Michigan Financial Literacy Standards
Champlain College, whose Center for Financial Literacy issues a state-by-state report card for financial education standards every two years, gave Michigan a “B” in 2015. Although the Great Lakes State high school graduation criteria mandate that students must take a half-year of economics, and one of the four high-level expectations for the economics course is related to personal finance topics, it is unclear how Michigan schools measure student achievement in money management.
Champlain estimates that Michigan high school students undergo about eight hours of personal finance instruction prior to graduation. That estimate is based on the fact that the economics standards specify 44 sub-standards as passing criteria, and six of those sub-standards are specific to financial literacy instruction.
Although incorporated into a class with a different name (economics), Michigan requirements include personal finance in the K-12 standards, requiring those standards to be implemented at the district level. A high school course covering money management principles is required to be both offered and taken, and standardized testing is in place, according to the Economic Education Council (CEE).
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.
