Welcome to the inaugural issue of the Financial Literacy Update newsletter! This newsletter will be sent quarterly with the goal of updating Iowa educators and other stakeholders on financial literacy news, resources, and professional development.
Financial literacy is a topic that has received a lot of attention, within both the educational and business communities. In 2014, the Department of Education convened a task force to issue recommendations on how to improve financial literacy across the state. After the report was issued, the group became known as the Financial Literacy Network, a group that would work to put the recommendations into action.
Over the last few years, the Financial Literacy Network has grown and has been working on addressing the recommendations made in the original task force report. Some highlights include creating a webpage with vetted resources at https://www.educateiowa.gov/financial-literacy#Financial_Literacy_Resources, hosted professional development in financial literacy and working to revise the financial literacy essential concepts and skills.
Iowa Review Team Recommends New Social Studies Standards
DES MOINES – A state team charged with reviewing a draft of proposed statewide standards for social studies today released its final report, which recommends that the draft standards become Iowa’s new social studies standards. The Social Studies Standards Review Team’s report, as well as the draft social studies standards, will go to the State Board of Education for consideration next month.
The draft standards outline what students should know and be able to do in social studies from kindergarten through 12th grade. They were developed in 2016 by an Iowa writing team and modified by the Social Studies Standards Review Team based on broad public input.
The new draft social studies standards:
- Go beyond content that students should master, emphasizing the critical thinking and problem-solving skills that students need to be successful in postsecondary education and training and to compete for today’s most rewarding jobs.
- Weave in Iowa history and financial literacy, which are not reflected in the current social studies standards.
- Outline what students should know and be able to do at each grade level from kindergarten through eighth grade, rather than being organized by spans of grades. In grades 9 through 12, the draft standards are organized by content area within social studies.
Amber Davison, a member of the Social Studies Standards Review Team, said the writing and review teams shared a vision of providing all Iowa students with equal access to rigorous expectations and providing support to teachers.
“Our hope is these standards provide students at all grade levels the opportunity to move beyond understanding content and to begin engaging with and thinking like historians, economists, psychologists, sociologists, geographers, and political scientists,” said Davison, an instructional coach in the Des Moines Public Schools. “The goal is that students take what they have learned and support their communities as active and informed citizens.”
The draft represents the first statewide effort to update Iowa’s social studies standards, which were adopted in 2008. A recent survey showed many Iowa teachers want clearer, more specific expectations than those outlined in the current social studies standards.
The Social Studies Standards Review Team collected public feedback on the draft standards this year through an online survey, public forums and teacher focus groups.
Modifications made by the review team were based largely on providing clarity. For example, when public input indicated confusion about the inclusion of financial literacy in the draft social studies standards, the review team decided to clearly mark civic and financial literacy standards so that teachers would know these standards also show up in Iowa’s standards for 21st century skills (employability skills, civic literacy, financial literacy, health literacy, and technology literacy).
The team’s final report also included recommendations to ensure successful implementation of social studies standards, such as establishing a social studies position at each of Iowa’s area education agencies, providing teachers with ongoing access to professional development in social studies, and increasing statewide accountability for social studies education.
The review was part of an ongoing state process for reviewing Iowa’s academic standards, which also cover science, mathematics, literacy and 21st century skills. The process was prompted by Gov. Branstad’s Executive Order 83, which called for a regular, transparent review of Iowa’s academic standards to identify areas for improvement.
Recommendations stemming from the review process are directed to the State Board of Education, which has the legal authority to determine the content of Iowa’s academic standards. The board’s next meeting is May 11.
For more information about the Social Studies Standards Review Team and its recommendations, visit the Iowa Department of Education’s website. For more information about Iowa’s academic standards, visit www.iowacore.gov.
Junior Achievement BizTown Summer Camp
Registration is now open for the 4th year of this highly successful summer camp. This year JA is offering three sessions of camp: June 12th-16th, June 26th-30th, and July 17th-21st. The camp will take place at the JA BizTown location - 6100 Grand Avenue, Des Moines - from 9am-3pm daily. The JA BizTown Summer Camp curriculum is modeled for children ages 10-13 (current 4th-6th grade students). While the camp will focus on financial literacy, entrepreneurship and teamwork, FUN is also a focus! For those who have participated in JA BizTown as a student, the JA BizTown Summer Camp is an extended version of their school experience with additional camp activities mixed in. The camp is limited to 65 children per camp week and is on a first come-first serve basis. The early bird registration camp fee is $185 through 3/31/17. As of 4/1/17, the camp fee is $200. We are offering a $15 sibling discount for the second camper. You can register for JA BizTown Summer Camp through the online registration link at http://www.jacentraliowa.org/program/programja-biztown-summer-camp/.
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Iowa Finance and Economic Challenges
On Tuesday, April 11th the Iowa Council on Economic Education hosted the Finance Challenge state finals at the Federal Reserve Bank in West Des Moines. 350 students from 14 school districts participated in the initial round of the Challenge, with 42 students representing 6 schools competing in the finals. Student teams of 3 to 4 members were tasked with creating solutions for a fictitious family with financial difficulties. The teams then presented their solutions to a panel of judges and were graded on their knowledge of personal finance, team collaboration, and quality of presentation.
Representatives from the Iowa Department of Education, Iowa Student Loan, College Savings Iowa, EverFi, and TS Bank served as judges. The top 3 teams received trophies and cash prizes and the state champion team from Union High School will represent Iowa at the National Finance Challenge on May 5th in Kansas City.
And on Wednesday, April 12th the Iowa Council on Economic Education hosted the Economics Challenge state finals at the Iowa State University Extension office in Altoona. 275 students from 9 school districts participated in the initial round of the Challenge, with 72 students representing 3 schools competing in the finals. Students participated in two divisions - Adam Smith for AP economics and David Ricardo for 1st semester economics. Teams of 3 to 4 members were tested on their knowledge of microeconomics, macroeconomics, and international economics, with the top 2 teams in each division advancing to the quiz bowl championship round. Both teams from each division received trophies and cash prizes with the winning teams from Southeast Polk High School advancing to the national semi-finals on April 25th. The top 4 teams in each division from the semi-final round will participate in the National Economics Challenge in New York City May 20th - 22nd. Special thanks to College Savings Iowa and TS Institute for sponsoring both events.
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The instructional resources team that is part of the Iowa Financial Literacy Network has been hard at work. Check out some of the resources they have found below.
Personal Finance 101
Check out this series of short videos on several key financial concepts.
Money as You Grow Book Club
Are you an elementary teacher looking for ways to use children’s literature to economic concepts? The Consumer Financial Protection Bureau (CFPB) recently released a new resource called the Money as You Grow Book Club. The resource include guides to use books such as A Chair for My Mother to teach economic concepts. Check it out here.
Federal Reserve Bank of Atlanta
Check out this extensive list of materials available from the Federal Reserve Bank of Atlanta. In addition, they offer several infographic posters on concepts such as supply and demand, trade, GDP, monetary policy, etc. You can request free copies of these posters here.
Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City offers several resources related to economics and financial literacy. These include:
High School Financial Planning Program
NEFE's High School Financial Planning Program is a free turnkey financial literacy program specifically focused on basic personal finance skills that are relevant to the lives of teens in Grades 8-12. Check it out here.
My Classroom Economy
My Classroom Economy helps teachers simulate a real economy in the confines of their own classroom. Check it out at www.myclassroomeconomy.org.
Chair the Fed
Brought to you by the Federal Reserve Bank of San Francisco, Chair the Fed is a policy game that works to engage students in understanding more about the role of monetary policy in the economy.
Economics USA
Annenberg Learner has produced a video series that allows students to explore economic history, theory, and practice through case studies and interviews with Nobel-prize winning and major economists. Check it out here.
We the Economy
The economy- everyone’s talking about it, but who can explain it? Check out this collection of 20 short films that explain economic concepts.
How the Market Works
Simulations are one of the best tools to help students practice financial decision making. Check out How the Market Works where students can practice playing the market in real time.
Bureau of Labor Statistics Resources
The Bureau of Labor Statistics has hundreds of resources to help students understand employment, wages, and careers. Check out their homepage here. In addition, they offer several K-12 teacher resources here.
Major Financial Decisions
Check out Major Financial Decisions to find tools and resources around each of life’s major financial decisions. This ranges from decisions about college, buying a home, retirement and much more.
Page One Economics
Page One Economics was developed by the Federal Reserve Bank of St. Louis. This resource includes classroom-friendly essays on current economics topics, study questions, answer keys, and discussion questions.
Fish Economics
It may sound like a strange title, but Fish Economics dives into free economics lesson plans, lectures, and a 10-part animated series on building an economy. Check it out here.
Jump$tart Clearinghouse
The Jump$tart clearinghouse includes thousands of free and accessible lesson plans. No sign-in or password is even required.
Gen i Revolution
Developed for middle school and high school students, this online game gives your students the chance to learn important personal finance skills as they play and compete against fellow classmates.
Council for Economic Education Webinars
Check out this page for a list of FREE webinars being offered by the Council for Economic Education.
Webinar Archives from the St. Louis Federal
Check out this archive and this list of webinars from the Federal Reserve Bank of St. Louis. Topics include children’s literature and economics, money and banking, career decisions, etc.
2017 Best Practices Institute
Registration for the Best Practices Institute will close on May 15th. Please get registered as soon as possible. The institute takes place June 19-20, 2017 at the State Historical Museum. As always, the institute is FREE for any pre-service or in-service social studies teacher. There are a variety of sessions this year including topics such as strategies for discussing controversial topics, and Iowa history strand with topics such as Native Americans in Iowa, civil rights, agriculture, etc., geography, economics resources from the St. Louis Federal Reserve and much more. In addition, Ambassador Kenneth Quinn (the former ambassador to Cambodia) will serve as the keynote speaker. I will also be giving an overview of the proposed social studies standards. View the flyer here and register here. One license renewal credit will also be available.
Jump$tart Conference
Registration will be opening soon for the Iowa Jump$tart 17th Annual Conference for Personal Financial Literacy on June 21 at the FAA Enrichment Center in Ankeny. You will not want to miss this key event designed especially for Iowa K-12 teachers – to help you connect with the materials, people and resources for understanding and teaching financial literacy. A one-day workshop focusing on in-depth exploration of financial concepts is also being offered on June 22nd. See https://iowajumpstart.org/ for additional details!
Iowa Council for the Social Studies Conference
The 2017 Iowa Council for the Social Studies conference will take place October 2, 2017 at the Prairie Meadows Events Center. The conference theme is Meeting the Challenge: Bringing the Standards to Life. Mary Beth Tinker will serve as the keynote speaker. The Iowa Council for Economic Education will have an economics/financial literacy strand at the conference. For more information or to submit a conference proposal go to www.iowasocialstudies.org.
Financial Literacy and Economic Education Conference
The 56th annual conference takes place October 6-7, 2017 in Brooklyn, New York. Go here for more information. Reasons to attend the conference include:
- Outstanding networking opportunities - meet with other teachers and learn how they're tackling the challenges of economic and financial literacy education for K-12 students.
- Conference sessions and workshops provide actionable tactics that will help you incorporate economics and financial literacy in your classes.
- Gain valuable perspectives from our impressive roster of guest speakers.
- Get certificates of completion that may be applied toward CEU requirements.
- Affordable registration fee includes all conference sessions.
Economic and Financial Literacy Professional Development Workshops and Webinars
The Iowa Council on Economic Education, EverFi, and Junior Achievement are collaborating to offer workshops and webinars focused on economic and financial literacy during the 2017-2018 school year. These events will include review of new state economic and financial literacy standards, teaching strategies, and provision of resources that align to state standards.
Workshops will be held at AEA locations throughout the state beginning in September and a webinar series focused on specific economic and financial literacy topics is being created this summer based upon feedback from state educators.
This month we are featuring Junior Achievement as one of the many providers of financial literacy resources in the state. Check out this recent story from the Iowa Department of Education on JA Biztown as part of financial literacy awareness month. https://www.educateiowa.gov/article/2017/04/26/it-all-adds-biztown
What is Junior Achievement?
Junior Achievement (JA) exists to improve student circumstances by giving them a belief in themselves and a sense of purpose. The JA experiences take students from a mindset of “I can’t” and, by influencing their attitudes and knowledge, helps them achieve an understanding of “I can.”
What behaviors and skills does JA foster?
JA helps students in these areas:
- Financial literacy – 90 percent of JA Alumni are confident in their ability to manage money. In fact, 69 percent of graduating college seniors have student loans, compared to 55 percent of JA alumni.
- Entrepreneurship - Only 14 percent of Americans are involved in business ownership, compared to 34 percent of JA alumni. JA alumni are 2 ½ times more likely to be involved in starting a business.
- Work-readiness – Approximately 93 percent of JA alumni graduated from high school, compared to 88 percent of the general U.S. population, giving them important work skills. Additionally, 88 percent of JA alumni are satisfied with their careers, compared to 48.7 percent of the general public.
How are JA programs delivered?
With the help of community volunteer role models and proven programs, we show students how money, careers and business ownership work.
- Classroom Programs (K-12) - Customized units include, but not limited to JA Our City, JA Economics, JA It’s My Business, JA It’s My Future, and JA Personal Finance.
- JA BizTown (Grades 5-6) - In this capstone simulation, students learn onsite at JA BizTown where they “work in the town” for a day as responsible business owners, consumers and citizens.
- JA BizTown Summer Camp (Grades 5-7) – This week-long academic camp combines classroom-style teaching with hands-on activities. Concepts include business expenses, marketing, customer service, trade-offs, personal banking, lessons from professional guest speakers and much more.
- Stock Market Challenge (High School) - This exciting, fast-paced competition provides students with a simulation of a 60-day cycle of the stock market.
Stefanie Rosenberg Wager
Social Studies Consultant
21st Century Skills- Civic and Financial Literacy
Iowa Department of Education
Grimes State Office Building
400 E. 14th Street
Des Moines, IA 50319
Phone: 515-725-7842
Cell: 515-419-2876
Fax: 515-242-5988
Email: stefanie.wager@iowa.gov
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