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Personal Financial Literacy in Civics and Economics
K-12 Social Studies Section
Curriculum and Instruction
North Carolina Department of Public Instruction
K-12 Social Studies Consultants
I. Brief Overview Of The Social Studies Essential Standards And The Rationale For Including PFL Standards Into The Civics & Economics Course
II. Organizational Structure Of The Social Studies Essential Standards
III. Understanding PFL In The Civics & Economics Course
IV. Integrating PFL Into The Civics & Economics Course
Agenda
Brief Overview of the Social Studies Essential Standards
North Carolina Social Studies Essential Standards Current Timeline
Essential Standards
Approved by SBE –
Dec. 2010
Preparing to
Implement the
Essential Standards –
Spring 2011-Summer
2012
New Essential
Standards Taught -
2012-2013 SY
PFL State Requirements in North Carolina
2005 HB 16 / SB 912
Authorization:
HB 16: Passed House 5/10/05 and SB 912: Passed Senate 5/26/05. The General Assembly of
North Carolina enacts: SECTION 1. G.S. 115C-81 is amended by Session Law 2005-276,
Section 7.59 by adding a new subsection to read: "(i) Both the standard course of study and
the Basic Education Program shall include the requirement that the public schools
provide instruction in personal financial literacy for all students during the high school
years.
The State Board of Education shall determine the components of
personal financial literacy that will be covered in the curriculum.
The State Board shall also review the high school standard course of
study to determine in which course the new personal financial literacy
curriculum can be integrated.“
•North Carolina
legislation
•National Social Studies
Standards (National
Council for the Social
Studies)
•National History
Standards (National
Center for History in the
Schools)
National Standards for
Civics and Government
(Center for Civic
Education)
•National
Standards for
Economic
Education
(Council for
Economic
Education)
•National Standards
for K-12 Personal
Finance Education
(Jump$tart Coalition
for Financial
Literacy)•National Geography
Standards (National
Council for Geographic
Education)
The Intent of Essential Standards
• Focused on what students NEED TO KNOW, not what’s nice for them to know
• Delineates what students should know, understand and be able to do
• FEWER, CLEARER, HIGHER
The Shift to Essential Standards
•The Essential Standards & Clarifying Objectives focus on concepts and the COGNITIVE PROCESS.
Identify the differences
04/08/2023 • page 9
12.03 (Current SCOS)
6.C.1.1 (6th Grade Essential Standard)
Identify examples of cultural borrowing, such as language, traditions, and technology, and evaluate their importance in the development of selected societies in South America and Europe.
Analyze how cultural expressions reflected the values of civilizations, societies and regions.
Q. How are the two statements
structurally different?
A. The new essential standard has only 1 verb, the focus is conceptual
and not based on facts, gives the teacher more ownership and flexibility in
deciding what to teach within this framework. It also takes into account the
diversity of student interests.
Organizational Structure of the Social Studies Essential Standards: Strands, Concepts and Taxonomy
Geography and
Environmental Literacy
Economics and
Personal Financial
Literacy
History
Civics & Government
Culture
Social
Studies
Essential Standards Social Studies Strands
The Conceptual Shift
CE.PFL.2.3
Summarize ways consumers can protect themselves from
fraudulent and deceptive practices (e.g., do not call lists, reading
the fine print, terms and conditions, personal information
disclosure, investment protection laws, fees, etc.) .
Conceptual Standards…are focused on “transferable ideas”
• Timeless
• Universal
• Abstract & Broad
• Examples Share Common
Attributes
• Represented by 1-2 words
Tran
sfer
able
13
Geography/Environmental
Literacy
Culture Economics/Personal
Financial Literacy
Civics and Government
History
Place Region Location Movement Human-Environment
Interaction Physical Environment Landforms Water forms Geographic Patterns Settlement Patterns Civilization Migration
Religion Language Ethnicity Society Civilization Identity Diversity Values & Beliefs
Needs/WantsScarcityResourcesOpportunity CostStandard of LivingMarket economyMarketsTradeExchangeSupply and DemandCompetitionSystemsValueEconomic SystemsConsumerProducerChoiceIncomeWagesRiskInvestmentChoiceMoneyDecisionDebtCredit
Politics Limited Government Citizenship Rule of Law Political Action Political System National Identity Individual Rights Power Freedom
Change Continuity Patterns Conflict Cooperation Revolution Leadership Invasion Conquest Colonialism War National Identity Imperialism
4.E.2.1 Explain how personal financial decisions such as spending, saving and paying taxes can positively and/or negatively effect every day life.
7.E.1.4 Explain how personal financial decision making impacts quality of life (e.g., credit, savings, investing, borrowing and giving).
CE.PFL.1.1 Explain how education, income, career, and life choices impact an individual’s financial plan and goals (e.g., job, wage, salary, college/university, community college, military, workforce, skill development, social security, entrepreneur, rent, mortgage, etc.).
CE.PFL.1.5 Analyze how fiscally responsible individuals save and invest to meet financial goals (e.g., investment, stock market, bonds, mutual funds, etc.).
The Conceptual Progression of a Strand From Elementary to Middle to High
Revised Bloom’s Taxonomy: NC’s New Lens
• Provides the framework used for all North Carolina Essential Standards
• Common language used for all curriculum areas
• Use of One Verb
Coding the Essential Standards
• High school standards are coded by Course, Strand, Essential Standard Number and Clarifying Objective Number
CE.PFL.2.1
Course
Strand
Essential Standard
Number Clarifying Objective Number
Understanding
PFL in the C&E
Course
The Instructional Toolkit• Priority 1 Tools:
– Crosswalks of 2006 & 2010 standards– Unpacked content documents
http://www.ncpublicschools.org/acre/standa
rds/support-tools/
Crosswalks
Purpose of the Crosswalks
The crosswalk documents:
• Compare the 2010 K-12 Social Studies Essential Standards and the 2006 North
Carolina Social Studies Standard Course of Study (SCOS).
• Provide insight into the similarities and differences between these two sets of
standards, especially as it relates to content coverage and cognitive process.
http://www.dpi.state.nc.us/acre/standards/support-tools/
Essential Standard2006 NC Standard Course of
Study for Civics and Economics
StrandEssential Standard CE.PFL.1Analyze the concepts and factors that enable individuals to make informed financial decisions for effective resource planning.
Objective CommentsClarifying ObjectivePersona
l Financi
al Literac
y
CE.PFL.1.5Analyze how fiscally responsible individuals save and invest to meet financial goals (e.g., investment, stock market, bonds, mutual funds, etc.).
8.08 Evaluate the investment decisions made by individuals, businesses, and the government.
Crosswalk Example: Civics & Economics
UNPACKING
THE ESSENTIAL STANDARDS
Essential
Standards
6-8
K-2Electives
9-12
Essential StandardsClarifying Objectives
3-5
Purpose of Unpacking Documents
The unpacking documents will demonstrate what students should:– understand…(Conceptual)– know…(Factual)– be able to do…(Procedural)
04/08/2023 • page 23
Civics and Government CE.PFL.1 Analyze the concepts and factors that enable individuals to make informed financial decisions for effective resource planning. Concept(s): Income and Careers, Financial Responsibility, Decision Making, Saving and Investing, Credit and Debt
Clarifying Objectives Unpacking-What does this standard mean a student will know, understand and be able to do?
CE.PFL.1.4 Summarize how debt management and creditworthiness impact an individual’s ability to become responsible consumers and borrowers (e.g., credit card management, monitoring percentage rates and personal credit reports, analyzing loan details, keeping and maintaining records, etc.).
Students will understand:Credit is a basic financial tool. Students will know:That failing to pay off a credit card balance quickly can lead to a decrease in one’s standard of living.How a good credit score can help one get a good rate on a mortgage.That the Annual Percentage Rate (APR) is the best indicator of the cost of a loan.The nature of compound interest as it relates to debt.The costs and benefits of using debt to make purchases in various situations.
04/08/2023 • page 25
History
Essential Standard: USH.H.1 Apply the four interconnected dimensions of historical thinking to the United States History Essential Standards in order to understand the creation and development of the United States over time. Concept(s): Historical Thinking
Clarifying Objective: USH.H.1.1
UnpackingWhat does this standard mean a child will know, understand and be able to do?
Use Chronological Thinking to:1. Identify the structure of a historical narrative or story: (its beginning, middle and end)2. Interpret data presented in time lines and create time lines
The student will understand Chronological thinking is the foundation of historical reasoning—the ability to examine relationships among historical events and to explain historical causality.
The student will be able to Deconstruct the temporal structure (its beginning, middle, and end) of various types of historical narratives or stories. Thus, students will be able to think forward from the beginning of an event, problem, or issue through its development, and anticipate some outcome; or to work backward from some issue, problem, or event in order to explain its origins or development over time.Analyze patterns of historical duration demonstrated over large amounts of time. For example, how has the United States Constitution and the government it created been able to endure for more than two hundred years?Interpret data presented in time lines, as well as, record events according to the temporal order in which they occurred.
Planning & Teaching Using the PFL Standards
The PFL Connection
27
Personal finance describes the
principles and methods that individuals
use to acquire and manage income and
assets.
Financial literacy is the ability to use
knowledge and skills to manage one's
financial resources effectively for
lifetime financial security.
The Personal Financial Literacy
Standards were developed around the
national Jump$tart standards.
PFL Best Practices in C&E
29
• Use Jump$tart competencies to PlanFinancial Responsibility and Decision Making Income and CareersPlanning and Money ManagementCredit and DebtRisk Management and InsuranceSaving and Investing
• Integrate PFL strand throughout When applicable combine PFL into the Civics & Government
and/or Economics objectives
Planning with Jump$tart Competencies
04/08/2023 • page 30
Strand Clarifying Objective Meets The Following PFL Competency
Personal Financia
l Literacy
CE.PFL.1.5Analyze how fiscally responsible individuals save and invest to meet financial goals (e.g., investment, stock market, bonds, mutual funds, etc.).
Planning and Money Management
Saving and Investing
CE.PFL.2.5 Summarize strategies individuals use for resolving consumer conflict (e.g., contacting Attorney General, filing claims, Better Business Bureau, Secretary of State, etc.).
Financial Responsibility and Decision Making
Credit and Debt
Take A Moment To Test Your Skills At
Identifying The Jump$tart
Competencies That The Next 2
Objectives Address
04/08/2023 • page 31
04/08/2023 • page 32
CE.PFL.1.1 Explain how education, income, career, and life
choices impact an individual’s financial plan and goals (e.g., job,
wage, salary, college/university, community college, military, workforce, skill development,
social security, entrepreneur, rent, mortgage, etc.).
04/08/2023 • page 33
CE.PFL.1.1 Explain how education, income, career, and life
choices impact an individual’s financial plan and goals (e.g., job,
wage, salary, college/university, community college, military, workforce, skill development,
social security, entrepreneur, rent, mortgage, etc.).
Jump$tart Competencies
Planning and Money Management
Income and Careers
Financial Responsibility and Decision Making
04/08/2023 • page 34
CE.PFL.2.1 Explain how consumer protection laws
and government regulation contribute to the
empowerment of the individual (e.g., consumer credit laws,
regulation, FTC-Federal Trade Commission, protection agencies, etc.).
04/08/2023 • page 35
CE.PFL.2.1 Explain how consumer protection laws
and government regulation contribute to the
empowerment of the individual (e.g., consumer credit laws,
regulation, FTC-Federal Trade Commission, protection agencies, etc.).
Jump$tart Competencies
Financial Responsibility and Decision Making
Planning w/ the Jump$tart Competencies in Mind
04/08/2023 • page 36
Financial Responsibility and
Decision Making
• CE.PFL.1.1
• CE.PFL.2.1
• CE.PFL.2.2
• CE.PFL.2.5 Income and Careers
• CE.PFL.1.1
• CE.PFL.1.2
Planning and Money
Management
• CE.PFL.1.1
• CE.PFL.1.2
• CE.PFL.1.3
• CE.PFL.1.5
Credit and Debt
•CE.PFL.1.2
• CE.PFL.1.4
• CE.PFL.2.5
Risk Management and
Insurance
• CE.PFL.2.3
• CE.PFL.2.4
Saving and Investing
• CE.PFL.1.3
• CE.PFL.1.5
• CE.PFL.1.6
Integrating Objectives
“Don’t teach PFL in isolation!”
When applicable teach the PFL objectives
with the appropriate Civics & Government
and/or Economics objectives.
04/08/2023 • page 38
Integration Opportunity
CE.C&G.2.2
Summarize the functions of North
Carolina state and local
governments within the federal
system of government (e.g., local
charters, maintain a militia, pass
ordinances and laws, collect taxes,
supervise elections, maintain
highways, types of local
governments, etc.).
CE.PFL.1.2 Explain how fiscally responsible individuals create and manage a
personal budget that is inclusive of income, taxes, gross and net pay, giving, fixed and
variable expenses and retirement (e.g., budget, financial plan, money management, saving
and investing plan, etc.).
CE.C&G.2.6
Evaluate the authority federal, state
and local governments have over
individuals’ rights and privileges
(e.g., Bill of Rights, Delegated
Powers, Reserved Powers,
Concurrent Powers, Pardons, Writ of
habeas corpus, Judicial Process,
states’ rights, Patriot Act, etc.).
Reflect on what lesson topics or units could be
taught to help integrate these objectives. Or
think about how can these objectives be
integrated into a unit?
Social Studies
Zoomerang Survey
http://www.zoomerang.com/Survey/
WEB22BX9XYFA54/
Additional Resources
Money Talks Workgroups
http://moneytalks4teens.ucdavis.edu/
Personal Financial Literacy Standards
http://www.jumpstart.org/national-standards.html
FTC - Credit Scoring Article
http://www.bbb.org/us/article/ftc--credit-scoring-4637
Investor Alert
http://www.nasaa.org/investor_education/Investor_Alerts___Tips/
PFL Lesson Plans
http://www.kansascityfed.org/publicat/education/teachingresources/Lessonplangr9-12.pdf
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Lead Consultant
Fay Gore
Program Assistant
Bernadette Cole
Social Studies Consultants:
Elementary
Jolene Ethridge
Middle Grades
Fay Gore
Jennifer Ricks
High School
Dalton Edwards
Michelle McLaughlin
