Gina Boyd, a teacher at Mayflower Mill Elementary School, has been awarded the 2016 John Morton Excellence in Teaching Award.
The award recognizes Boyd for her outstanding work in teaching economics and financial literacy to her students. It also recognizes her efforts in organizing after-school workshops for other teachers so they could learn how to incorporate economics into their own course work. With her work in and out of the classroom, Gina Boyd has demonstrated her commitment to raising the bar for economics and financial literacy education. She will receive her well-deserved reward at the Financial Literacy and Economic Education conference on Oct. 7 in Phoenix.
2016 Visionary Awards Honorees: Arianna Huffington, Richard Edelman, Frank Bisignano, and Glenn Hubbard
We are excited to announce this year’s distinguished honorees at the 11th Annual Visionary Awards, four individuals who are making a powerful impact on financial and economic literacy. The Visionary Awards recognize the outstanding achievements of leaders, experts and educators whose efforts are moving the needle in the right direction, helping create a society better able to make informed decisions as consumers, savers, investors, voters, and participants in our global economy.
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.
“One of the greatest gifts we can give the next generation is an early understanding of healthy money habits and basic financial literacy,” said Ms. Huffington. “When we do this, we’re not only helping them to succeed financially, we’re helping them build a foundation that allows them to live a less stressful and more resilient life and reach their full potential.”
The event will be held in New York City’s landmark Plaza Hotel on October 26, the 2016 Visionary Awards will be emceed by Steve Liesman, CNBC’s Senior Economics Reporter.
The 2016 Visionary Awards are made possible by the generous support of our Platinum Sponsors Edelman and First Data; Gold Sponsors Mellody Hobson/Ariel Investments, HSBC, Marie-Josée and Henry R. Kravis, Mastercard, The Moody’s Foundation, Peter G. Peterson Foundation, PwC, State Farm, Verizon, and Wells Fargo; and Silver Sponsors Ally, Charles Schwab & Co., Inc., FINRA, Ford Motor Credit Company, The Julis Family, Kirkland & Ellis, The Guardian Life Insurance Company of America, and UPS; and Fireside Chat Sponsor Bank of America.
For more information on CEE’s Visionary Awards, please visit www.councilforeconed.org/visionaryawards.
Last month was Financial Literacy Month and we teamed up with social media entrepreneur, Natalie Zfat on the #MySavingsStory video campaign.
Throughout the entire month of April, we shared personal video stories from writers, artists and economists to inform and inspire kids to understand and take control of their financial lives.
We received savings advice from fashion designer Elie Tahari, best-selling author of Diary of A Wimpy Kid, Jeff Kinney, entrepreneur Rosie Pope, President of the Richmond Fed, Jeffrey Lacker and others who shared what they’ve learned about the importance of financial literacy and saving.
Read Natalie’s post about the campaign and make sure to check out the compilation video with all the great advice!
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.
Written by: Matthew Gherman 11/12th Grade Teacher of AP Economics, American History, ELL Global History at Edward R. Murrow High School, Brooklyn, NY. Matthew received the 2015 Alfred P. Sloan Foundation Teaching Champion Award.
Personal finance is a lot like relationships. They’re both taboo subjects in which everyone professes their advice and expertise, but in reality each is a very imprecise science. For high school students, these two topics are numbers one and two in terms of their curiosity (personal finance is probably a distant, but strong, second place). The curiosity and eagerness that surround this topic are what makes it fun to teach. Students are familiar with many of the terms: interest rates, stocks, bonds, checking account, credit cards, credit score; yet there is so much room for exploration and enlightenment. For both finance and relationships there is wisdom that would be helpful to know at the age of 18, but is only earned from life experience. Therefore, the best approach to teaching the subject incorporates knowledge learned by trial and error, paving the road for the next generation.
Also at the age of 18, these are topics that might seem far away, but really they are much closer and include situations that students need to be ready for. Students need to understand that their credit score is their life GPA, and they need to start building it now and learning how to build it now. At 18, they can open up an investment account and learn how to begin to grow their money at a rate faster than a savings account. They need to begin building that big savings for important purchases that will all possibly come within a decade: college, car, apartment, engagement ring, marriage, home and children. Many of these are concepts that they probably shrug at as “not my problem now,” but that decade goes by fast, and with it a lot of missed opportunity to improve their futures. The savings and investing which will make each stage of their lives easier starts at 18 (or even earlier) and the teacher is the provider of all of this information. The questions and enthusiasm that they bring to class enhance the teaching experience exponentially.
The ease with which these topics can be differentiated is also a great selling point for teaching it. Depending on student strengths, your lessons can range from just reviewing the basics to dissecting and debating scholarly articles and evaluating political implications. There is also opportunity for independent research, web-quests and presentation projects which add a different flavor to the class. Additionally, teachers aren’t limited by being shackled to a state test at the end of the year. This subject allows creativity for both teachers and students.
Personal finance is strongly connected to the civic responsibility of voting. So many times politics is reduced to sound bites, preying on an uneducated class of voters. There are many social political issues that are shades of gray and fun to debate, but ultimately, the questions all students should have on their minds are what does the government do with our money and what are the implications of government actions on our wages, healthcare, investments, mortgages, and income taxes. Teaching personal finance creates a better informed and responsible citizenry.
The most important aspect of teaching personal finance is that these are life skills. This is the most useful course that students will take in high school because it will help them to be college ready, career ready, and life ready.