through the integration of economics and financial literacy within social studies classes or another class. Ohio is one of 17 states to require that high school students take a personal finance course in order to graduate.

Achieving meaningful and lasting change will require bold and innovative approaches. The CFPB resource guide is a bridge to connect leaders with tools, information, and insights to help them enhance K-12 financial education efforts. As policymakers continue to explore options to incorporate financial education throughout the K-12 experience, I hope that everyone who is interested in financial education for our nation’s children will use this guide and share it with others.

Benjamin Franklin once said, “An investment in knowledge always pays the best interest.” This may be most true in the case of financial education. Starting early with age-appropriate and relevant financial education and consistently reinforcing those lessons throughout the K-12 school experience can help children and youth develop positive habits and skills that can make a lifetime of difference in their financial well-being.

POSTED: April 22, 2015 | BY: Daniel Thompson | TAGS: , , , ,

It’s All About Implementation: Promising Results for State Financial Education Mandates

J. Michael Collins Its All About Implementation: Promising Results for State Financial Education MandatesBy J. Michael Collins, Ph.D., Center for Financial Security, University of Wisconsin-Madison

The growing complexity of financial decisions facing American consumers has prompted an increased emphasis by policymakers on promoting financial education at all stages of life. One group of specific concern is young adults, as they have been shown to have particularly low levels of financial literacy (Lusardi et al., 2010 ).

The 2008 financial crisis further demonstrated the need for broad-based financial education. However, the existing body of research on the effectiveness of financial literacy education has yielded limited evidence that it improves financial outcomes and behaviors according to research (Fernandes et al., 2014 and Willis, 2011

Policymakers have promoted financial education in schools as a means of combating negative financial behaviors and low levels of financial knowledge. However, research on the effectiveness of financial education has found, at best, mixed evidence in terms of education resulting in changes in financial behaviors. Even in the absence of evidence on the effectiveness of financial education, policymakers at the state level have expanded and strengthened personal finance and economic education requirements for K–12 students, a topic which has been taught in K–12 public schools in the U.S. since the 1950s. Determining which particular financial education programs yield the greatest benefits would allow states to design an effective curriculum.

Yet, we have natural “experiments” in states all the time, where school systems implement new mandates for courses that must be taught–and tested–before a student can graduate. At least 2 states, Georgia and Texas, did so in 2007. Thanks to data from the Federal reserve, my CFS [] colleagues Carly Urban [ ] and Max Schmeiser [ ] were able to obtain a sample of credit records for people in these states and nearby states (New Mexico and Florida–both states with no change in financial education mandates for high school graduation).

We then compared the changes in credit scores and loan delinquencies in states after implementation of the mandate to the changes in comparable states that did not pass mandates. Both GA and TX implemented well-documented requirements and testing, so we are confident students who graduated after 2007 were exposed, at least on average, to more financial education. Overall, we find that if a rigorous financial education program is carefully implemented in schools, it can improve the credit scores and lower the probability of delinquency for young adults. In Georgia, graduates after the new education mandates have credit scores 11 points higher and 30 day delinquencies are lower by 4.2 percent. In Texas, graduates after the mandate have credit scores over 31.7 points higher and lower 90-day delinquency rates by 6 percent, a relative decrease in delinquency rate of 33 percent (view full report: ).

All young people have lower credit scores—they are learning by experience. And, according to our data, nearly a quarter of young people are 30 or more days behind on at least one account. Yet, payments have big effects on the credit score of someone with a brief credit history and therefore, avoiding missed payments can have real long run effects.

More work needs to be done to understand what forms of education best benefit young people, if starting earlier has larger effects, and if less intense requirements might result in similarly sized benefits. We still do not know how well these effects will persist into later adulthood—but formal education may jump start trial and error learning that young adults often experience in credit markets.

POSTED: April 15, 2015 | BY: Daniel Thompson | TAGS: , , , ,

Teaching Opportunity – January 2015

download teaching opportunity january 2015 Teaching Opportunity   January 2015

In This Issue:

  • 2015 Call for Annual Conference Proposals
  • 2 New Math in the Real World Lessons Now Available
  • AP Micro and AP Macro Economics Bundle: Special Discount
  • Your Teaching Has An Impact!
  • 3 Demonstration Videos for HS Economics
  • This Day in Economic History

Read more…

POSTED: January 26, 2015 | BY: John Jones | TAGS: , , , , , , , , , , , , , , ,

CEE Offers Free Online Assessment Center

online assessment center large CEE Offers Free Online Assessment Center

The Council for Economic Education is now offering the Online Assessment Center. The OAC is a free online resource that provides teachers with an easy and efficient way of measuring their students’ academic progress. It allows teachers to track real-time data on their students’ understanding of economic and financial concepts.
Read more…

POSTED: December 1, 2014 | BY: Daniel Thompson | TAGS: , , , , , , , , , , , , , , , , , , , , ,

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