Consumer Financial

Protection Bureau

Advancing K-12 Financial 

Education: A Guide for 

Policymakers

April 2015
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 2

Table of contents

Introduction ...................................................................................................................... 4

How to use this guide .........................................................................................6

Framework..........................................................................................................7

Guiding questions.............................................................................................. 8

1. Laying the groundwork...............................................................................................11

1.1 Making the case......................................................................................... 12

1.2 Setting the strategy....................................................................................14

1.3	 Defining the structure ............................................................................... 17

1.4 Fostering partnerships .............................................................................. 19

1.5	 Securing resources for K-12 financial education......................................22

 Additional resources for laying the groundwork ..................................... 24

2. Building the initiative ................................................................................................ 32

2.1 Standards and requirements.....................................................................33

2.2 Teacher training.........................................................................................37

2.3	 Classroom resources................................................................................. 40

2.4	 Evaluating the initiative ............................................................................47

 Additional resources for building the initiative ........................................49

3.Extending the impact................................................................................................. 56

3.1 Outreach and recognition..........................................................................57

3.2	 Improve and scale..................................................................................... 60

 Additional resources for extending the impact.........................................62
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 3

Next steps ....................................................................................................................... 65

Appendix A: .................................................................................................................... 66

CFPB resources for advancing K-12 financial education ................................ 66

Appendix B: .................................................................................................................... 69

Development template to set the strategy ....................................................... 69

Components of an effective strategy ................................................................70

Strategy development template ........................................................................72

Appendix C: ................................................................................................................... 76

Evaluation template to foster partnerships ......................................................76

Steps for identifying partnerships....................................................................76

Partnership evaluation template ......................................................................77
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 4

Introduction

The Consumer Financial Protection Bureau (CFPB) believes integrating financial education

throughout the K-12 experience represents a promising opportunity to reach consumers at pivotal

points in their development and financial lives. When we start early with age-appropriate and

relevant financial education and consistently reinforce those lessons throughout the K-12 years, we

can give young people more chances to develop positive habits and behaviors. Helping consumers

acquire financial capability is an integral part of the CFPB’s consumer financial protection

mission, as reflected in numerous provisions of the Dodd-Frank Wall Street Reform and Consumer

Protection Act of 2010.1 The Act charges the Bureau with researching, developing, promoting, and

implementing financial literacy programs and activities.

The CFPB developed this resource guide to help connect policymakers with tools, information, and

insights to enhance K-12 financial education efforts. The guide will likely be most relevant to state

policymakers—notably state treasurers, state superintendents, governors, state legislators, state

government associations, and their respective staff—who seek to advance the development and

implementation of K-12 financial education. However, the CFPB designed this resource guide so all

members of the financial education community could benefit from the framework, case studies, and

resources we have provided. Achieving meaningful and lasting change requires bold and innovative

approaches, and involvement of the broad range of stakeholders with a role in implementing

financial education.

Embedding financial education within K-12 education can better prepare students for the financial

challenges they are likely to encounter in higher education and the workplace. Recent research

suggests that, students who receive K-12 financial education achieve significantly higher savings and

net worth later in life.2 Furthermore, carefully implemented high school financial education

1An important financial literacy mandate is set forth in Section 1013(d) of the Dodd-Frank Act, which directs the

Bureau, through its Office of Financial Education, to develop and implement initiatives intended to “educate and

empower consumers to make better informed financial decisions” and to “develop and implement a strategy to improve

the financial literacy of consumers.” (12 U.S.C. § 5493(d)(1) &(2)). The Dodd-Frank Act also mandated the creation of

other offices within the Bureau that are responsible for, among other things, developing financial education and policy

initiatives to support the financial well-being of particular segments of the consumer population (12 U.S.C. § 5493(b),

(e), (g)).

2 United States Department of the Treasury, “Integrating Financial Education into School Curricula.” (2002)
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 5

requirements are linked to improved credit scores and lowered probability of delinquency in young

adulthood for students in select states with financial education requirements.3

The CFPB aims to support leaders interested in encouraging K-12 financial education by fostering

connections among the financial education community and growing the conversation around

K-12 financial education initiatives. In 2013, the CFPB furthered these efforts by hosting a

national conference on youth financial education and capability and releasing a whitepaper with

recommendations for advancing K-12 financial education.

Building upon this foundation, the CFPB set out to better understand the challenges, opportunities,

and leading practices for implementing K-12 financial education in school systems throughout the

country. We gathered information from a roundtable meeting of K-12 financial education leaders,

insights from experts in the field, and further research and analysis. Our work uncovered that while

a strong foundation exists to support K-12 financial education, there is a need for greater coordination

of efforts and sharing of resources.

3FINRA Investor Education Foundation, “State Financial Education Mandates: It’s All in the Implementation.” (2015)
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 6

How to use this guide

Each school system’s unique circumstances may require a different combination of approaches to

establish and enhance K-12 financial education initiatives. While there are many resources geared

at teachers for directly providing K-12 financial education, this guide is designed primarily to help

policymakers identify strategies and resources useful for your state. You can start by reviewing the

framework and guiding questions on the following pages to identify the specific areas on which you

would like to focus.

The subsequent sections of this guide provide case studies of K-12 financial education initiatives

from the financial education community. Each case study highlights a specific element of the

framework and provides strategies and lessons learned for advancing K-12 financial education.

Using the case studies and resources provided, you can extract the ideas and models most applicable

to your state’s circumstances.

The CFPB does not intend for this policymaker resource guide to be an exhaustive overview of

current financial education efforts, nor do we endorse particular initiatives and organizations

described in this report. Furthermore, this guide is a working document that CFPB intends to revise

and update on an ongoing basis.

For additional information and support or to share your experiences related to advancing K-12

financial education, we encourage you to contact the CFPB at k12financialeducation@cfpb.gov.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 7

Making the case 

prioritize K-12 financial 

education and gain buy-in 

from stakeholders

Setting the strategy

develop the vision and 

roadmap 

Defining the structure 

organize people and assets 

for impact and longevity 

Fostering partnerships

engage partners to broaden 

reach and resources

Standards and requirements

set and enforce expectations 

for learning and instruction 

Classroom resources

support dynamic instruction 

Evaluating the initiative

assess outcomes and 

effectiveness 

Outreach and recognition

motivate communities to own 

their financial capability 

Improve and scale

implement and augment 

the initiative

Teacher training

develop capacity for effective 

financial education delivery

Securing resources for K-12 

financial launch and sustain 

the initiative

Extending the impact

Building the initiative

Laying the groundwork

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

Framework

The framework set forth in this guide is designed to be simple

and intuitive, providing a first step for those just beginning

to pursue K-12 financial education or those seeking to enrich

existing K-12 financial education initiatives. The framework

consists of three sections (“Laying the groundwork,” “Building

the Initiative” and “Extending the Impact”).

Within each module, there are multiple case studies and

accompanying resources to illuminate specific efforts needed for

advancing K-12 financial education. The CFPB brought together

information gathered through an analysis of current efforts,

insights shared by K-12 financial education policymakers, as well

as discussions with experts and leaders in the financial education

community.

Laying the groundwork focuses on making the case for K-12 

financial education, setting a strategy for initiatives, defining the

structure for initiatives, fostering partnerships, and securing

resources. 

Building the Initiative focuses on key components of K-12 

financial education including standards and requirements,

classroom resources, teacher training, and initiative evaluations.

Extending the Impact focuses on implementation, strategies

for outreach and recognition, and improving and scaling efforts.

The framework does not constitute a prescription that applies in

all situations; unique state circumstances will dictate the specific

combinations of approaches that are most applicable. Additionally,

CFPB intends to periodically improve and update this policy maker

resource guide. 
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 8

Guiding questions

In using this guide, consider the different areas related to K-12 financial education that you may

want to initiate, strengthen, or scale, and then review relevant case studies and resources connected

to that area. The guide is designed to be flexible and intended to help you advance K-12 financial

education. 

For each new effort or initiative, consider the high-level framework of laying the groundwork,

building the initiative, and extending its impact. Furthermore, as efforts mature, the framework

is cyclical providing an opportunity to reassess and align existing efforts. You can then learn and

improve strategies and initiatives based on feedback and results from previous initiatives.

To help determine the sections or modules of this guide most relevant to your state needs, consider

the following questions. If you answer yes to all the questions in the module, then you may continue

to the next set of questions. If you answered no to any question, then are encouraged to review the

related module to learn more.

Questions for advancing K-12 financial education

Do state policymakers see K-12 financial education as a priority?

Do a wide range of stakeholders and allies currently promote 

K-12 financial education as a priority?

Are specific K-12 financial education initiatives prioritized?

If you answered no, 

then go to Module 

1.1 Making the case
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 9

Is there a strategy within the state government for 

implementing or enhancing K-12 financial education?

Does the strategy include clear choices around where to focus 

efforts?

Does the strategy set measurable goals and objectives for the 

initiative?

If you answered no, 

then go to Module 

1.2 Setting the 

strategy

Is there a clear state government structure in place to 

implement and enhance K-12 financial education?

Does the structure have the longevity and human capital 

required to realize its stated objectives?

If you answered no, 

then go to Module 

1.3 Defining the 

structure

Does your state partner with outside entities (e.g., nonprofit 

financial institutions, higher education institutions, 

professional associations) to advance K-12 financial education?

Are external partners’ capabilities and assets utilized to 

increase the capacity and reach of K-12 financial education 

initiatives?

If you answered no, 

then go to Module 

1.4 Fostering 

partnerships

Are there existing resources the initiative can draw upon to 

ensure sustainability?

Are there potential sources of funding (consider public-private 

or public-nonprofit partnerships)? 

If you answered no, 

then go to Module 

1.5 Securing 

resources for K-12 

financial education

Are financial education content standards in place?

Is financial education content standards integrated into state 

testing? 

Is financial education instruction required?

If you answered no, 

then go to Module 

2.1 Standards and 

requirements
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 10

Is teacher training on K-12 financial education offered across 

the state?

Does the state government provide incentives and support to 

encourage teachers to attend training? 

If you answered no, 

then go to Module 

2.2 Teacher training

Are a variety of K-12 financial education resources readily 

available to teachers and students?

Are classroom resources aligned with learning outcomes and 

state standards?

If you answered no, 

then go to Module 

2.3 Classroom 

resources

Are metrics and evaluations in place to determine the success 

of K-12 financial education initiatives?

Are K-12 financial education concepts integrated into 

assessments?

If you answered no, 

then go to Module 

2.4 Evaluating the 

initiative

Do additional opportunities exist for students to engage with 

K-12 financial education outside of classrooms?

Are there clear and consistently communicated messages 

promoting K-12 financial education?

Are there state initiatives in place to recognize advancements 

in K-12 financial education?

If you answered no, 

then go to Module 

3.1 Outreach and 

recognition

Are opportunities available for continuous improvement and 

the sharing of results?

Are structures in place to replicate or scale K-12 financial 

education initiatives?

If you answered no, 

then go to Module 

3.2 Improve and 

scale
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 11

Making the case 

prioritize K-12 financial 

education and gain buy-in 

from stakeholders

Setting the strategy

develop the vision and 

roadmap 

Defining the structure 

organize people and assets 

for impact and longevity 

Fostering partnerships

engage partners to broaden 

reach and resources

Standards and requirements

set and enforce expectations 

for learning and instruction 

Classroom resources

support dynamic instruction 

Evaluating the initiative

assess outcomes and 

effectiveness 

Outreach and recognition

motivate communities to own 

their financial capability 

Improve and scale

implement and augment 

the initiative

Teacher training

develop capacity for effective 

financial education delivery

Securing resources for K-12 

financial launch and sustain 

the initiative

Extending the impact

Building the initiative

Laying the groundwork

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

1. Laying the 

groundwork

The most effective and enduring movements are built on strong

foundations. First and foremost, this means building a case and

developing a strategic plan to guide further efforts. In addition,

this entails ensuring that the right people, systems, partners, and

resources are in place to execute on the vision.

The modules that follow in the “Laying the groundwork” section

provide examples and resources to initiate and build a strong

foundation for K-12 financial education initiatives. The section

includes modules describing how to make the case, set a clear

strategy, define an organizational structure for the initiative,

foster partnerships, and identify potential approaches to secure

required resources.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 12

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

1.1 Making the case

Policymakers and other stakeholders constantly need to balance numerous competing demands,

especially in the education arena. Thus, the first step in advancing K-12 financial education is to

establish the case for why K-12 financial education should be a priority.

A strategy for making K-12 financial education a state priority is to make sure the initiative

appeals to a wide-ranging base of stakeholders and is backed by data that demonstrates the need

for financial education. The following case studies describe some approaches for making the case

for K-12 financial education.

Case studies

NEW JERSEY SUMMIT TO RAISE FINANCIAL LITERACY AWARENESS

In 2010, New Jersey hosted the Financial Literacy: An Imperative for All NJ Students summit to

raise awareness of the importance of K-12 financial education across the state. The summit was a

result of collaboration between the New Jersey Department of Education, New Jersey Department

of Banking and Insurance, the New Jersey Coalition for Financial Education, and Junior

Achievement of New Jersey. Participants included policymakers, educators, business leaders, and

other key allies to learn about available resources for K-12 financial education and contribute their

unique perspectives and viewpoints. The summit supported the newly-adopted state requirement

for students to complete a financial, economic, business, and entrepreneurial course for high

school graduation.

Source: New Jersey Department of Education

Grades: K-12

Learn more: http://www.state.nj.us/education

COUNCIL FOR ECONOMIC EDUCATION (CEE) SURVEY OF THE STATES

The Survey of the States is a twice yearly report that provides a state by state analysis of state

policies that have been enacted to require or encourage financial education and economics

education instruction in K-12 schools. Specifically, the Survey of the States describes and

documents a range of policy options that are available to policy leaders such as high school

graduation requirements, creation of content standards, requirements to implement content

Key questions to consider in this module:

§ Does the case include a variety of inputs to appeal to a range of interests, viewpoints, and

supporters?

§ Is there evidence-based research and data available to support the case?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 13

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

standards, and student assessment requirements. State leaders in Mississippi have used the

results of the survey to draw attention to the need for K-12 financial education.

Source: Council for Economic Education (CEE)

Grades: 9-12

Learn more: http://www.surveyofthestates.com

Case study takeaways:

§ Initiatives that represent a variety of interests and viewpoints appeal to a range of stakeholders

can help to build a broad foundation of support.

§ Use research and analysis to help create an impetus for change for K-12 financial education

policies.

For additional information please review the Additional resources laying the groundwork at the 

end of this section. 
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 14

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

1.2 Setting the strategy

A good strategy is compelling, actionable, and robust. Strategy that is compelling can generate

support from an array of key stakeholders and align a group towards collective impact. In

addition, your strategy is actionable if it is easily translated into concrete action plans that are

implementable in a relevant timeframe. Finally, a good strategy is robust with tested logic and

data to form and validate the choices.

The following case studies provide examples of efforts to set a strategy for K-12 financial education.

Every strategy is unique and should be customized to meet the needs of the communities in your state.

Case studies 

CHAMPLAIN COLLEGE FINANCIAL LITERACY ACTION PLAN

The Center for Financial Literacy at Champlain College in Vermont created a financial literacy task

force in response to the state receiving a D grade on the Center’s own 2013 National Report Card 

on State Efforts to Improve Financial Literacy in High School. The task force’s K-12 committee

convened a broad group of policymakers and educators to set a strategy for adopting strong financial

education requirements within Vermont. Released at the end of 2014, Vermont’s Financial Literacy 

Action Plan provides recommendations for advancing financial capability across K-12 education,

higher education, and beyond. The action plan for K-12 financial education emphasizes the need

for updating education standards, increasing access to teacher training, and the need for grants to

support new efforts. The action plan considers the roles of state policymakers, educators, businesses,

and nonprofit organizations to support efforts across the state.

Source: Champlain College

Grades: 9-12

Learn more: http://www.champlain.edu/Documents/Centers-of-Excellence/Center-forFinancial-Literacy/VT_FinancialLit_ActionPlan.pdf

Key questions to consider in this module:

§ Does the strategy set measurable goals and objectives for the initiative?

§ Do these goals address a clear need and tell a compelling story?

§ Does the strategy include clear choices around where efforts should focus?

§ Do data and insights from a range of stakeholders validate your choices made?

§ Does the strategy include direction on how to configure assets and activities to execute

upon the objectives?

§ Is this strategy actionable and comprehensive?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 15

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

WISCONSIN TASK FORCE ON FINANCIAL EDUCATION

In 2002, prompted by Wisconsin’s low-score on the Jump$tart Coalition’s national survey of 12th

graders, Wisconsin’s governor signed an executive order to establish the task force for financial

education with the ultimate goal of improving the financial literacy of Wisconsin’s youth. Task force

members included representatives of state government, K-12 education, higher education, financial

services industry, and nonprofit organizations. The executive order called for the task force to put

forth recommendations and set the stage for policy adoption around nine key categories that include:

standards and assessment, K-12 courses, partnerships and funding, teacher preparation, incentives,

and accountability.

Source: State of Wisconsin

Grades: K-12 

Learn more: http://www.wdfi.org/_resources/indexed/site/ymm/govcouncilfinlit/final_report.pdf

MISSISSIPPI TREASURER’S EDUCATION ABOUT MONEY STRATEGY

In 2014, the State Treasury of Mississippi launched a financial literacy initiative called Treasurer’s

Education About Money (TEAM). TEAM developed a three-year strategy that seeks to provide

all high school students in Mississippi access to financial education resources. The initiative also

incorporates teacher training through the Mississippi Council on Economic Education.

Source: State Treasury of Mississippi

Grades: 9-12 

Learn more: http://www.treasurerlynnfitch.com/TEAM/Pages/default.aspx

Case study takeaways:

§ Incorporating a range of insights and input can help to ensure the strategy is both robust and

compelling, to secure commitment and action from key stakeholders.

§ Strategies should include goals and aspirations and outline specific actions for a path forward.

§ Goals should be clear and time bound and progress should be measurable.

For additional information please review the Additional resources laying the groundwork at the 

end of this section. Additionally, please review the Development tool to set the strategy in the 

appendix
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 16

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

1.3 Defining the structure

The success of an initiative depends on the right combination of skills and capabilities, appropriate

tools and methods, access to critical stakeholders, and resource allocation. These structural design

choices should clearly flow from the objectives and timeframe outlined in a strategy for the initiative.

The following case studies provide examples of state efforts to design a structure for advancing

K-12 financial education. Building a structure that transcends administration and leaderships

is important for sustaining past efforts. If it is not feasible to house the K-12 financial education

initiative within existing government or administrative structures, other potential structures

include establishing a council or task force or partnering with outside organizations.

Case studies 

WISCONSIN OFFICE OF FINANCIAL LITERACY 

Wisconsin’s Office of Financial Literacy promotes statewide financial education by operating as

an incubator for financial education initiatives. Residing within the Department of Financial

Institutions, the Office of Financial Literacy leads and sustains financial education efforts

throughout successive administrations. For over a decade, the Office of Financial Literacy develops

initiatives and transitions initiatives that are successful to partners. For instance, the office started

a three-week teacher training program at a local university. Now, the local university manages and

delivers the trainings. The Office of Financial Literacy was created as part of an executive order

signed by the Wisconsin governor in 2011.

Source: Wisconsin Department of Financial Institutions

Grades: K-12

Learn more: https://www.wdfi.org/ymm

MARYLAND FINANCIAL LITERACY EDUCATION ADVISORY COUNCIL 

The Financial Literacy Education Advisory Council supports the state with implementing K-12

financial education standards and the statewide curriculum. The advisory council manages

a financial education design team that developed the state’s standards and curriculum. The

Key questions to consider in this module:

§ Does the structure have the longevity and human capital required to achieve objectives?

§ Are the right mix of people, skills, expertise and capabilities in place?

§ Does the structure include appropriate decision points and processes to make progress

and operationalize objectives?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 17

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

financial education design team comprised of teachers, school administrators, and representatives

from financial institutions. The advisory council reports to the State Board of Education on the

implementation of K-12 financial education standards and curriculum throughout Maryland.

Source: Maryland State Department of Education

Grades: K-12

Learn more: http://msde.state.md.us/fle/docs/FinancialLiteracyEducationUpdate_112013.pdf

CALIFORNIA LEGISLATION INTEGRATING FINANCIAL EDUCATION INTO TEXTBOOKS

In 2013, California’s governor signed into law Assembly Bill No. 166, which called for the state

board of education to include financial preparedness topics into social studies, health, and

mathematics textbooks and curriculum frameworks when they are revised. This legislation tasked

the state board with including topics such as budgeting, managing credit and debt, and student

loans for the seventh through the 12th grades. In conjunction with textbook revisions, the state

board of education must also develop a financial education curriculum framework.

Source: California Legislature

Grades: K-12

Learn more: http://www.leginfo.ca.gov/pub/13-14/bill/asm/ab_0151-0200/ab_166_

bill_20130826_chaptered.pdf

Case study takeaways:

§ While the specific structure chosen to house an effort may vary, institutionalizing the effort

leads to sustainability across administrations resulting in longer lasting impact.

§ Clear guidance regarding the individuals or entities responsible can help foster greater

accountability for advancing an initiative.

For additional information please review the Additional resources laying the groundwork at the 

end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 18

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

1.4 Fostering partnerships

Strategic partnerships can amplify the impact of K-12 financial education efforts by affiliating

individuals and organizations into networks of aligned actors. Potential benefits of fostering

partnerships include the ability to collectively solve problems, minimizing duplication, and creating

a greater visibility for the issue. By leveraging the capabilities of partners in support of advancing

K-12 financial education, impact can extend in a way that is both symbiotic and sustainable.

The first step in fostering partnerships is to identify the goal of the partnership. For example,

consider the areas in which partners can build awareness, support implementation, expand

influence, and secure funding. Next, identify individuals and organizations with aligned

interests and mutually beneficial capabilities in the target region. Also, create an inventory of

the organizations and actors currently involved with promoting K-12 financial education. This

inventory is likely to include nonprofit organizations, financial institutions, corporations, and

higher education as demonstrated in the following case studies.

Case studies 

FINANCIAL EDUCATION PUBLIC-PRIVATE PARTNERSHIP

Established by 2009 legislation in Washington state, the Financial Education Public-Private

Partnership (FEPPP) brings together public and private sector members to identify strategies

for enhancing K-12 financial education in the state. After identifying strategies, the partnership

reviews and recommends financial education resources, provides teacher training, and raises

awareness. Additionally, the partnership provides annual reports to state leadership—including

the governor, superintendent of public instruction, higher education legislative committee, and

K-12 education legislative committee. The partnership includes members across state government,

financial institutions, nonprofit, higher education, and professional associations.

Source: Washington State

Grades: K-12

Learn more: http://feppp.org

Key questions to consider in this module:

§ Who are potential partners in the financial education community?

§ Does the partnership capitalize upon external partners’ capabilities and assets to increase

the capacity and reach of K-12 financial education initiatives?

§ Is the partner relationship symbiotic? Do both sides contribute to each other’s objectives?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 19

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

EVERFI PARTNERSHIPS 

EverFi is a corporation that offers financial education learning platforms for elementary and high

school students using new media and technology, including social networking, animations, and

gaming. EverFi partners with financial institutions, corporations, and nonprofit organizations

to provide its learning platforms to school districts. For example, in Utah, EverFi partners with

American Express through the American Express Financial Scholars to bring its program to

public schools in San Juan County. Washington Federal partners with EverFi to establish the

Washington Federal Financial Scholars program to selected high schools in Arizona, Idaho,

Nevada, New Mexico, Oregon, and Utah.

Source: EverFi 

Grades: K-12

Learn more: http://www.everfi.com

STATE COUNCILS AND CENTERS FOR ECONOMIC EDUCATION

The Council for Economic Education (CEE) includes national council, state-level affiliate councils,

and centers for economic education located at institutions of higher education. With this localized

structure, the CEE network trained more than 55,000 teachers, who ultimately reached 5 million

students in 2012. State councils and centers for economic education add capacity and resources to

financial education initiatives. State policymakers can benefit from integrating the CEE into their

structure to create sustainable efforts for teacher training. In particular, the CEE is equipped to

support teachers through local councils and centers for economic education during the adoption of

national standards as it did for states including Florida and Mississippi.

Source: Council for Economic Education

Grades: K-12

Learn more: http://www.councilforeconed.org/resources/local-affiliates

COOPERATIVE EXTENSION, YOUTH FINANCIAL EDUCATION

Cooperative Extension is a nationwide educational network that brings research and knowledge of

land-grant institutions to people in their homes, workplaces, and communities. The Cooperative

Extension links the resources and expertise of more than 3,000 county extension offices, 105

land-grant colleges and universities (which include historically black colleges, tribal colleges, and

institutions serving the U.S. territories), and the federal government through USDA’s National

Institute of Food and Agriculture (NIFA).

Source: USDA’s National Institute of Food and Agriculture (NIFA)

Grades: N/A

Learn more: http://nifa.usda.gov/youth-financial-education
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 20

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

Case study takeaways:

§ Potential partners include leaders from state government, businesses, nonprofit organizations,

education institutions, professional associations, and community members.

§ Strategic partnerships can both extend the reach of K-12 financial education initiatives, and

draw added visibility, resources, and insights to the initiative.

For additional information please review the Additional resources at the end of this section.

Additionally, for the Assessment tool to foster partnerships, please see the appendix.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 21

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

1.5 Securing resources for K-12 

financial education

The level of resources required for K-12 financial education efforts varies widely, depending on the

design, scope, and complexity of the initiative. Regardless, there are many different approaches

for obtaining these resources and enhancing the sustainability of financial education efforts.

Creative approaches for securing resources have included partnerships with financial institutions,

businesses groups, nonprofit organizations, and philanthropies.

The following case studies highlight some approaches for securing resources for K-12 financial

education initiatives.

Case studies 

NEW JERSEY LEGISLATION FOR CREDIT UNIONS

In 2011, New Jersey’s legislature authorized the state’s credit unions to take deposits, such as tax

receipts, from the state. While serving as public depositories, the credit unions accepting the funds

are required to provide funding for K-12 financial education. The legislation authorizes the New

Jersey Department of Education, in conjunction with the Department of Banking and Insurance,

to select a nonprofit that promotes financial education to receive the funds. The nonprofit receiving

the funds is required to provide K-12 financial education.

Source: National Conference of State Legislatures

Grades: K-12

Learn more: http://www.njleg.state.nj.us/2010/Bills/PL11/108_.HTM

MAYORS FOR FINANCIAL LITERACY DOLLARWISE CAMPAIGN

DollarWise is a United States Conference of Mayors (USCM) initiative that supports local financial

education through its Summer Youth Grants Programs. DollarWise offers the opportunity

for USCM members to apply for innovation grants to cities demonstrating financial education

commitment to their citizens. Additionally, DollarWise awards grants to cities with innovative

efforts to incorporate financial education into their summer youth employment initiatives.

Key questions to consider in this module:

§ What existing funding streams are available?

§ Is the resource sustainable?

§ Can you leverage public-private partnerships to bring vital resources?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 22

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

DollarWise also promotes financial planning days offering free financial education and planning

from certified financial planners. DollarWise has been supported by the Bank of America

Foundation since 2005.

Source: United States Conference of Mayors

Grades: K-12

Learn more: http://bedollarwise.org

STATE FUNDING MODELS

To adequately fund K-12 financial education campaigns, states have employed innovative funding

models. West Virginia created a Consumer Education Fund, which receives a percentage of

all civil penalties collected by its Division of Banking, to promote consumer awareness and

understanding of issues around mortgage lending. Maine uses available funds from the state’s

unclaimed property fund to help support state K-12 financial education initiatives. Wisconsin

uses government settlement funds to develop incentive grants for school districts to implement

financial education courses.

Source: Wisconsin’s Department of Financial Institutions

Grades: K-12

Learn more: https://www.wdfi.org/newsroom/press/2014/DFIDPIfinancialLiteracyGrantProgram.pdf

Case study takeaways:

§ Potential strategies include utilizing existing resources or raising outside resources from private

sectors organizations, philanthropies, and other bodies committed to K-12 financial education.

For additional information please review the Additional resources laying the groundwork at the 

end of this section. 
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 23

Additional resources 

for laying the groundwork

1.1 Making the case 

2013 NATIONAL REPORT CARD

Collects data from reports and state legislative records to grade every state on its efforts to

produce financially literate high school students. Each state is graded based on measures including

standalone high school course requirement, assessment of students’ financial knowledge, and

accountability of financial education implementation requirements.

Source: Champlain College Center for Financial Literacy (CFL)

Grades: 9-12

Learn more: http://www.champlain.edu/Documents/Centers-of-Excellence/Center-forFinancial-Literacy/National-Report-Card-Champlain-College-CFL.pdf

2014 ASSETS AND OPPORTUNITY SCORECARD

Reviews state by state performance and policy measures across five areas: financial assets &

income, business & jobs, housing & homeownership, healthcare and education.

Source: Corporation for Enterprise Development (CFED)

Grades: K-12

Learn more: http://assetsandopportunity.org/scorecard

CAN YOU TEACH SOMEONE TO BE FINANCIALLY CAPABLE? PRESENTATION

Presentation on findings from a meta-analysis of financial education studies and identifies

major studies on financial literacy. Includes suggestions on how to set-up a program to provide

data that could help better identify cost effectiveness and outcomes.

Source: Organisation for Economic Co-operation and Development (OECD)

Grades: K-12

Source: http://siteresources.worldbank.org/EXTGLOBALFINREPORT/

Resources/8816096-1361888425203/9062080-1383688365382/Meta_Analysis_Paper.pdf

FINANCIAL LITERACY AND EDUCATION COMMISSION RESEARCH CLEARINGHOUSE

Contains information on more than 400 reports and articles from federally-supported research, along

with a select number of datasets that are available for use in research on financial capability topics.

Source: Mymoney.gov

Grades: K-12

Learn more: http://www.mymoney.gov/researcher/Pages/for-researchers.aspx
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 24

GIRL SCOUTS RESEARCH AND ADVOCACY

Research and advocacy to advance financial education opportunities for girls. The Girl Scouts

Advocacy Network provides tools for supporting policy initiatives.

Source: Girl Scouts of the USA

Grades: K-12

Learn more: http://www.girlscouts.org/who_we_are/advocacy/legislative/financial.asp

INVESTOR EDUCATION FOUNDATION’S NATIONAL FINANCIAL CAPABILITY STUDY

Information on how states compare with other states and the nation on five measures: spending

vs. saving, emergency savings, non-bank borrowing, financial literacy, and comparison shopping.

Source: Financial Industry Regulatory Authority (FINRA)

Grades: K-12

Learn more: http://usfinancialcapability.org

PISA 2012 RESULTS: STUDENTS AND MONEY

Examines 15-year old students’ performance in financial literacy in 18 countries. Discusses the

relationship of financial literacy to students’ and their families’ background, students’ math and

reading skills, students’ access to money and experience with financial matters.

Source: Programme for International Student Assessment (PISA)

Grades: K-12

Learn more: http://www.oecd.org/pisa/keyfindings/PISA-2012-results-volume-vi.pdf

STATE FINANCIAL EDUCATION REQUIREMENTS MAP

Clickable map allowing user to access financial education requirements by state. Provides details on

state laws, curriculum and course requirements. Also provides links to specific state resources.

Source: Jump$tart Coalition

Grades: K-12

Learn more: http://www.jumpstart.org/state-financial-education-requirements.html

EFFECTIVENESS OF STATE FINANCIAL EDUCATION MANDATES 

Examines the effectiveness of state mandates on financial education for high school students

and documents notable improvements in credit outcomes for young adults who were exposed to

rigorous programs. 

Source: FINRA Investor Education Foundation

Grades: 9-12

Learn more: http://www.finra.org/web/groups/foundation/@foundation/documents/

foundation/p602380.pdf
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 25

STARTING EARLY FOR FINANCIAL SUCCESS: CAPABILITY INTO ACTION

Journal rigorously explores the connection between financial education and capability

interventions, and measurable changes in financial behavior and outcomes.

Source: Journal of Consumer Affairs

Learn more: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1745-6606

1.2 Setting the strategy

PISA 2012 ASSESSMENT AND ANALYTICAL FRAMEWORK

Provides a working definition for financial literacy. Content areas described include money

and transactions, planning and managing finances, risk and reward and financial landscape.

Framework discusses the relationship of financial literacy to non-cognitive skills and math and

reading literacy.

Source: Programme for International Student Assessment (PISA)

Grades: K-12

Learn more: http://www.keepeek.com/Digital-Asset-Management/oecd/education/pisa-2012-

assessment-and-analytical-framework/financial-literacy-framework_9789264190511-7-en#page12

PROFESSIONAL SERVICES AND INNOVATION CENTER

Works to embed financial literacy initiatives into local government infrastructure. Offers technical

assistance to city administrations, mayoral candidates, philanthropies and others in developing

approaches for financial empowerment at the local level. Provides capacity building to develop and

expand upon successful pilot programs, and supports the facilitation of professional development,

training, collaboration and fundraising.

Source: Cities for Financial Empowerment Fund

Grades: N/A

Learn more: http://www.cfefund.org/

RESOURCE GUIDE

Process-focused resource guide for leaders working to advance financial education in their

communities. Guide looks at how to build the case, create a coalition, and drive towards clear

outcomes. Includes an appendix of examples of existing programs.

Source: President’s Advisory Council on Financial Capability

Grades: K-12

Learn more: http://www.treasury.gov/resource-center/financial-education/Documents/

Local%20Guide%20-%20Creating%20Financially%20Capable%20Communities.pdf
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 26

VERMONT FINANCIAL LITERACY SUMMIT

Summit convened policymakers, educators, business leaders, and legislators to raise awareness

about the need for personal finance education in Vermont.

Source: Champlain College Center for Financial Literacy

Grades: K-12

Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/cflprograms/vermont-financial-literacy-summit

VERMONT FINANCIAL LITERACY TASK FORCE 

State-wide task force with a goal of making recommendations to Vermont Legislature, educators,

employers, and nonprofits around K-12 education, college education, and adults. Task Force is

composed of representatives from education, government, business, and nonprofit sector.

Source: Champlain College Center for Financial Literacy

Grades: K-12

Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/

report-vermont-financial-literacy-task-force

STATE EDUCATION POLICY TRACKER 

The ECS tracks state policy trends, translates academic research, provides unbiased advice and

creates opportunities for state leaders to learn from one another. Services include State Education

Policy Tracking, 50-State Databases and Research Summaries.

Source: Education Commission of the States (ECS)

Learn more: http://www.ecs.org/default.asp

BUILDING ASSETS AND BUILDING LIVES: FINANCIAL CAPABILITY PROGRAMS IN NATIVE 

Report provides an overview of financial capability programs serving reservation-based Native

communities in the Northwest Area Foundation region. The report also discusses promising strategies

for increasing financial capability, and provides an environmental scan of successful programs serving

Native communities, provides recommendations on how to support financial capability programs, and

suggestions for how to most effectively promote these strategies in the region.

Source: First Nation Development Institute

Learn more: http://www.firstnations.org/knowledge_center/download/building_assets_and_

building_lives_financial_capability_programs_native
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 27

1.3 Defining the structure

BILL TRACKING AND ANALYSIS

A database of recently introduced or pending state and federal legislation. Includes details about

a bill’s status and allows users to search by bill text, number, state and author. NCSL provides

annual summary of financial literacy legislation and a brief overview of the trends around

financial literacy across the country.

Source: National Conference of State Legislatures

Grades: N/A

Learn more: http://www.ncsl.org/research/financial-services-and-commerce/financial-literacy2014-legislation.aspx

COUNCIL ON FINANCIAL LITERACY - EXECUTIVE ORDER ESTABLISHING COUNCIL

Executive Order, signed by Wisconsin’s governor on April 6, 2011, establishing Wisconsin’s

Governor’s Council on Financial Literacy.

Source: Governor of Wisconsin

Grades: K-12

Learn more: http://www.wdfi.org/_resources/indexed/site/ymm/govcouncilfinlit/ExecOrder24.pdf

GETTING SERIOUS ABOUT FINANCIAL LITERACY: ONE STATE’S APPROACH

Overview of the Smart Tennessee program. Program featured public-private partnerships and a

teacher training focus.

Source: Journal of Consumer Education

Grades: K-8

Learn more: http://www.cefe.illinois.edu/JCE/archives/2011_vol_28/2011_vol_28_pg16-24_

Heath.pdf

TENNESSEE FINANCIAL LITERACY COMMISSION

Structure within the state’s Department of Treasury tasked with equipping resident with the

ability to make sound financial decisions. Commission that was established through legislation

and maintains a clearinghouse of financial resources on its website.

Source: Tennessee Department of Treasury

Grades: N/A

Learn more: http://treasury.state.tn.us/FinLit/index.html
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 28

FINANCIAL LITERACY FRAMEWORK

In 2012, Chicago Public Schools integrated new financial literacy coursework into its K-12

curriculum. The Financial Literacy Framework was the result of a partnership with financial

leaders from both the private and public sector and provided CPS students with the skills needed

to understand finance issues.

Source: Chicago Public Schools (CPS)

Grades: K-12

Learn more: http://cps.edu/News/Press_releases/Pages/05_10_2012_PR1.aspx

1.4 Fostering partnerships

CFE COALITION

Convenes municipal governments from across the country that has begun to advance financial

empowerment initiatives.

Source: Cities for Financial Empowerment (CFE)

Grades: K-12

Learn more: http://cfecoalition.org

DELAWARE’S $TAND BY ME PROGRAM 

Partnership between the State of Delaware, the United Way of Delaware, and employers to provide

a package of financial empowerment services (e.g. one-on-one financial coaching).

Source: State of Delaware

Grades: K-12

Learn more: http://standbymede.org

JUMP$TART STATE COALITIONS

The Jump$tart network consists of 49 affiliated nonprofit state organizations, working as

volunteers and ecosystem partners to advance financial education in their respective states

Source: Jump$tart Coalition

Grades: K-12

Learn more: http://www.jumpstartcoalition.org/state-coalitions.html

TAKE CHARGE AZ

Partnership between Take Charge Institute and University of Arizona to build a suite of state and

community programs around their national curriculum. Support includes providing university

credit for an online personal finance course, training university students as financial educators, and

designing the AZ Earn to Learn program providing financial education to high school students.

Source: University of Arizona

Grades: 9-12

Learn more: http://tcainstitute.org/educProg.html
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 29

FINANCIAL FOOTBALL

A game that teaches financial and money management concepts through football. Promoted

through partnership with the NFL.

Source: Visa

Grades: K-12

Learn more: http://www.practicalmoneyskills.com/games/trainingcamp

AMERICAN ASSOCIATION OF FAMILY AND CONSUMER SCIENCES (AAFCS)

Provides leadership and support to professionals whose work assists individuals, families, and

communities in making informed decisions about their well being, relationships, and resources to

achieve optimal quality of life. AAFCS is the only professional association for family and consumer

sciences (FCS) students and professionals from both multiple practice settings and content areas.

AAFCS offers a Personal and Family Finance Assessment and corresponding certification to

measure the effectiveness of personal finance programs through their Pre-PAC program. AAFCS

also provides Certified Personal and Family Finance Education Credential which can offer quality

assurance and professional stature for those involved in personal finance education.

Source: American Association of Family and Consumer Sciences (AAFCS)

Grades: N/A

Learn more: http://www.aafcs.org

FINANCIAL CAPABILITIES GROUP

Dedicated to empowering New England residents with the knowledge and resources they need

to pursue, achieve and sustain their financial wellbeing. Activities include conducting research,

engaging practioners, convening stakeholders and developing online learning tools.

Source: Federal Reserve Bank of Boston

Grades: N/A

Learn more: http://www.bostonfed.org/index.htm

THE ABCS OF CREDIT FINANCE 

State partnered with The Center for Student Credit Card Education to promote a program 

designed to help high school students learn how to responsibly use a credit card. Program can be

downloaded by teachers and students or be taken independently by students online.

Source: State of Iowa 

Grades: 9-12

Learn more: http://www.theabcsofcredit.com

MONEYU

MoneyU offers game-based online courses, and teaches personal finance to young adults.

Source: MoneyU

Grades: K-12

Learn more: https://www.moneyu.com
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 30

1.5 Securing resources for K-12 

FINANCIAL EDUCATION FOR COLLEGE ACCESS AND SUCCESS GRANT

The Department of Education awarded a grant to Tennessee Department of Education. The grant 

was used to train middle and high school teachers via graduate-level course at Middle Tennessee

State University. Course work equals three hours of credit and is fully paid for. Teachers receive a

stipend for attending.

Source: U.S. Department of Education

Grades: 6-12

Learn more: http://www.ed.gov/news/press-releases/us-department-education-awards-17-

million-tennessee-invest-financial-education-c

FINANCIAL LITERACY EDUCATION FUND

The state of Delaware offers grants to K-12 and adult literacy programs and campaigns related to

financial literacy. The available funding comes from an annual licensing fee

Source: Delaware’s Office of the State Bank Commissioner

Grades: K-12

Learn more: http://banking.delaware.gov/services/conedu/flef.shtml

GRANT

Grant awarded to Tennessee Financial Literacy Commission to conduct training for elementary

and middle school teachers on topics of personal finance.

Source: Dollar General Literacy Foundation

Grades: K-12

Learn more: http://treasury.state.tn.us/news/PDFs/dollargeneral52813.pdf

NATIONAL REPORT CARD: FUNDING STRATEGIES

Section on What Can Be Done and Is Being Done About Funding highlights key funding strategies

for financial education efforts within states.

Source: Champlain College Center for Financial Literacy

Grades: K-12

Learn more: https://www.champlain.edu/Documents/Centers-of-Excellence/Center-forFinancial-Literacy/National-Report-Card-Champlain-College-CFL.pdf
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 31

Making the case 

prioritize K-12 financial 

education and gain buy-in 

from stakeholders

Setting the strategy

develop the vision and 

roadmap 

Defining the structure 

organize people and assets 

for impact and longevity 

Fostering partnerships

engage partners to broaden 

reach and resources

Standards and requirements

set and enforce expectations 

for learning and instruction 

Classroom resources

support dynamic instruction 

Evaluating the initiative

assess outcomes and 

effectiveness 

Outreach and recognition

motivate communities to own 

their financial capability 

Improve and scale

implement and augment 

the initiative

Teacher training

develop capacity for effective 

financial education delivery

Securing resources for K-12 

financial launch and sustain 

the initiative

Extending the impact

Building the initiative

Laying the groundwork

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

2. Building the 

initiative

K-12 financial education initiatives should include four primary

interconnected parts, all working in concert: educational content

standards and requirements, teacher training, high quality

classroom resources, and rigorous initiative evaluation. While

we understand that each state has unique circumstances when it 

comes to financial education implementation, content standards

and requirements can help set expectations about the knowledge

and skills students must demonstrate. Trained teachers can

skillfully deliver as well as adapt the curriculum in ways that are

developmentally appropriate and engaging to students. Highquality classroom instructional materials help actualize the

standards. Lastly, rigorous evaluation methods help measure

the impact and effectiveness of the instruction, allowing you to

continuously monitor and improve components of the initiative.

The modules that follow contain information to support the

design and implementation for each of these components—

standards and requirements, teacher training, classroom

resources, and evaluation—to build robust and scalable K-12

financial education initiatives.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 32

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

2.1 Standards and requirements

Education standards outline expectations about the knowledge, concepts, and skills that students

should acquire at each grade level and are a crucial reference point for designing and evaluating K-12

financial education initiatives. While 43 states now include financial education in their curriculum

standards, many stop short of requiring schools to implement those standards. When the law does not

require implementation of K-12 financial education standards, they are voluntary and schools are less

likely to adopt them. Standards and requirements are needed to both implement and scale K-12

financial education. The case studies below provide insight into some of the standards available and

options for bringing standards to the classroom.

2.1.1 Content standards

When seeking to adopt content standards, review existing state standards, then review national

standards developed by financial education organizations. Two of the leading national standards

include the Council for Economic Education’s (CEE) K-12 National Standards for Financial Literacy and

the Jump$tart Coalition’s National Standards in K-12 Personal Finance Education. These standards

define the knowledge and skills that students must master at each level. Moreover, the standards make

it easier to evaluate student financial knowledge and determine outcomes and effectiveness. While

there are nuances to the two sets of standards, both encourage financial education with a focus on the

fourth, eighth, and 12th grades.

Case studies

COLORADO DEPARTMENT OF EDUCATION REVIEW OF POTENTIAL STANDARDS 

In an effort to determine the best strategy for implementing K-12 financial education standards,

the Colorado Department of Education (CDE) considered four options for incorporating standards.

These included embedding K-12 financial education standards within both social studies and

Key questions to consider in this module:

§ What K-12 financial education content standards are in place? How do they vary by grade

level?

§ Are financial education standards tied to an existing course or required to be taught as

part of a stand-alone course?

§ Do state tests include K-12 financial education standards?

§ How do you enforce standards? Do associated requirements exist around the standards

(e.g., is financial education a graduation requirement)?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 33

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

mathematics; within either mathematics or social studies; adopting national standards and

aligning to math, English language arts, and/or social studies standards; or developing statespecific, customized standards. CDE considered the states employing the approaches, specifics

around how the approaches looks in practice, and the appropriateness of the approaches to

Colorado’s specific needs. Ultimately, Colorado integrated personal finance standards into its K-12

social studies and mathematics standards.

Source: Colorado Department of Education’s

Grades: K-12

Learn more: http://www.cde.state.co.us/standardsandinstruction/pflreview

JUMP$TART COALITION’S NATIONAL STANDARDS IN K-12 PERSONAL FINANCE EDUCATION 

Jump$tart’s National Standards delineate the personal financial knowledge and ability that young

people should acquire throughout K-12 school years. The standards focus on six key topic areas:

spending and saving, credit and debt, employment and income, investing, risk management and

insurance, and financial decision-making. Jump$tart developed the standards with support from

partners in business, finance, government, academia, education and other key stakeholders.

Source: Jump$tart Coalition

Grades: K-12

Learn more: http://www.jumpstartcoalition.org/national-standards.html

THE COUNCIL FOR ECONOMIC EDUCATION (CEE) NATIONAL STANDARDS FOR 

FINANCIAL LITERACY

The National Standards for Financial Literacy provides a framework for teaching personal finance

from kindergarten to 12th grade. The standards focus on six key topics: earning income, buying

goods and services, using credit, saving, financial investing, and protecting and insuring. In

2014, Florida was the first state to adopt CEE’s updated standards. Florida financial education

policymakers chose to include the standards as a part of the Next Generation Sunshine State

Standards (NGSSS) for Social Studies. The standards appear as a distinct strand, on par with

economics, geography, world history, and other key topics, within the NGSSS for grades four,

eight, nine and 12. The standards underpin the new Economics with Financial Literacy course

graduation requirement for students entering ninth grade during the 2013-2014 academic years. 

Florida’s chapter of the CEE hosts workshops to support teachers in their implementation of the

new requirements.

Source: Council for Economic Education

Grades: K-12

Learn more: http://www.councilforeconed.org/resource/national-standards-for-financial-literacy
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 34

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

2.1.2 Implementation Requirements 

State governments can take several approaches for requiring K-12 financial education standards

and for implementing those standards in the classroom. These include explicitly mandating

that high school students complete a stand-alone course in personal finance, as in Virginia,

Utah, Tennessee, and Missouri. Alternatively, states may require school districts to include K-12

financial education as part of another course—such as family and consumer sciences, economics,

mathematics, or social studies— as do Georgia, Idaho and Louisiana.

Case studies

MISSOURI K-12 FINANCIAL EDUCATION REQUIREMENTS 

In 2002, Missouri’s governor signed an executive order calling for recommendations to advance

K-12 financial education which was informed through the efforts of the Missouri Council on

Economic Education, the Missouri Bankers Association, and the Missouri State Treasurer. With

no pre-existing standards or requirements for K-12 financial education, the report included

recommendations for teacher preparation, funding initiatives, graduation requirements, and

necessary legislation changes required to improve K-12 financial education. Based on the 2014

results of the Council of Economic Education’s (CEE) Survey of the States, Missouri is one of

three states, along with Georgia and Texas, to have all of the CEE recommended requirements

for financial education. Missouri adopted K-12 financial education standards, requires districts

to implement K-12 finance standards, requires high school students to take a personal finance

course, and requires standardized testing to include finance topics.

Source: State of Missouri

Grades: K-12

Learn more: http://www.sos.mo.gov/library/reference/orders/2002/eo02_008.asp

Case study takeaways:

§ Decisions regarding the most appropriate set of standards to adopt vary based on specific needs

of the state.

§ If the state does not require schools to implement financial education standards, schools are

significantly less likely to teach financial education because of competing requirements.

For additional information please review the Additional resources for building the initiative at 

the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 35

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

2.2 Teacher training

While a number of states have adopted financial education standards, only 11 percent of teachers

attended a financial education workshop within the past three years, according to a 2009 National

Endowment for Financial Education survey. Moreover, over 60 percent of teachers said they “don’t

feel qualified” to teach financial education. Effective teacher professional development is essential

to prepare educators for teaching K-12 financial education that meet state standards and

requirements in the classroom.

The following case studies serve as examples of existing teacher training programs, including

summits, conferences, and summer institutes. Regardless of the format, strong professional

development programs should focus on ensuring that teachers feel comfortable with the content

and can access resources they can easily implement in their classrooms.

Case studies

THE JUMP$TART TEACHER TRAINING ALLIANCE (J$TTA)

J$TTA is a collaborative endeavor designed to standardize teacher training in personal finance

thorough a shared model called Jump$tart Financial Foundations. The J$TTA is administered

by the Jump$tart Coalition on behalf of its partners and affiliates. Founding members of J$TTA

include Council for Economic Education, Jump$tart Coalition, Junior Achievement USA, National

Endowment for Financial Education, and the Take Charge America Institute at the University

of Arizona. The model is available at no cost to qualified users and is designed to complement

existing teacher training programs.

Source: Jump$tart Coalition

Grades: N/A

Learn more: http://www.jumpstartcoalition.org/teacher-training-alliance.html

THE JUMP$TART EDUCATOR CONFERENCE 

Each year, the Jump$tart Coalition hosts a National Educator Conference geared toward Pre-K-12

educators. The conference provides participants with resources, professional development,

and networking opportunities between educators and financial professionals. Additionally,

Key questions to consider in this module: 

§ What opportunities exist for teachers to gain familiarity and skill in teaching K-12

financial education?

§ Who provides incentives and support to encourage teachers to attend trainings?
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Jump$tart’s state coalitions host Educator Conferences focused on honing educators’ skills,

providing access to up-to-date curricula and tools, and networking with colleagues.

Source: Jump$tart Coalition

Grades: K-12

Learn more: http://www.jumpstartcoalition.org/teacher-conference.html

WISCONSIN’S OFFICE OF FINANCIAL LITERACY NATIONAL INSTITUTE OF FINANCIAL AND 

ECONOMIC LITERACY 

Wisconsin’s Office of Financial Literacy, in partnership with the Wisconsin Jump$tart Coalition

and Edgewood College, offers three courses each summer. Designed for teachers, the coursework

focuses on incorporating K-12 financial education concepts in personal finance, family and

consumer sciences, social studies, economics, math, and business courses. The Office of Financial

Literacy encourages financial counselors, technical college faculty, corrections staff, and school

principals and administrators to attend.

Source: Edgewood College

Grades: K-12

Learn more: http://www.edgewood.edu/Events/NIFEL

CLICK, LEARN, AND TEACH

Click, Learn, and Teach is a series of free online professional development programs on

K-12 economics and financial education from the Federal Reserve Banks of Atlanta and St.

Louis. Teachers can earn Graduate Credit, Federal Reserve Bank Certification, or Continuing

Professional Development Units in certain states.

Source: Federal Reserve Banks of Atlanta and St. Louis

Grades: K-12

Learn more: https://www.stlouisfed.org/education/teacher-professional-development

TENNESSEE FINANCIAL LITERACY SUMMITS

The Tennessee Department of Treasury’s Financial Literacy Commission, a nonprofit organization

created by the Tennessee General Assembly, conducts a series of free summits on financial

education for K-8 teachers throughout the state. The sessions are designed to increase teacher 

comfort with financial education curriculum, and include financial advisors allowing teachers

to ask questions about their retirement planning options. The summits count toward a teacher’s

continuing education credits and sometimes provide other incentives to encourage participation. 

More than 1,800 teachers from across the state received the training in a two-year period.

Source: Tennessee Department of Treasury

Grades: K-8

Learn more: http://www.proedtn.org/?TNFLCsummits2014
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 37

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CHAMPLAIN COLLEGE SUMMER INSTITUTE

Champlain College designed a one-week professional development program to increase the

financial education and instructional capability of Vermont’s K-12 teachers. The program uses a

curriculum compiled by a national steering committee that includes the Jump$tart Coalition, the

National Endowment for Financial Education, the Council for Economic Education, Federal Deposit

Insurance Corporation , Family Economics and Financial Education, Junior Achievement, the U.S.

Department of Education, and U.S Department of the Treasury.

Source: Champlain College Center for Financial Literacy

Grades: 9-12

Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/cflprograms/vermont-teachers-financial-literacy-summer-institute

Case study takeaways:

§ Offering flexible platforms for participation, such as trainings during the summer or online

courses, can help address teachers’ time constraints during the school year.

§ Providing incentives for participation, such as continuing education credits or other incentives

can help encourage attendance.

§ Whether the program leverages existing curriculum or uses proprietary materials, the most

successful teacher training programs work to ensure teachers feel comfortable with the

material at hand and are well prepared to implement it in their classrooms.

For additional information please review the Additional resources for building the initiative at 

the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 38

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2.3 Classroom resources

Many resources already exist to support the delivery of K-12 financial education initiatives,

reducing the need to create new classroom resources. Though local decision makers often select

classroom resources, state-level leaders can support the process. Policymakers may consider

age-appropriate initiatives that align with the expectations of school districts and the state.

Furthermore, students are more likely to learn from financial education materials if they are

relevant to students’ lives. The following includes examples of resource repositories, K-12 financial

education curricula, and supplemental programs and materials.

2.3.1 Resource repositories

A collection of classroom lesson plans and activities are available in various clearinghouses and

repositories. While these provide helpful starting points for building a K-12 financial education

initiative, it is important to provide selection and choice for educators while also ensuring that

resources are age-appropriate, relevant and, most importantly, effective.

Case studies

UTAH FINANCE IN THE CLASSROOM 

Finance in the Classroom is a repository of K-12 financial education resources managed by Utah’s

State Office of Education (USOE) and the Utah Education Network (UEN). Resources available on

this website include standards, curricula, lessons, books, videos, and more. Furthermore, USOE

worked with educators to design a matrix that assigns financial and economic concepts to grade

levels. By providing ideas for integrating age-appropriate financial content into existing courses,

such as mathematics, social studies, and language arts, Finance in the Classroom makes it easy

for teachers to introduce K-12 financial education concepts early and reinforce them consistently

throughout the K-12 school years.

Key questions to consider in this module:

§ Are resources readily available to teachers and students?

§ Do classroom resources fully align with learning outcomes or state standards?

§ Do classroom resources present a variety of rich educational content at relevant and

appropriate points for students?

§ Are the resources objective and balanced?

§ Do classroom resources integrate easily with existing standards and curricula?
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Source: Utah Department of Education/ Utah Education Network

Grades: K-12

Learn more: http://financeintheclassroom.org

THE JUMP$TART CLEARINGHOUSE

The Jump$tart Clearinghouse is an online library of financial education resources geared toward

educators and parents. Jump$tart staff review submissions to the Clearinghouse against criteria 

aligned to Jump$tart’s national standards. The Clearinghouse includes more than 800 resources

for use in and outside the classroom for kindergarten through college. Each resource includes a

description, associated cost, appropriate grade level, target user, resource type, and a link to the

resource’s website.

Source: Jump$tart Coalition

Grades: K-12

Learn more: http://www.jumpstartcoalition.org/jump$tart-clearinghouse.html

MYMONEY.GOV

MyMoney.gov is a repository that provides financial education resources developed by federal

government agencies of the Financial Literacy and Education Commission (FLEC). The website

includes resources on the five principles that consumers have in mind as they make day-to-day

decisions, and plan their financial goals (My Money Five).In addition, there are resources such as budget

work sheets and money quizzes. FLEC is a federal commission comprised of 21 federal entities, including

the White House Domestic Policy Council and is chaired by the Treasury Department and vice

chaired by the CFPB. The purpose of the FLEC is to coordinate and collaborate to strengthen financial

capability and increase access to financial services for all Americans.

Source: FLEC

Grades: K-12

Learn more: http://www.mymoney.gov/Pages/default.aspx

THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) MONEY SMART

The FDIC developed Money Smart as a comprehensive financial education curriculum designed to

help low- and moderate-income individuals outside the financial mainstream enhance their financial

skills and create positive banking relationships. Money Smart has several instructor-led modules for

specific communities, including Money Smart for Adults, Money Smart for Youth, and Money Smart

for Older Adults.

Source: FDIC

Grades: K-12

Learn more: https://www.fdic.gov/consumers/consumer/moneysmart/young.html
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 40

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FEDERAL RESERVE EDUCATION

The website, FederalReserveEducation.org, provides free resources designed to help teachers

and educators teach personal finance, economics, and related topics. The website is created and

hosted by the Federal Reserve Board and provides a range of lesson plans, multimedia, games and

simulations for teaching topics such as financial education, economics, and monetary policy.

Source: Federal Reserve

Grades: K-12

Learn more: http://www.federalreserveeducation.org

SESAME STREET FOR ME, FOR YOU, FOR LATER

This online, bilingual resource is targeted towards kindergarteners. It includes videos, printable

activity books, and educator guides focused on making good financial choices, the value of money,

and spending, sharing, and saving.

Source: Sesame Street

Grades: K-2

Learn more: http://www.sesamestreet.org/parents/topicsandactivities/toolkits/save

2.3.2 Curricula

K-12 financial education curricula and classroom resources should align to appropriate content

standards, be easy to implement in the classroom, and allow teachers to differentiate instruction

based on the needs of the student. Below we provide some examples of K-12 financial education

curricula and classroom resources.

Case studies

NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION (NEFE) HIGH SCHOOL FINANCIAL 

PLANNING PROGRAM

High School Financial Planning Program (HSFPP) provides financial concepts and skills focused

on basic financial education concepts relevant to pre-teens, teens, and young adults. The program

contains six module topics (planning, borrowing, earning capability, investing, financial services,

and insurance), and includes six student guides, an assortment of 45-minute teacher lesson plans,

and a collection of online resources and learning activities.

Source: National Endowment for Financial Education

Grades: 9-12

Learn more: http://www.hsfpp.org

COUNCIL FOR ECONOMIC EDUCATION (CEE) FINANCIAL FITNESS FOR LIFE

Financial Fitness for Life is an economic and financial education program for students in grades

K-12. Topics covered in the curriculum include earning and income, consumer decision-making
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and spending, saving and investing, money management, and using credit wisely. The curriculum

consists of teacher guides, student workbooks, and parent guides that correspond to different

grade levels, and interactive games and activities. In Nevada, for example, the Treasurer’s

office sent the curriculum to every middle and high school in the state, and coordinated several

classroom pilots utilizing the curriculum.

Source: Council for Economic Education (CEE)

Grades: K-12

Learn more: http://fffl.ncee.net

TAKE CHARGE TODAY

The University of Arizona’s Take Charge America Institute offers Take Charge Today a program 

and curriculum with a decision-based approach to personal finance. The Take Charge Today

program is founded on the idea that a university-based financial education outreach program can

strengthen and extend the ability of schools and community organizations to improve the personal

financial capabilities of young adults. Content lesson plans are available at the introductory

(targeted at grades 7-9) and advanced (targeted at grades 10-12) levels.

Source: University of Arizona

Grades: 6-12

Learn more: http://tcainstitute.org/takechargetoday.html

MONEY AS YOU LEARN

Money as You Learn is an initiative of a coalition of nonprofit organizations, teachers, academics,

and other experts seeking to implement the President’s Advisory Council on Financial Capability’s

recommendations regarding strengthening the financial literacy of the nation’s young people. Money

as You Learn offers educators tools to integrate personal finance into the teaching of the Common

Core State Standards in Mathematics and English Language Arts, as well as into other classes and

after-school programs. In addition, Money as You Grow has been developed as parallel initiative to

target parents and kids. Money as You Grow offers 20 essential, age-appropriate financial lessons—

with corresponding activities.

Source: President’s Advisory Council on Financial Capability

Grades: K-12

Learn more: http://www.moneyasyoulearn.org

Learn more: http://www.treasury.gov/resource-center/financial-education/Documents/

Money%20as%20You%20Grow.pdf

MY MONEY, MY FUTURE

My Money, My Future is an online program that provides a financial education course that aligns with

Virginia’s high school state standards for financial education. The program supports students and teachers

with the state’s one credit economics and personal finance graduation requirement. Over 75% of Virginia

high schools use the program.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 42

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Source: Genworth Foundation

Grades: K-12

Learn more: https://www.genworth.com/corporate/about-genworth/in-the-community/mymoney-my-future.html

2.3.3 Supplemental programs and materials

Supplemental programs and materials that can be used in the classroom and beyond provide

additional opportunities for experiential learning. Experiential learning opportunities give

students the opportunity to practice, reflect, and learn. This can be achieved through activities

that emphasize role-play, simulations, and group work. For example, initiatives that pair financial

education with savings accounts at schools, special goal-based child savings accounts with built-in

incentives, and game-based learning all have elements of experiential learning.

Case studies

FINANCE PARK

Finance Park is a Junior Achievement program designed for middle and high school students that

includes several weeks of lessons, online games and activities, and a one-day field trip to the local

Junior Achievement chapter. The Finance Park, offers students the chance to take part in realitybased decision-concerning key aspects of personal finance such as family budgeting, investing,

philanthropy, and banking. The program also includes a series of classroom follow-up activities

occurring over the course of two weeks.

Source: Junior Achievement USA

Grades: 6-8

Learn more: http://www.myja.org/financepark

NATIONAL CREDIT UNION FOUNDATION FINANCIAL REALITY FAIR

Financial Reality Fairs give students an opportunity to experience financial decision-making in a

simulated setting. Students choose a career and practice budgeting and money management.

Source: National Credit Union Foundation

Grades: K-12

Learn more: https://www.ncuf.coop/how-we-help/real-solutions/experiential/reality-fairs.cmsx

AWESOME ISLAND GAME

Awesome Island Game is a finance education game that was created by financial education experts

and teachers to gamify learning. The game provides an interactive way for students to learn the

basics of budgeting, saving, taxes, debt, careers and income, philanthropy, and investing. The

game takes two hours to complete and to serves as an opening activity for a unit on financial

education.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 43

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Source: Champlain College

Grades: 6-12

Learn more: http://www.awesomeislandgame.com

MY CLASSROOM ECONOMY

Created by Vanguard and 5th grade teacher, My Classroom Economy is a classroom economic

system that teaches financial education through simulation. Students earn school “dollars”

through classroom jobs and pay rent for desks, pay fines for breaking classroom rules, and make

purchases. The program is customizable by grade level and is designed to overlay classroom

curriculum that aligns to the Common Core State Standards.

Source: Vanguard

Grades: K-12

Learn more: http://myclassroomeconomy.org

BANK AT SCHOOL PROGRAMS

Across the country, several partnerships are in place to offer access to savings accounts to students.

These programs often provide experiential learning opportunities to students by allowing them

a chance to manage a savings account and practice saving toward future goals. Pilot studies of

bank at school programs in Eau Claire, Wisconsin, and Amarillo, Texas, demonstrated student

knowledge gains in financial literacy, positive increases in students’ perceptions of banking and

saving, and significant increases in the likelihood of having a bank account as an adult.

Source: Royal Credit Union

Grades: K-5

Learn more: http://www.rcu.org/investments_and_savings/school_sense.phtml

ONLINE AND MOBILE GAMING PROGRAMS

Many organizations have been developing interactive tools and games to reach young people

through technology. For example, Mind Blown Labs has created Thrive ‘n’ Shine, an experiential

financial capability application where players earn money, which has to be strategically saved and

spent throughout the course of the game. Players learn lessons about budgeting, saving, credit score

management, and debt management through the interactive game. Doorways to Dreams (D2D)

has administered hackathons and competitions to spur the development of mobile applications

that improve financial access and capability for underserved consumers, jointly administered with

the Center for Financial Services Innovation (CFSI).These include the FinCapDev Competition

and MyMoneyAppUp Challenge. Money Think designed Moneythink Mobile, an interactive

social platform designed to enable mentors to issue their mentees challenges that build financial

awareness, habits, and skills. Through the app, students are rewarded with points and social

affirmation (in the form of digital likes and comments) as they complete challenges.

Source: Money Think

Learn more: http://moneythink.org/our-program/our-approach
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 44

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Source: Mind Blown Labs

Learn more: http://www.mindblownlabs.com/product

Source: D2D

Grades: N/A

Learn more: http://www.d2dfund.org/mobile_apps

Case study takeaways:

§ States have a wide variety of resources to choose from when building out their K-12 financial

education initiatives. 

§ Regardless of the instructional materials designed or approved, classroom resources should

align to state standards and expectations, and be developmentally appropriate.

For additional information please review the Additional resources for building the initiative at 

the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 45

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2.4 Evaluating the initiative

As with any new effort, it is critical to establish milestones, benchmarks, and metrics to assess

outcomes and measure progress. Methods of measuring the success of K-12 financial education

efforts include using metrics such as rubrics and student assessments, as well as evaluating

broader K-12 financial education progress through standardized testing.

2.4.1 Initiative Assessment

While no one universal method of evaluating the quality and effectiveness of K-12 financial

education initiatives exists, there are a number of assessment banks and toolkits available for

identifying and incorporating appropriate evaluation mechanisms. These resources include:

Case studies

NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION (NEFE) EVALUATION TOOLKIT

NEFE’s Evaluation Toolkit supports K-12 financial educators and nonprofits in understanding

concepts around evaluation and applying those concepts to educational programs. The toolkit

consists of two main parts: an evaluation manual with guidance on how to design appropriate

evaluation methods, and impact indicators for programs. Evaluations allow educators and funders

to determine the impact of a particular program and identify and address the areas in need of

improvement. The toolkit includes a database with evaluation templates and allows educators to

save completed evaluations to their account.

Source: National Endowment for Financial Education (NEFE)

Grades: K-12

Learn more: http://toolkit.nefe.org

THE COUNCIL FOR ECONOMIC EDUCATION (CEE) ONLINE ASSESSMENT CENTER

CEE’s Online Assessment Center (OAC) is a free service that allows teachers to securely

administer assessments, gain real-time data, and measure student knowledge of economic

and personal finance concepts. The service allows teachers to analyze the effectiveness of their

instruction and adjust accordingly. The OAC offers teachers the ability to analyze individual and

class data by test and test item. Teachers can track individual student and class wide programs,

evaluate student performance compared to standards and benchmarks, and develop custom

Key questions to consider in this module:

§ How do you define success for your initiative?

§ Do standardized assessments include K-12 financial education concepts?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 46

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reports of student and class performance. Assessments are available for upper elementary school,

middle and high school, and university levels.

Source: Council for Economic Education (CEE)

Grades: K-12

Learn more: http://www.councilforeconed.org/resource/online-assessment-center

GEORGIA MILESTONES ASSESSMENT SYSTEM ECONOMICS, BUSINESS, AND FREE 

ENTERPRISE ASSESSMENT

The Georgia Milestones Assessment System, administered by the state’s Department of

Education, requires students to take end-of-course assessments in a variety of subjects.

Milestones measure student achievement and provide feedback to teachers, districts, and the

state about their instructional practice and program delivery. For high school students, an

assessment serves as a final course exam and the score counts as 20 percent of a student’s final

grade in the appropriate course. The system includes an assessment on economics, business,

and free enterprise, of which 20 percent covers financial education topics, including saving,

credit, insurance, and income. The assessment includes both criterion-referenced (aligned to

state-adopted content standards) and norm-referenced (yielding national comparison) items,

allowing for multiple evaluation opportunities.

Source: Georgia Department of Education

Grades: 9-12

Learn more: http://www.gadoe.org/Curriculum-Instruction-and-Assessment/Assessment/

Documents/GM%20Economics%20EOC%20Assessment%20Guide.pdf

Case study takeaways:

§ The design and delivery of K-12 financial education should include evaluation metrics.

§ Standardized evaluation measures allow for more accurate program comparisons across

regions, thus creating opportunities for sharing of promising practices and potentially

identifying areas for improvement.

For additional information please review the Additional resources for building the initiative at 

the end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 47

Additional resources

for building the initiative

2.1.1 Content standards

ABA/CFED ROAD TO FINANCIAL RESPONSIBILITY

Infographic that helps parents or educators identify concepts and content most appropriate for

students at a given age.

Source: American Bankers Association/ Corporation for Enterprise Development (ABA/CFED)

Grades: K-12

Learn more: http://www.aba.com/Engagement/Documents/TCTS-14-Tips%20sheet-FINAL.pdf

COMMON CORE ALIGNMENT TOOL

Aligns lessons from select resources to the Common Core State Standards; searchable by resource

or by standard.

Source: Center for Economic Education 

Grades: K-12

Learn more: http://www.councilforeconed.org/resource/common-core-state-standards/

MODEL ACADEMIC STANDARDS FOR PERSONAL FINANCIAL LITERACY

Statewide financial literacy content standards covering knowledge and skills, across all grade

levels and disciplines. Designed for educators to align instruction and create curriculum and

activities toward financial literacy and sound financial habits.

Source: Wisconsin’s Department of Public Instruction

Grades: K-12

Learn more: http://standards.dpi.wi.gov/sites/default/files/imce/standards/pdf/pfl.pdf

NATIONAL STANDARDS FOR BUSINESS EDUCATION – PERSONAL FINANCE 

National standards, including focus on personal finance.

Source: National Business Education Association’s

Grades: K-12

Learn more: http://www.nbea.org/newsite/curriculum/standards/index.html

NATIONAL STANDARDS FOR FAMILY AND CONSUMER SCIENCES EDUCATION

National standards, including focus on personal finance.

Source: National Association of State Administrators of Family and Consumer Sciences

Grades: K-12

Learn more: http://www.nasafacs.org/national-standards-and-competencies.html
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 48

2.1.2 Implementation requirements 

STATE FINANCIAL EDUCATION REQUIREMENTS MAP

Interactive map detailing the personal finance requirements state by state, including relevant

legislation and curriculum.

Source: Jump$tart Coalition

Grades: K-12

Learn more: http://www.jumpstartcoalition.org/state-financial-education-requirements.html

2.2 Teacher training

STRENGTHENING FINANCIAL EDUCATION IN CALIFORNIA (WORKING PAPER)

An analysis of possible strategies for implementing statewide financial education in California.

Provides a review of the national and state approaches and recommends a specific set of steps for

California, including enhancing teacher preparation and incentivizing school districts.

Source: Federal Reserve Bank of San Francisco

Grades: K-12

Learn more: http://www.frbsf.org/community-development/files/wp2010-02.pdf

2.3.1 Resource repositories

FINANCIAL LITERACY DATABASE

Includes resources for teaching economics and money management, including translated articles,

interactive calculators, lesson plans, videos and quizzes.

Source: Rosen Digital

Grades: 6-12

Learn more: http://financialliteracy.rosendigital.com

2.3.2 Curricula

MONEY SMART

A financial education curriculum available in different versions: CD-ROM, self-paced computer

based instruction and podcast. Curriculum is available for Young Adults (ages 12-20) and

Elementary School Students (ages 5-8), and consists of customizable modules, which can be taught

on a stand-alone basis.

Source: Federal Deposit Insurance Corporation

Grades: K-12

Learn more: https://www.fdic.gov/consumers/consumer/moneysmart
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 49

FINANCIAL LITERACY INITIATIVES PRESENTATION

Provides an overview of financial education initiatives in Nevada, including Financial Fitness for

Life. Provides data on and provides recommendations to enhance state-wide initiatives.

Source: Nevada State Treasurer

Grades: K-12

Learn more: http://www.treasury.gov/resource-center/financial-education/Documents/

Marshall%20presentation.pdf

EVERFI FINANCIAL LITERACY, VAULT

Learning platform that uses technology—video, animations, 3-D gaming, avatars, and social

networking—to provide financial education. The platform offers students simulations of reallife experiences, provides assessment data, and awards badges and certifications for successful

completion. Available for elementary and high school students.

Source: EverFi

Grades: 3-12

Learn more: http://www.everfi.com/vault

2.3.3 Supplemental programs and materials

BIZ KID$

Award winning TV show to teach teens about personal finance. The show spans five seasons and

the website provides activity guides, lesson plans, games, and a teacher discussion forum. Content

is aligned national standards for financial literacy and entrepreneurship education.

Source: PBS

Grades: 9-12

Learn more: http://bizkids.com

DELAWARE BANK AT SCHOOL PROGRAM

Provides banking opportunities to students in schools. Teachers are encouraged to teach financial

education in classrooms to reinforce lessons.

Source: Delaware Financial Literacy Institute

Grades: K-5

Learn more: http://www.bankatschool.com/history.html

GEN I REVOLUTION

Provides fifteen missions in which students complete a variety of activities to help them learn

important personal finance concepts. Within each mission, students are introduced to a character that

is facing a particular financial crisis. As a part of the Gen i Revolution, the student learns about the

crisis, strategically selects “Operatives,” and then completes activities with the ultimate goal of solving

the mission.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 50

Source: Council for Economic Education (CEE)

Grades: 9-12

Learn more: http://www.genirevolution.org

GOVENTURE PERSONAL FINANCE CARD GAME

Card-based educational game with activities includes question-and-answer, drawing, charades,

trivia, and word puzzles. Supported by a suite of free resources including a GoVenture “cheat

sheet” glossary and educational standards alignment.

Source: MediaSpark, Inc.

Grades: 6-12

Learn more: http://www.goventure.net/Products/PFCG/Summary.aspx

GREEN$TREET COMMONS

Video based gaming apps for children, ages 5-8.

Source: Green$treet Commons

Grades: K-2

Learn more: http://greenstreetcommons.com

KEYS TO FINANCIAL SUCCESS

A 54-lesson course plan for teaching personal finance, available at no cost to schools and teachers.

Incorporates free professional development. Course aligns with the Council for Economic

Education and Jump$tart national standards.

Source: Federal Reserve Bank of Philadelphia

Grades: 9-12

Learn more: http://www.philadelphiafed.org/education/teachers/resources/keys-to-financial-success

KHAN ACADEMY, BANK OF AMERICA BETTER MONEY HABITS

Series of videos around personal finance issues, such as credit scores, managing debt and home

buying. Participants earn points for viewing videos and quiz performance.

Source: Khan Academy Bank of America

Grades: 9-12

Learn more: https://www.bettermoneyhabits.com/index.html

KINDERGARTEN TO COLLEGE (K2C)

K2C is the City of San Francisco’s initiative to provide every student entering Kindergarten in the

City’s public schools with a College Savings Account (CSA) containing a $50 deposit from the City

and County of San Francisco. Account is used as a teaching tool for financial education.

Source: San Francisco Office of Financial Empowerment

Grades: K-2

Learn more: http://sfofe.org/programs/k-to-c
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 51

MONEY AS YOU LEARN

Provides teachers with lesson plans that are aligned to the Common Core State Standards for

Math and English language arts. Classroom resources are available for grades K-2, 3-5, 6-8, and

9-12.

Source: President’s Advisory Council on Financial Capability

Grades: K-12

Learn more: http://www.moneyasyoulearn.org

PRACTICAL MONEY SKILLS GAMES

Game based lessons for financial education that connect to a series of age-specific lesson plans.

Games include Financial Soccer, Financial Football, Money Metropolis, and Peter Pig’s Money

Calculator. Designed for classroom and at-home use.

Source: Visa, Inc.

Grades: 3-8

Learn more: http://www.practicalmoneyskills.com/games

MONEY HABITUDES

Interactive activity centered on a deck of cards which describes a range of money attitudes,

engaging learners in self-identification and group discussion. Helps place personal finance topics

in the context of the student’s life, which makes later lessons more relevant.

Source: Lifewise Strategies, LLC

Grades: 6-12

Learn more: http://www.moneyhabitudes.com/user-types/teachers-youth-leaders

HIGH SCHOOL FINANCIAL PLANNING PROGRAM

Program focused on basic personal finance skills for pre-teens, teens, and young adults. Program

is organized into six topic-based modules with student guides, an assortment of 45-minute

teacher lesson plans, and a collection of online learning activities.

Source: National Endowment for Financial Education (NEFE)

Grades: 9-12

Learn more: http://www.hsfpp.org

FINANCIAL EDUCATION AND ACCOUNT ACCESS AMONG ELEMENTARY STUDENTS 

RESEARCH BRIEF

Findings of a research study commissioned by the US Department of the Treasury about the impact

of in-school bank branches on elementary school students’ financial knowledge. Findings describe

the role of financial education and account access on improving student knowledge and attitudes.

Source: Corporation for Enterprise Development (CFED)

Grades: K-5

Learn more: http://cfed.org/assets/pdfs/AFCO_youth_brief.pdf
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 52

THE STOCK MARKET GAME

The Stock Market Game program is an online simulation of the global capital markets that

engages students in grades 4-12 in the world of economics, investing and personal finance.

Source: SIFMA Foundation

Grades: 4-12

Learn more: http://www.stockmarketgame.org/index.html

MYCREDITUNION.GOV

MyCreditUnion.gov offers information on how to start a student run credit union at school and

also provides addition financial tools and resources.

Source: National Credit Union Administration

Grades: K-12

Learn more: http://www.mycreditunion.gov/Pages/credit-unions-in-schools.aspx

MY FINANCIAL GUIDE 

Wells Fargo offers various resources on financial education, including calculators, student

planning, and information on budgeting and managing credit.

Source: Wells Fargo

Grades: N/A

Learn more: https://www.wellsfargo.com/financial-education

SCHWAB MONEY WISE

The website provides information on money basics, calculators, and resources for parents and

educators.

Source: Charles Schwab

Grades: N/A

Learn more: http://www.schwabmoneywise.com/public/moneywise/about/financial_literacy

2.4.1 Initiative assessment

MONEY F-I-T

White paper focused on need to and structure of near-term and long-term assessments of

students’ financial literacy.

Source: Center for Financial Security, University of Wisconsin-Madison

Grades: 3-5

Learn more: http://moneyfitevaluation.wordpress.com
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 53

PLANNING CURRICULUM IN PERSONAL FINANCIAL LITERACY

Comprehensive guide on developing curriculum around personal financial literacy which aligns

with Wisconsin’s Model Academic Standards for Personal Financial Literacy. Includes strategies

for building a program, planning instruction, creating assessment, and designing professional

development. Includes sample activities and rubrics.

Source: Wisconsin’s Department of Public Instruction

Grades: K-12

Learn more: http://finance.dpi.wi.gov

YOUTH SAVINGS PILOT

FDIC to collect data from financial institutions currently offering youth savings programs and

support the development of new programs. For participants, FDIC will help foster networking,

offer workshops on new resources, troubleshoot implementation issues, and provide technical

assistance. Participating institutions must apply to the FDIC.

Source: Federal Deposit Insurance Corporation (FDIC)

Grades: K-12

Learn more: https://www.fdic.gov/consumers/banking/youthsavingspilot

RESEARCH PRIORITIES & RESEARCH QUESTIONS

Priorities are used to inform FLEC, other government agencies, academic researchers on

important questions facing the field.

Source: Financial Literacy Education Commission (FLEC)

Grades: K-12

Learn more: http://www.treasury.gov/resource-center/financial-education/

Documents/2012%20Research%20Priorities%20-%20May%2012.pdf
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 54

Making the case 

prioritize K-12 financial 

education and gain buy-in 

from stakeholders

Setting the strategy

develop the vision and 

roadmap 

Defining the structure 

organize people and assets 

for impact and longevity 

Fostering partnerships

engage partners to broaden 

reach and resources

Standards and requirements

set and enforce expectations 

for learning and instruction 

Classroom resources

support dynamic instruction 

Evaluating the initiative

assess outcomes and 

effectiveness 

Outreach and recognition

motivate communities to own 

their financial capability 

Improve and scale

implement and augment 

the initiative

Teacher training

develop capacity for effective 

financial education delivery

Securing resources for K-12 

financial launch and sustain 

the initiative

Extending the impact

Building the initiative

Laying the groundwork

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

3. Extending the 

impact

Stagnant initiatives run the risk of becoming obsolete. Even if

an initiative utilizes the best strategies and resources, it will not

realize its intended impact without a consistent focus on ongoing

outreach and enhancement. To create, capture, and sustain

value, it is critical to extend the reach of K-12 financial education

initiatives by engaging a broad community of stakeholders, and

by building a framework to measure, adapt, and strengthen

initiatives over time.

The following section contains guidance on how to effectively

carry out and augment K-12 financial initiatives, including

resources to support the promotion and recognition of efforts,

and improve and scale existing initiatives.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 55

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

3.1 Outreach and recognition

Engaging external stakeholders through awareness and outreach is an important complement to

any K-12 financial education initiative. The objective of these efforts is to amplify conversations

and recognize successful K-12 financial education efforts to drive a broader base of support.

As demonstrated in the examples below, outreach efforts may include social media, competitions,

or events. 

Case studies

MISSOURI’S #FINLITFRIDAY INITIATIVE

Using social media and the hashtag #FinLitFriday, Missouri promotes financial education among

Missourians. The initiative shares financial education resources and money management tips

around budgeting, building credit, and investing. The #FinLitFriday campaign provides studies 

and advice from financial experts including the Federal Reserve and U.S. Treasury Department.

Source: Missouri State Treasurer

Grades: 9-12

Learn more: http://www.treasurer.mo.gov/newsroom/news-and-events/item/2014/07/31/treasurerzweifel-announces-new-social-media-campaign-to-enhance-financial-literacy-among-missourians

NATIONAL FINANCIAL LITERACY MONTH

April is National Financial Literacy Month which highlights the importance of financial literacy

and aims to teach Americans how to establish and maintain healthy financial habits. In 2000, the

National Endowment for Financial Education introduced Youth Financial Literacy Day. In 2003,

the United States Senate designated April as Financial Literacy for Youth Month. In March 2004

the Senate passed Resolution 316 that officially recognized April as National Financial Literacy

Month. Every year the President issues a proclamation to recognize the month.

Source: The White House

Grades: K-12

Learn more: http://www.whitehouse.gov/the-press-office/2014/03/31/presidentialproclamation-national-financial-capability-month-2014

Key questions to consider in this module:

§ What is your engagement strategy?

§ Do the channels align to your target stakeholders and constituents?

§ Do you communicate messages clearly and consistently? Who provides recognition for

successful efforts?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 56

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

MINNESOTA DEPARTMENT OF COMMERCE FINANCIAL CAPABILITY MONTH

Minnesota’s Governor proclaimed April 2014 as the state’s Financial Capability Month—in line

with the President’s National Financial Capability Month. Throughout April, ten state agencies

conducted nearly 40 educational and outreach events promoting financial education. The month

provides several events specifically targeted to parents of students. To draw attention to the

opportunity to use children’s literature to teach K-12 financial education, the state’s Commerce

and Education Commissioners conducted a joint event celebrating the It’s Never too Early to Start

parent’s and teacher’s guide.

Source: Minnesota Department of Commerce 

Grades: K-12

Learn more: http://mn.gov/commerce/consumers/financial-literacy/financial-capability-month.

jsp

LIGHTS, CAMERA, SAVE! CONTEST

The American Bankers Association (ABA) Lights, Camera, Save! video contest engages teenagers 

in educating themselves, sharing their knowledge, and building awareness of financial education.

For the 2014-2015 school year, the grand prize winners of the video contest receive a cash

prize and a scholarship for a teacher from their school to attend Jump$tart’s National Educator

Conference. The contest involves local banks to host early rounds of the contest and select a

winner to compete nationally.

Source: American Bankers Association (ABA)

Grades: 6-12

Learn more: http://www.aba.com/Engagement/pages/lcsinfo.aspx

AMERICA SAVES WEEK

Started in 2007, America Saves Week is a national initiative involving more than 1,000 nonprofit,

government, and corporate groups that encourages individuals and families to save money and

build personal wealth. America Saves and the American Savings Education Council coordinate the

annual event, and the Consumer Federation of America (CFA) provides overall management for

the initiative.

Source: America Saves 

Grades: K-12

Learn more: http://www.americasavesweek.org/home-2

MONEY SMART WEEK

Created by the Federal Reserve Bank of Chicago in 2002, the annual Money Smart Week public

awareness campaign focuses on promoting financial literacy and stronger personal financial

management. The campaign includes the support of businesses, financial institutions, schools,

nonprofits, government agencies, and the media. Topics covered during the week include

budgeting, credit, home buying, and retirement planning. Events throughout the United States
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 57

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

appear on the Money Smart Week website. Schools can take advantage of the events and resources

provided by Money Smart Week to introduce or focus on K-12 financial education.

Source: Federal Reserve Bank of Chicago

Grades: K-12

Learn more: http://www.moneysmartweek.org

Case study takeaways:

§ Platforms for successful outreach initiatives include social media, competitions, and events.

§ State initiatives can build upon a number of existing public awareness campaigns, such as

Money Smart Week, National Financial Capability Month, and America Saves Week.

§ Outreach efforts should encompass a variety of constituents, including parents, students, and

teachers and recognize successful K-12 financial education efforts.

For additional information please review the Additional resources for extending the impact at the 

end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 58

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

3.2 Improve and scale

After building the initiative, it is essential to ensure strategies are in place to improve and scale the

initiative. Given the considerable work still to be done in the field of K-12 financial education, there

is a need for continuous efforts to increase rigor and enhance evaluation methods.

As seen in the following examples, feedback mechanisms such as surveys, pilots, and studies can

serve as useful tools to identify areas for further improvement. Regardless of the path chosen, it

is important for state policymakers and the financial education community to share findings and

add to the growing body of collective information and experiences.

Case studies

MARYLAND STATE DEPARTMENT OF EDUCATION (MSDE) IMPLEMENTATION OF 

PERSONAL FINANCIAL LITERACY EDUCATION

Since 2011, Maryland has required all school systems to offer financial education for students in

grades 3-12. The MSDE implemented K-12 financial education as part of its efforts to promote

college and career readiness. Overseen by an advisory council, a financial literacy education

team developed statewide standards and curriculum with supporting indicators and objectives.

Following acceptance by the State Board of Education, local schools implemented requirements to

adopt a financial education program at the elementary, middle, and high school levels. Beginning a

five-year cycle of re-approval, the MSDE required all local superintendents to submit their school

system’s approach to implementing the state standards and curriculum to the state superintendent.

During this process, the MSDE provided implementation support, including funding, monitoring,

and evaluation of local implementation efforts. Additionally, MSDE monitors ongoing state needs

through surveys to identify areas of improvement. Following the rollout of the requirements, MSDE

administered a survey asking school systems to describe the delivery of financial education at the

various grade levels and what additional resources were still needed to assist with this initiative.

Based on teacher survey responses, MSDE plans to expand teacher training 0pportunities by

developing teacher toolkits and an online teacher course for financial education.

Source: Maryland State Department of Education (MSDE)

Grades: K-12

Learn more: http://msde.state.md.us/fle/docs/FinancialLiteracyEducationUpdate_112013.pdf

Key questions to consider in this module:

§ Are structures in place for identifying areas for continued improvement?

§ What mechanisms are in place to share results and add to the body of knowledge of what

works?
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 59

1.1

1.2

1.3

1.4

1.5

2.1

2.2

2.3

2.4

3.1

3.2

VERMONT HIGH SCHOOL PILOT STUDY

The state of Vermont partnered with Champlain College’s Center for Financial Literacy to study

the effectiveness of highly trained teachers on financial education outcomes in Vermont high

schools. The state has financial education standards and requirements, but wanted to understand

what else was required to develop successful financial education programs in its schools. The

initiative will also identify the best practices of the teachers involved in the pilot through the

creation of a Professional Learning Community of educators which will be funded by the pilot

program. These teachers will share their results and recommendations to all their teachers at

the completion of this program via a website delivery mechanism. Businesses and private donors

provided much of the financial support for the study.

Source: Champlain College Center for Financial Literacy

Grades: 8-12

Learn more: http://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/cflprograms/high-school-pilot-program

Case study takeaways:

§ Conduct research (e.g., surveys or focus groups)to identify and prioritize areas of need.

§ Set clear objectives and indicators to define and measure impact on an ongoing basis.

§ Work to address areas for improvement and growth in a strategic and sustainable manner.

For additional information please review the Additional resources for extending the impact at the 

end of this section.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 60

Additional resources

for extending the impact

3.1 Outreach and recognition

LIFE SMART

Competition for students in 6-12th grade. Participants focus on five areas: consumer rights and

responsibilities, the environment, health and safety, personal finance, and technology.

Source: National Consumers League

Grades: 6-12

Learn more: http://lifesmarts.org

MERIT BADGES

Credentials around financial literacy, throughout the progression from Daisy to Ambassador, are

offered. Topics include: budgeting, financing and comparison shopping.

Source: Girl Scouts of the USA

Grades: 3-12

Learn more: http://www.girlscouts.org/research/publications/financial_literacy

PERSONAL MANAGEMENT MERIT BADGE

Credential, necessary to achieve the rank of Eagle Scout focuses on financial literacy and time

management skills. Requirements to obtain the badge include preparing a budget, writing a plan for

purchasing a large item and demonstrating knowledge and understanding around personal finance.

Source: Boy Scouts of America

Grades: 6-12

Learn more: http://www.scouting.org/scoutsource/BoyScouts/AdvancementandAwards/

MeritBadges/mb-PERM.aspx

FINANCIAL LITERACY AWARD

PWC’s Financial Literacy Award recognizes educators who are helping their students develop

responsible financial behavior by prioritizing financial literacy curricula.

Source: PWC

Grades: 9-12

Learn more: http://www.pwc.com/us/en/about-us/corporate-responsibility/commitment-toyouth-education/financial-literacy-award.jhtml
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 61

3.2 Improve and scale

THE GALLUP-HOPE INDEX

Index to measure youth attitudes about entrepreneurship and financial literacy, gain insight into

how they envision their economic future, and understand their level of participation in our nation’s

economy. Research is paired with strategies and intervention to advance financial education.

Source: Operation HOPE

Grades: K-12

Learn more: http://www.operationhope.org/Gallup-HOPE-Index

MAKE YOUR PATH (MY PATH)

Initiative providing disadvantaged youth with peer-led financial capability trainings, a savings

account at a mainstream financial institution and incentives to set and meet savings goals.

Program focuses on youth earning their first paycheck, which is a critical moment to promote

savings and connect youth with financial products.

Source: Federal Reserve Bank of San Francisco

Grades: 9-12

Learn more: http://cfed.org/assets/pdfs/MY_Path_Working_Paper_2013-03.pdf

OECD TOOLS TO MEASURE FINANCIAL LITERACY AND IDENTIFY CORE COMPETENCIES

Overview of three tools developed by OECD: 1) financial literacy survey to capture levels of

financial literacy in adults; 2) financial literacy assessment developed as part of PISA; 3) core

competency framework for youth, which draws on the findings of the PISA 2012 financial literacy

assessment.

Source: Organisation for Economic Cooperation and Development (OECD)

Grades: K-12

Learn more: http://www.esma.europa.eu/system/files/7_adele_atkinson_oecd.pdf

STATE MANDATED FINANCIAL EDUCATION AND THE CREDIT BEHAVIOR OF YOUNG ADULTS

Illustrates utilizing credit report data as an example of how to evaluate the efficacy of financial

education interventions.

Source: Federal Reserve Board

Grades: K-12

Learn more: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2495884
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 62

U.S. BANK-FULLERTON PARTNERSHIP

Highlights the partnership of California State University-Fullerton with U.S. Bank to provide financial

education training for middle and high school teachers and to create a Youth IDA program for low- and

moderate-income students. The IDA program will also underpin a longitudinal study of the impact of

Youth Individual Development Accounts over a five-year period.

Source: U.S. Bank and California State University-Fullerton

Grades: 6-12

Learn more: http://financialgenius.usbank.com/about

PATHWAYS TO PROGRESS

In partnership with the Cities for Financial Empowerment Fund, the Citi Foundation increased

their commitment to Summer Jobs Connect, which provides low income youth with summer work

experience, access to financial education, and financial services.

Source: Citi Foundation 

Grades: 9-12 

Learn more: http://www.citigroup.com/citi/news/2015/150303b.htm
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 63

Next steps

There is an exciting opportunity to design and implement policies and practices to help develop the

financial capability of young people to make financial decisions and manage their money over their

lifetimes.

The CFPB recognizes the value in raising awareness of K-12 financial education, supporting K-12

financial education research and program evaluation, and acknowledging successful K-12 financial

education initiatives and practices. In doing so, the CFPB supports policymakers in advancing K-12

financial education as it best suits each state, locality, and classroom.

This guide is a starting point for discussions that build awareness of and interest in what is possible

for K-12 financial education. The framework, case studies, and resources in this guide point to

approaches for building the capability to develop sustainable and impactful initiatives. The CFPB

plans to update this guide on an ongoing basis to include new and innovative approaches to K-12

financial education.

The CFPB encourages you to use and share this guide to advance K-12 financial education. For

more information on the information in this guide, or to share your experiences, best practices, or

resources, please contact the CFPB at k12financialeducation@cfpb.gov.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 64

APPENDIX A:

CFPB resources for advancing K-12 

financial education 

In addition to this guide, the CFPB provides a variety of resources to promote K-12 financial

education. The list of resources below indicates the name of the resource source, a brief description,

and web link.

2014 FINANCIAL LITERACY ANNUAL REPORT

Outlines the Bureau’s strategy to improve financial literacy, and highlights from past and ongoing

initiatives.

http://files.consumerfinance.gov/f/201407_cfpb_report_financial-literacy-annual-report.pdf

Corresponding Module: Fostering partnerships 

TRANSFORMING THE FINANCIAL LIVES OF A GENERATION OF YOUNG AMERICANS: 

POLICY RECOMMENDATIONS FOR ADVANCING K-12 FINANCIAL EDUCATION

Provides an overview of the financial decision-making context that consumers navigate a review of

existing efforts in the K-12 financial education field, and recommendations for advancing financial

education in policy and practice.

http://files.consumerfinance.gov/f/201304_cfpb_OFE-Policy-White-Paper-Final.pdf

Corresponding Module: Making the case, Setting the strategy

INVESTING IN OUR FUTURE: NATIONAL CONFERENCE ON YOUTH FINANCIAL EDUCATION 

& CAPABILITY

Discussion summary of the April 2013 conference hosted by CFPB, which centered on defining a

collective vision for the field, promising practices for including financial education in K-12 schools,

the role of innovative, hands-on learning, and research and evaluation needs.

http://files.consumerfinance.gov/f/201312_cfpb_summary_youth-financial-capability-conference.pdf

Corresponding Module: Setting the strategy, Defining the structure

COMMUNITY PARTNERSHIP GUIDEBOOK FOR LIBRARIES

Toolkit for libraries to utilize when developing partnerships to support financial education

programming. Includes planning worksheets and replicable forms.

http://files.consumerfinance.gov/f/201406_cfpb_pa.rtner-guidebook.pdf

Corresponding Module: Fostering partnerships, Define the Structure, Improve and scale
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 65

PAYING FOR COLLEGE

Web-based ‘action guide’ including tools designed to inform and support students as they navigate

college financial aid and student debt.

http://www.consumerfinance.gov/paying-for-college

Corresponding Module: Classroom resources

YOUR MONEY, YOUR GOALS

Toolkit for social services organizations, designed to support goal-setting and developing personal

financial management skills for their clients.

http://www.consumerfinance.gov/your-money-your-goals

Corresponding Module: Setting the strategy, Fostering partnerships, Improve and scale

FINANCIAL WELL-BEING: THE GOAL OF FINANCIAL EDUCATION 

This report provides a conceptual framework for defining and measuring success in financial

education by delivering a proposed definition of financial well-being, and insight into the factors

that contribute to it.

http://www.consumerfinance.gov/reports/financial-well-being

Corresponding Module: Making the case, Evaluating the initiative

BUILDING FINANCIAL CAPABILITY IN YOUTH EMPLOYMENT PROGRAMS

This report provides an overview of lessons learned during a roundtable that the CFPB convened

in collaboration with other federal agencies to discuss integrating financial education into youth

programs, establishing partnerships with employers, and identifying effective strategies to

collaborate with financial institutions.

http://www.consumerfinance.gov/reports/building-financial-capability-in-youth-employment-programs

Corresponding Module: Making the case 

ASK CFPB 

Online tool, which provides answers to over 1,000 questions about financial products and services. It

answers questions on topics including mortgages, credit cards, and how to fix an error in a credit report.

http://www.consumerfinance.gov/askcfpb

Corresponding Module: Classroom resources

CFPB BROCHURES

The CFPB created a range of publications for consumers that provide straightforward information about

money management and other financial issues. These publications include brochures about checking

your credit report, avoiding checking account fees, tax-time saving, how to avoid foreclosure, what to

do if you cannot pay your credit card bills, and other topics. The CFPB makes many of these resources

available in both English and Spanish. These publications are available for free download or bulk order.

http://promotions.usa.gov/cfpbpubs.html

Corresponding Module: Classroom resources
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 66

CFPB/FDIC PARENTS AND CAREGIVERS INITIATIVE 

The CFPB is collaborating with the Federal Deposit Insurance Corporation (FDIC) on an initiative to

empower American youth to make better financial decisions to achieve their own goals throughout the

stages of their lives. The collaboration focuses on improving youth financial capability by developing

and promoting financial education resources for youth, parents and caregivers of youth, and teachers.

The collaboration will build on the FDIC’s Money Smart financial education program to address youth

from preschool through age 20, and will also develop resources for parents and teachers.

http://www.consumerfinance.gov/parents

Corresponding Module: Outreach and recognition, Improve and scale

FINANCIAL AID SHOPPING SHEET 

The Financial Aid Shopping Sheet is a standardized, easy-to-read form of financial aid award letter

that colleges and universities can send to prospective students. The Shopping Sheet is designed

to allow college applicants to better understand the debt implications of their college choice and

compare the costs and financial aid offers of the schools from different institutions.

http://www.consumerfinance.gov/students/knowbeforeyouowe

Corresponding Module: Classroom resources, Improve and scale
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 67

APPENDIX B:

Development template to set the strategy

Setting the strategy is a key component of laying the groundwork for K-12 financial education

efforts. After making the case for financial education and generating support from the appropriate

stakeholders, it is critical to develop a sound strategy for the initiative. This strategy will form

the foundation for the initiative’s design and execution, guiding resource allocation, performance

measurement, and ongoing decision making and adaptation.

The strategy development tool that follows outlines the primary elements to consider when setting

the strategy for an initiative. It is designed as a starting point for surfacing an initial strategic

concept that will then feed into the development of a comprehensive strategy and plan, but should

not be used as the sole input into a finalized overarching strategy.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 68

Components of an effective strategy

In order to turn vision into impact, effective strategies align choices in four key areas: identifying

goals and objectives, focusing efforts, outlining activities, and identifying the assets and capabilities

required. These choices should be integrated and mutually reinforcing, such that each choice

supports those preceding and following it (e.g., capabilities and systems identified should support

the aspirations for the initiative).

Figure 1: Components of an effective strategy

THEREFORE

THEREFORE

THEREFORE

What is our goal and objective?

What challenge are we working to 

address and how do we believe that 

we can make a difference?

Where will we focus efforts?

What part of the problem should we 

work on, what role should we play, and 

where will we focus our efforts? 

How will we succeed?

What actions, adaptations, and 

economic model are required, and 

how will we measure our success?

What capabilities will we need?

What skills and abilities will we need, 

individually and collectively, to create 

the impact we’ve set out to achieve?

Be sure to consider:

§ Purpose and rationale

§ Challenges addressed

§ Primary objectives (e.g., student performance 

objectives, policy objectives, etc.) 

Be sure to consider:

§ Target groups served

§ Services provided

§ Initiative design

§ Role and positioning in field

Be sure to consider:

§ Action plan and sequence

§ Funding model

§ Constituent engagement strategy

§ Impact metrics

Be sure to consider:

§ Organizational structure and capabilities

§ People, systems, and assets required

§ Partnership strategy
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 69

§	What is our goal and objective?: This includes defining the purpose and rationale for the

initiative, challenges it will address, and primary objectives. The best goals are measurable, timebound, ambitious yet attainable, and address a clear need.

§	Where will we focus efforts?: This includes who you seek to impact, what services you will

provide, the program design to deliver them, and the role and positioning for the initiative in the

field. These choices will not only guide where to direct your efforts, but also where not to focus,

which helps to ensure that time and resources are used efficiently.

§	How will we succeed?: A strategy is only useful if a clear path exists to drive its

implementation, including an action plan and sequence, funding model, constituent engagement

strategy, and impact metrics. Once a clear goal and focus has been identified, the action plan and

sequence lays out the necessary activities to achieve short and long term impact. The resources

and constituent engagement strategy help sustain the work, while impact metrics measure the

value of these activities and progress towards your goal.

§	What capabilities will we need?: In order to effectively execute upon your aspirations, the

goals and focus of the initiative must be well-supported by aligned systems and resources. These

include an organizational structure outlining the people, systems, and assets required to deliver the

work, along with a partnership strategy to fill in any gaps in resources or capabilities.

The best strategies are compelling to a range of stakeholders, actionable and realistic given the

capabilities and resources available, and logically sound and coherent. These three characteristics—

compelling, actionable, and robust—should guide the design of the strategy, as well as pressure

test the strategy to confirm its strength. In order to generate a strong foundation of support for the

initiative, the strategy needs to be compelling and purposeful, to ensure the commitment of key

stakeholders, both cognitively and emotionally. In addition, it should be actionable and attainable,

able to be translatable into concrete action plans with realistic timelines supported by the requisite

capabilities and resources.

Please see an illustrative example of how this tool might be used to generate initial thoughts around

setting the strategy for an initiative. In addition, a template and guiding questions for thinking

through the key initial considerations when setting your K-12 financial education strategy is

included following the illustrative example.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 70

Strategy development template

The example below provides an illustration of employing the strategy development tool outlined

above. This example sets an initial strategic concept for a hypothetical teaching training initiative.

The CFPB does not intend this to be an endorsement of any specific approach, but rather is included

for demonstrative purposes only.

The template below serves as a starting point for surfacing an initial strategic concept or thought

starter, rather than a comprehensive strategy. Before finalizing a strategy, it is important to

incorporate the appropriate stakeholders for a vetting process.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 71

Figure 2: An illustrative example

What is our goal and objective? Where will we focus efforts?

How will we succeed? What capabilities will we need?

Primary objectives:

§ Develop highly trained mathematics teachers 

that are committed and capable of effectively 

integrating personal finance concepts in their 

general classroom instruction

Challenges addressed:

§ Educators’ discomfort with teaching personal 

finance topics

§ Limited instructional time available for personal 

finance education

Impact targets:

§ Train 100 teachers across the state annually

§ Expose 700 classrooms to personal finance 

education which has been integrated into 

existing mathematics instruction by 2018

Target groups: 

§ 9-12th grade math teachers across the state

Services provided:

§ Training on use of personal finance for math 

educators curriculum and resources

§ One-on-one financial planning consultations 

for participants

Program model:

§ Week long summer training institute

Role and positioning:

§ While several teacher trainings and 

conferences related to personal finance are 

offered throughout the year, this will serve as 

the only intensive summer institute targeted 

specifically towards math educators in the state

Action plan:

§ Training design and development will run from 

January – May

§ The training will be held in mid-June

Constituent engagement:

§ Offer continuing education credit and other 

incentives to teachers for their participation

§ Reach out to principals and superintendents to 

encourage their teachers to attend

Economic model:

§ Leverage higher education partners and 

philanthropic donors to defray the costs of the 

initiative

Impact metrics: 

§ Number of teachers trained

§ Teacher satisfaction survey results

§ Implementation rates in mathematics 

classrooms

Organizational structure:

§ The program will be designed and led by the 

Office of Financial Literacy

§ A task force will be responsible for the 

Institute’s development period; once the 

training is operational ongoing management 

will be led by the Office’s Chief of Staff 

Capabilities required:

§ Experienced instructors

§ Space to hold trainings and board participants

§ Strong outreach capabilities to attract 

participants

Partnership strategy:

§ Partner with local college for space, Jump$tart 

for curriculum, and district leaders to 

encourage their teachers to attend
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 72

Figure 3: Strategy development template (part 1)

What is our goal and objective? Where will we focus efforts?

§ What is our primary organizational goal/

objective? 

§ What is the specific challenge we are looking to 

overcome? 

§ What impact are we seeking to have?

Primary objectives:

____________________________________________

____________________________________________

____________________________________________

____________________________________________

____________________________________________

____________________________________________

Challenges addressed:

____________________________________________

____________________________________________

____________________________________________

____________________________________________

____________________________________________

Impact targets:

____________________________________________

____________________________________________

____________________________________________

____________________________________________

§ What groups of people do we want to impact? 

§ What services will be provided? 

§ What program design will deliver them? 

§ What unique role will the initiative serve in the 

field?

Target groups: 

____________________________________________

____________________________________________

Services provided:

____________________________________________

____________________________________________

____________________________________________

____________________________________________

Program model:

____________________________________________

____________________________________________

____________________________________________

Role and positioning:

____________________________________________

____________________________________________

____________________________________________

____________________________________________
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 73

Figure 3: Strategy development template (part 2)

How will we succeed? What capabilities will we need?

§ What key activities are required, and how do 

we sequence them to meet our short and longterm goals? 

§ How will we measure the value we provide? 

§ Who are our primary stakeholders, and how will 

they be involved? 

§ What is a sustainable economic model for the 

short and long term?

Action plan:

____________________________________________

____________________________________________

____________________________________________

Constituent engagement:

____________________________________________

____________________________________________

____________________________________________

Economic model:

____________________________________________

____________________________________________

Impact metrics: 

____________________________________________

____________________________________________

____________________________________________

____________________________________________

§ What kinds of people, systems, and assets are 

required? 

§ What organizational and governance structure 

will be most effective? 

§ What partnerships will we need to have with 

other individuals and organizations? 

Organizational structure:

____________________________________________

____________________________________________

____________________________________________

____________________________________________

____________________________________________

Capabilities required:

____________________________________________

____________________________________________

____________________________________________

____________________________________________

____________________________________________

Partnership strategy:

____________________________________________

____________________________________________

____________________________________________

____________________________________________

____________________________________________
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 74

APPENDIX C: 

Evaluation template to foster partnerships

Efforts to foster partnerships are an essential element to lay the groundwork for financial

education. After defining an internal structure for the initiative, policymakers can expand the

impact and scope of your efforts through tapping into outside resources and support. These 

partnerships can bring added skills, resources, and insight into the initiative’s design and

implementation.

The following steps outline the primary factors to consider when fostering partnerships. The CFPB

designed this template as a starting point to identify and assess high potential relationships. This is

not intended to act as a comprehensive partnership strategy and plan.

Steps for identifying partnerships

First, evaluate the current landscape for K-12 financial education in your region. To do this, conduct

an inventory of the organizations, programs, and individuals in your area already involved with

financial education initiatives. These may include government and community leaders, financial

institutions, financial education experts, nonprofit organizations, libraries, and other community

service providers, academic or research institution businesses.

Next, assess the potential benefits the partnership. Partners can bring a variety of capabilities and

perspectives to the table, including:

§ Knowledge and data of what works

§ Influence and ability to effect change within the education infrastructure

§ Added visibility and awareness to the issue

§ Business and financial acumen

§ Financial and professional resources

§ Practical insights on the issues and concerns of community members

In addition, successful partnerships are reciprocal, so it is important to consider the potential

partner’s motivations for the relationship. For example, through working with state government

offices, potential partners stand to gain added visibility and recognition. In addition, partnerships

formed at the local level can then be scaled across states if the partnership proves successful. Taken
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 75

together, hypotheses around the “give” and “get” can offer a greater sense of the potential value and

feasibility of the relationship. Based on these measures, you should work to prioritize the highestvalue feasible partnerships.

Finally, turn intention into action by thinking through the best avenues for establishing the

prioritized partnerships and appropriate contacts for initiating the relationship.

Partnership evaluation template

The template below provides a starting point to think through the partnership development process,

from cataloging the various organizations in your area to beginning the relationship. The row below

of the template provides a few examples for you to consider. The CFPB does not intend this template

as an endorsement of any specific approach or a comprehensive partnership assessment or strategy,

but rather is included for demonstrative purposes only.

Table 1: An illustrative example

Organization or 

Program Type

Potential 

Partnership Value 

(“Give”)

Incentives for 

Partner (“Get”)

Recommended 

Approach

Organization X Local nonprofit, 

bank or credit 

union, academic 

institution, etc. 

Knowledge and 

research, influence 

and ability to effect 

change, visibility 

and awareness, etc. 

Alignment with 

organization’s 

purpose, marketing 

value, etc. 

One-on-one meeting 

with Program 

Director, email with 

attached infographic 

to Corporate Social 

Responsibility lead, 

etc.
ADVANCING K-12 FINANCIAL EDUCATION: A GUIDE FOR POLICYMAKERS 76

Table 2: Partnership evaluation template

Organization or 

Program Type

Potential 

Partnership Value 

(“Give”)

Incentives for 

Partner (“Get”)

Recommended 

Approach