Mississippi Financial Literacy Standards
Mississippi gets a “C” grade in 2015 for its educational criteria around personal finance training, according to the Center for Financial Literacy at Champlain College, which compiles state-by-state statistics every other year. Mississippi offers four pathways to high school graduation, and the traditional pathway requires students to complete a half-year course in economics. However, although the Magnolia State benchmarks do not require all students to take a personal finance course, it is required to be offered as an elective in all high schools in Mississippi – one of only two states with this mandate.
Mississippi’s 2014 Public School Accountability Standards allow a half-year of financial technology, resource management, or national endowment for personal finance to fulfill the elective requirement. Also, in 2014 Mississippi passed a law authorizing the Department of Banking and Consumer Finance to set up programs to educate the public around financial literacy issues.
The Magnolia State – according to the Economic Education Council (CEE) – incorporates financial education in its K-12 standards and requires them to be carried out by district. A high school course in personal finance is required to be offered, but students’ decision to take it is elective.
National Standards for Financial Education
Financial Literacy Standards for Older Youth & Adults (High School through Adults)
Although there is no direct mandate by the California State Board of Education, it is recommended that national standards be implemented. Financial education is a unique subject; all participants have developed financial habits and relationships with money before instruction begins.
National standards are those that have been proven in empirical and theoretical research to produce the highest improvements in participant test scores.
Financial Literacy Standards for Kids (Kids PK through 8th Grade)
In collaboration with education leader Heidi Jacobs, the NFEC created these financial literacy standards to define learning goals and educational targets for optimal child financial education. Guided by strong pedagogical theory, the standards ensure that instructional targets are age- and developmentally-appropriate and that lessons can be effectively scaffolded. Standards represent five sections based on topic areas in the NFEC curriculum.
Standards for Financial Education Instructors
The NFEC teamed with the well-known Danielson Group to develop the first and only national standards for financial educators – The Framework for Teaching Personal Finance – to define optimal educator skill sets and performance levels. The framework also identifies the financial educator responsibilities empirically proven to produce highest gains in participant test scores. This framework is used in all 50 states, including California.
