White House releases "educator toolkit" for teaching personal finance
Teachers can now take advantage of a tool the White House has released as a means to help educators instruct in the area of personal finance. The "educator toolkit" was created to help students prepare for the 2011 National Financial Capability Challenge, but can be used in year-round instruction. For the second year, the challenge will allow educators to instruct on financial topics like budgeting, investing, paying for college and savings. The "educator toolkit" covers five core competencies, "earning, spending, saving, borrowing, and protecting against risk," according to a press release announcing the toolkit.
With lesson plans from the Federal Deposit Insurance Corporation, Federal Reserve and non-profits, students can learn how to use and balance a checkbook, minimize risk of identity theft, understand the cost benefits of insurance, use credit responsibly, create and abide by a budget plan, and more. This year's toolkit includes online lessons as well as Spanish language instruction. Officials in the Obama administration say the skills learned from the challenge, and toolkit, will last long beyond the competition and can actually benefit the long-term stability of the nation's economy.
“Empowering students with the knowledge they need to make smart financial choices about saving, budgeting, and investing for the future is good for the long-term strength of our economy,” said Secretary of the U.S. Department of Treasury Tim Geithner. “It will help ensure that young people have the skills they need to achieve financial security, and that will help us continue to build this recovery on a strong and sustainable foundation.”
The exam for this year's National Financial Capability Challenge is available online from March 7 to April 8, 2011. The students with the highest scores will be awarded in a ceremony in the nation's capital. Others who scored well will receive an official award certificate. Last year, more than 76,000 students and 2,500 educators from across the country took part in the challenge. U.S. Secretary of Education Arne Duncan says the lessons learned via the challenge can also help prepare for the fiscal obligations related to going to college.
“Our students need to graduate high school ready for college and career if they’re going to compete in a global economy,” he said. “Incorporating financial literacy, through Treasury’s online educator toolkit or other significant learning materials, will encourage students to make smart long-term investments, such as preparing to pay for college.”
Educators can register for the challenge or find the educator toolkit on the National Financial Capability Challenge website.
