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Hawaii department of education > attach with us > Media Room > push Releases > HIDOE search feedback to construct financial literacy content standards

HIDOE seeking feedback to build financial proficiency content standards

01-Nov-2021

The Office that Curriculum and also Instructional architecture is currently investigating means to for sure every student receives basic financial literacy prior to high college graduation.

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​Introduction

Financial literacy, or financial capacity as it is right now defined in ~ the federal level, is the capacity, based on knowledge, skills and access, to control financial resources effectively. To construct this capacity, individuals must have appropriate access to and understanding of financial products, services, and concepts. Financial proficiency empowers individuals to make informed choices, avoid pitfalls, understand where to walk for help, and take plot to enhance their present and long-term financial well-being.

The Hawaii State department of Education, Office the Curriculum and also Instructional Design, is currently investigating methods to ensure every college student receives straightforward financial literacy before high school graduation. At this time, efforts are focused on financial literacy education and learning at the high school level.

As part of this work, draft contents standards have been curated because that a one-semester introductory level high college course ~ above financial literacy designed to aid students construct the capacity to describe, analyze, and evaluate countless financial object that many students will directly experience in their personal and professional lives. While a one-semester food is not the only method in which gaue won literacy education and learning can be detailed to students, the standards room a an essential step towards ensuring consistent financial proficiency education throughout the state.

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The content standards are obtained from the 2017 execution of the national Standards in K-12 personal Finance Education (pdf, pictured come the right) native the Jump$tart Coalition. These requirements are consistent with both state- and nationally-recognized concepts that are essential to healthy and balanced financial literacy.

The themes are aligned to the six major categories used in Jump$tartʻs national Standards: 1) Spending and also Saving; 2) Credit and also Debt; 3) Employment and Income; 4) Investing; 5) danger Management and also Insurance; and also 6) jae won Decision Making.

The sample teacher guidance is a perform of an abilities gleaned native Jump$tartʻs benchmarks which explains what teachers might ask student to show in order to meet each content standard. The accuse is not intended to offer as an all-inclusive list; rather, the guidance serves together a sample set of statements because that teachers to consider how come best help their students meet the contents standards.

Special many thanks to Kelly Lee, founder of the Hawaii Coalition that Jump$tart, for lending her contents area specialization to this effort.

​​THEME 1: Spending and Saving

Content Standard

The student shall:

​Sample Teacher Guidance

To assist students fulfill the content Standard, the teacher may ask student to:

​Content standard MD.PFL.1.1

Develop a setup for spending and saving.

​Describe methods that world can decrease expenses to save much more of your incomes.Discuss the contents of a personal spending plan, including income, planned saving and expenses.Compare the advantages and disadvantages of saving for financial goals.Investigate changes in personal spending actions that add to wealth building.

​Content conventional MD.PFL.1.2

Describe exactly how to use different payment methods.

Compare and also contrast different species of local financial institutions and the services they provide.Summarize the benefits and disadvantages of checks, stored value cards, debit cards, gift cards and online and also mobile payment systems.Compare the expenses of cashing a examine with various third parties, such as a financial institution or credit transaction union, check-cashing services and also retail outlets.Demonstrate how to schedule and also manage invoice payments.


​Sample Teacher Guidance

To help students meet the content Standard, the teacher might ask college student to:

​Content typical MD.PFL.2.1

Analyze the costs and also benefits the various types that credit.

​Explain just how debit cards differ from credit transaction cards.Discuss potential consequences of using “easy access” credit.Calculate the total cost that repaying a loan under miscellaneous rates of interest and also over various periods.Compare the expense of take out loan $1,000 by method of different customer credit options.

Content traditional MD.PFL.2.2

Summarize a borrower’s rights and also responsibilities regarded credit reports.

​Weigh the potential payment of a hopeful borrowing reputation versus the potential consequences of a poor borrowing reputation.Explain the value of credit transaction reports come borrowers and also to lenders.Categorize the details in a credit transaction report and also how long it is retained.Analyze exactly how a credit transaction score affect creditworthiness and the expense of credit.


​Sample Teacher Guidance

To assist students meet the content Standard, the teacher might ask students to:

​ Content typical MD.PFL.3.1

Explore job and career options.

​Explain the difference in between a career and also a job.Match an individual skills and also interests to miscellaneous career options.Compare the education and training requirements, revenue potential and primary duties that at least two work of interest.Discuss how non-income components such as child-care options, cost of living and also work problems can affect job choice.

​ Content typical MD.PFL.3.2

Compare sources of an individual income and compensation.

​Explain the difference in between a wage and also a salary.Calculate the future income needed to preserve a present standard the living.Identify typical sources of earnings in retirement.

​THEME 4: Investing​


​Sample Teacher Guidance

To help students satisfy the content Standard, the teacher may ask student to:

​ Content standard MD.PFL.4.1

Explain how investing may build wealth and help meet financial goals.

● describe reasons because that investing.

● Devise an investment arrangement for accumulating money for a significant expense such together a college education and learning or the down payment on a car.

● define the prominence of assorted sources of earnings in retirement, including Social Security, employer-sponsored retirement savings plans and personal investments.

​ Content standard MD.PFL.4.2

Evaluate investment alternatives.

● define the difference in between stocks and bonds.

● Give examples of investments for current income and investments for future growth.

● compare the benefits of taxable, tax-deferred and tax-advantaged invest for brand-new savers, consisting of Roth IRAs and also employer-sponsored retirement vehicles.

THEME 5: danger Management and also Insurance

​Sample Teacher Guidance

To help students fulfill the content Standard, the teacher may ask student to:

Content standard MD.PFL.6.1

Recognize the responsibilities linked with an individual financial decisions.

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​Analyze money-handling decisions the young adults typically face.Compare the benefits of financial duty with the aftermath of jae won irresponsibility.Predict just how influences together as existing fashion trends, peer pressure and also procrastination can impact financial decisions.Compare how financial obligation is different for individuals with and also without dependents.

​Content traditional MD.PFL.6.2

Make criterion-based financial decision by systematically considering choices and consequences.

​Explain how minimal personal financial resources impact the options people make.Determine the expense of afford a financial goal.Give examples of how decisions made this particular day can impact future opportunities.