Maine Financial Literacy Standards
How do Maine’s financial education standards stack up against the rest of the U.S.? The Center for Financial Literacy’s National Report Card, issued by Champlain College, gave Maine a “B” as of 2015. Maine has a benchmark stating that students must take two years of social studies and history – including American history, civics, and personal finance – as a condition of high school graduation. Local districts are given several pathways by which students may meet the personal finance instruction criteria.
The Report Card notes that hours of personal finance instruction to which students are exposed cannot be calculated, because each school district selects how it meets the guideline. Maine is granted extra credit for having passed a law requiring the Commissioner of Education to review the standards for financial education during the five-year review process starting with the 2015-16 academic year. Also, since 2013, the Alfond Scholarship Foundation has offered a $500 gift to every child born in Maine by establishing a college savings fund in that child’s name.
The Pine Tree State includes personal finance instruction in its standards for K-12, requires those standards to be implemented by districts, yet does not require a high school money management course to be offered or taken. Maine has no standardized test for student achievement in this area. These findings are provided by the Council for Economic Education (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.
