Why is financial education important? Look at Nan Morrison’s response Record your ideas 8 October 2015FINANCING YOUR FUTURE © NATIONAL COUNCIL ON ECONOMIC.

Why is financial education important?

• Look at Nan Morrison’s response

• Record your ideas

April 19, 2023 FINANCING YOUR FUTURE © NATIONAL COUNCIL ON ECONOMIC EDUCATION, NEW YORK, N.Y. 2


Why is K-12 financial education so important?

• The lack of financial literacy is a national problem.

• Research suggests that learning about personal finance at an early age is the key.

• Citizens need the knowledge to be able to make well-informed, sound public policy decisions.


Why is K-12 financial education so important

• Americans have approximately $1 trillion in revolving credit card debt.

- half make the minimum monthly payment.

• Nationally, those under 25 are the fastest-growing age group filing for personal

bankruptcy.


Personal Finance Video Series on DVDPersonal Finance Video Series on DVD

• Developed by NCEE Developed by NCEE

• Funded by the Citigroup FoundationFunded by the Citigroup Foundation


• Aimed primarily at High School Students

• Helps students develop sound financial life skills

• Illustrates how sound choices can• Build financial success and • Lead to a more satisfying life


The Teacher’s Guide includes:• 15 lessons – 3 for each of the 5 videos• Tables of Correlation with

• NCEE Economics Standards• Jump$tart Personal Finance Standards, • National Council of Teachers of

Mathematics Standards• A glossary of terms• Pre- & post-test questions for classroom use


• The first lesson for each video includes a short true/false and a short activity

• The remaining two lessons feature role plays and group work to develop content introduced in the videos





Video 1 – Get a Financial Life


Video 1 – Get a Financial Life

• Introduces basic vocabulary and key concepts such as wealth building, savings and an important rule:

“Spend less than you earn”









Video 2 – Get Smart


Video 2 – Get Smart Decisions Have Consequences

• Covers trade-offs and opportunity costs related to decisions, both

small, e.g., “What to wear?” and

large, e.g., “How much time and income to devote to investing in one’s own human capital?”


Video 2 – Get Smart Decisions Have Consequences

• A trade-off occurs when you give up some of one thing to have more of another.

• An opportunity cost is the value of the next best thing that you have given up.





Financing Your Future


Financing Your Future




Video 3 – Get Banked


Video 3 – Get Banked The Banking Advantage

• Illustrates how vital it is to have a banking relationship

• Reveals the surprisingly high cost of being “unbanked”

• Warns of the pitfalls of frequenting pay-day lending and check- cashing establishments



How much insurance coverage does the FDIC provide?

The standard maximum deposit insurance amount is described as the “SMDIA” in FDIC regulations. The SMDIA is $250,000 per depositor, per insured bank, through December 31, 2013. On January 1, 2014, the SMDIA is scheduled to return to $100,000 per depositor, per insured bank, for all account ownership categories except Certain Retirement Accounts, which will remain at $250,000 permanently per depositor, per insured bank. 1.







Video 4 – Get the Credit you Deserve


Video 4 – Get the Credit You Deserve

• Demystifies credit and debt

• Shows that smart decision-making can enable a more fulfilling life

• Discusses APR calculations and credit scores in detail





Video 5 - Get a Financial Plan


Video 5 – Get a Financial Plan

• Stresses the importance of budgeting and planning, saving early and often

• Discusses

• compound interest

• “paying yourself first”

• various investment instruments

• risk tolerance








Why is financial education important? Look at Nan Morrison’s response Record your ideas 8 October 2015FINANCING YOUR FUTURE © NATIONAL COUNCIL ON ECONOMIC.

Documents

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