In the midst of the country's economic meltdown, I cannot think of a better subject to teach children and youth than personal finance education! It amazes me how the MI Jumpstart Coalition has to beg the MI Department of Education and the Legislators to make this a mandatory class for every student. How could this possibly be in question when during the winter of 2009, the average score of Michigan high school seniors on the National Jumpstart Student Survey (http://www.jumpstart.org/) was only 54%? Isn't it yet understood that the recent financial crisis was caused largely by lack of financial education? Therefore isn't it obvious that the cure is in us providing financial education?
I was not offered a single course in personal finance during my K-12 public education, or throughout the pursuit of my master's degree at my public institution here in MI. I thank God that my parents taught me the value of money and how to save. What about the majority that do not get that privilege? Today's crisis is evidence of the problems created! Our society is living the ramifications of this void, while leaders are still debating if they can fit this course into a students education.
If budget constraints might be a concern in making this decision, the MI Jumpstart Coalition (http://www.mijumpstartcoalition.org/) would like to inform school officials that the National Jumpstart Coalition has a Clearinghouse with tons of free and low cost curriculum and resources that will meet state standards. Let's give personal finance a try and watch the next generation succeed, rather than have the negative debt ratio like has occurred in today's U.S. population.
When we put our teenager behind the wheel of a car, we make sure that they complete a training course. How about we steer our children straight by requiring they all know how to operate their personal finances, prior to learning from society to spend more than they earn.
Lois Gibbons is the Chair for the Michigan JumpStart Coalition and Consultant/Educator with the Harmony Financial Network - http://www.harmonyfinancialnetwork.net/
Wednesday, November 4, 2009
Monday, October 12, 2009
Blog - Financial Literacy Legislative Update October 2009
I spent sixteen years of my life in school learning, eventually molding my brain to be sufficiently competent to earn an honest living. The goal was to get out from under the comfort of mom and dad’s roof and start a life of my own. Would you believe that in all those 20,000 plus hours of classroom study, not to mention after school homework, only a handful of those hours dealt with how to be successful with my income?
The sales guy at Discover Card spent more time with me than that. Just an impressionable freshman in college, you can imagine the financial impact that had.
Does anyone else find that odd? That we allocate such a small amount of education to teaching our children how to thrive with money? Is it any wonder we find ourselves in such a state of financial despair?
In a town hall meeting with Representative Geiss (HB 4511) and Representative Sheltrown (HB 4410), I learned of their ongoing efforts to modify current high school graduation requirements. Sheltrown’s suggested overhaul would move financial literacy from “elective” status to the superior echelon of “requirement”. In doing so, financial literacy would finally become a standard class offered in most of the schools throughout the State.
JumpStart, diligent at bringing financial education to kids in Michigan, immersed in the legislative bills, met with government, legislators and their aides, and testified during a House Education Committee meeting.
We are seeing schools and students struggling under the MMC requirements. It appears many schools are limiting resources to the core graduation requirements over electives. One such tragedy is at Brighton Schools. Glenna Fritz may be teaching her last financial literacy class after years of empowering students as it appears they are shutting down the program.
Last week I went to Lansing to gather more information and visit Senators offices on the Education Committee. While making a case for financial literacy, I was told that they were hearing from many constituents on the subject. Every call, every letter, and every email you send to legislators and those making decisions on this help a great deal.
In despair, knowledge is the key to recovery. Our state has some of the highest unemployment, budget imbalances, and foreclosures all while the auto industry is cutting the umbilical cord of security. We need to remove the unknowns of managing life and money, and educate our students so that they can succeed in this economic reality they are graduating into.
I have not found anyone yet who disagrees. Let’s all keep working together to help make the vital subject of money become mainstream classroom study, improving lives for generations to come.
I welcome your comments and ideas on this post. Or, feel free to email me at James@jpstudinger.com.
James Studinger
Author of Wealth Is a Choice
Vice Chair of the Michigan JumpStart Coalition
The sales guy at Discover Card spent more time with me than that. Just an impressionable freshman in college, you can imagine the financial impact that had.
Does anyone else find that odd? That we allocate such a small amount of education to teaching our children how to thrive with money? Is it any wonder we find ourselves in such a state of financial despair?
In a town hall meeting with Representative Geiss (HB 4511) and Representative Sheltrown (HB 4410), I learned of their ongoing efforts to modify current high school graduation requirements. Sheltrown’s suggested overhaul would move financial literacy from “elective” status to the superior echelon of “requirement”. In doing so, financial literacy would finally become a standard class offered in most of the schools throughout the State.
JumpStart, diligent at bringing financial education to kids in Michigan, immersed in the legislative bills, met with government, legislators and their aides, and testified during a House Education Committee meeting.
We are seeing schools and students struggling under the MMC requirements. It appears many schools are limiting resources to the core graduation requirements over electives. One such tragedy is at Brighton Schools. Glenna Fritz may be teaching her last financial literacy class after years of empowering students as it appears they are shutting down the program.
Last week I went to Lansing to gather more information and visit Senators offices on the Education Committee. While making a case for financial literacy, I was told that they were hearing from many constituents on the subject. Every call, every letter, and every email you send to legislators and those making decisions on this help a great deal.
In despair, knowledge is the key to recovery. Our state has some of the highest unemployment, budget imbalances, and foreclosures all while the auto industry is cutting the umbilical cord of security. We need to remove the unknowns of managing life and money, and educate our students so that they can succeed in this economic reality they are graduating into.
I have not found anyone yet who disagrees. Let’s all keep working together to help make the vital subject of money become mainstream classroom study, improving lives for generations to come.
I welcome your comments and ideas on this post. Or, feel free to email me at James@jpstudinger.com.
James Studinger
Author of Wealth Is a Choice
Vice Chair of the Michigan JumpStart Coalition
Thursday, December 4, 2008
Victory for Michigan's Children!
Congratulations Personal Finance supporters! Personal Finance Education is now a reality for MI Students!
What a historic time in our State! On Tuesday of this week, Senate Bill 834 passed with 100% support from our Legislators! This bill will allow for school districts to offer a one semester personal finance class to fulfill a math credit. Local districts can decide who will teach the course. What a long fought victory due to the efforts and hard work of a great team. Each of you has served as a support some how over the years and for those efforts I am truly grateful.
On May 6th the MI Jumpstart Coalition will serve a meal once again to Legislators in the State Capitol and begin crafting legislation to require each student in MI to take a personal finance course prior to graduation. This we hope will compliment the current legislation.
With your help, we have come a long way in four years. In October 2007, the State Board of Education voted for personal finance education to be integrated in K-12 courses. Now with this new legislation we are beginning to give more children an opportunity to become financially savvy. The road ahead is not easy, but we will be persistent in helping build a stronger future for our most valued resource – our children. After all it is time.
We are very pleased to even have the State Treasury now as our newest MI Jumpstart member. Together we will strengthen long term self sufficiency in Michigan. Many thanks again for your support. I encourage you to thank your Legislators for voting “Yes”. Many thanks again for helping craft a hopeful future for our children.
Lois Gibbons - President Michigan Jump$tart Coalition
What a historic time in our State! On Tuesday of this week, Senate Bill 834 passed with 100% support from our Legislators! This bill will allow for school districts to offer a one semester personal finance class to fulfill a math credit. Local districts can decide who will teach the course. What a long fought victory due to the efforts and hard work of a great team. Each of you has served as a support some how over the years and for those efforts I am truly grateful.
On May 6th the MI Jumpstart Coalition will serve a meal once again to Legislators in the State Capitol and begin crafting legislation to require each student in MI to take a personal finance course prior to graduation. This we hope will compliment the current legislation.
With your help, we have come a long way in four years. In October 2007, the State Board of Education voted for personal finance education to be integrated in K-12 courses. Now with this new legislation we are beginning to give more children an opportunity to become financially savvy. The road ahead is not easy, but we will be persistent in helping build a stronger future for our most valued resource – our children. After all it is time.
We are very pleased to even have the State Treasury now as our newest MI Jumpstart member. Together we will strengthen long term self sufficiency in Michigan. Many thanks again for your support. I encourage you to thank your Legislators for voting “Yes”. Many thanks again for helping craft a hopeful future for our children.
Lois Gibbons - President Michigan Jump$tart Coalition
Thursday, October 9, 2008
FEFE's September Newsletter
The Family Economics & Financial Education Project has many exciting opportunities it would like to share with you in the September newsletter. To download the newsletter, go to the FEFE Web site at www.fefe.arizona.edu, and click on the September newsletter link.
FEFE Master Teacher Program
« Do you want to become a FEFE Master Teacher? If you have attended a FEFE National Conference in Bozeman, MT or Tucson, AZ, you are eligible to apply! Download an application today at http://www.fefe.arizona.edu/masterTeacher.php and return by December 1, 2008.
Curriculum:
« Learn how the FEFE Master Teachers “Maximize the FEFE Curriculum.” Great resources FEFE has available have been featured!
Lesson plan and content updates:
« Check out hot topics about credit!
« The Values Auction Lesson Plan 1.17.4 has been updated. The directions and rubric for the values auction activity are now more clear and concise. Please be sure to go on the FEFE website http://www.fefe.arizona.edu/curriculum.php?categoryID=22#79 and download the newest version!
« Coming soon: an updated Selecting a Credit Card lesson plan 1.4.1!
Save the Date:
« The 2009 FEFE National Training will be held June 15-18 in Tucson, AZ! The registration packet will be available in December.
FEFE Master Teacher Program
« Do you want to become a FEFE Master Teacher? If you have attended a FEFE National Conference in Bozeman, MT or Tucson, AZ, you are eligible to apply! Download an application today at http://www.fefe.arizona.edu/masterTeacher.php and return by December 1, 2008.
Curriculum:
« Learn how the FEFE Master Teachers “Maximize the FEFE Curriculum.” Great resources FEFE has available have been featured!
Lesson plan and content updates:
« Check out hot topics about credit!
« The Values Auction Lesson Plan 1.17.4 has been updated. The directions and rubric for the values auction activity are now more clear and concise. Please be sure to go on the FEFE website http://www.fefe.arizona.edu/curriculum.php?categoryID=22#79 and download the newest version!
« Coming soon: an updated Selecting a Credit Card lesson plan 1.4.1!
Save the Date:
« The 2009 FEFE National Training will be held June 15-18 in Tucson, AZ! The registration packet will be available in December.
Wednesday, October 1, 2008
Channel One News, FINRA Investor Education Foundation and Consumer Federation of America to Launch National Teen Financial Literacy Project
Monday, September 29, 2008
The National Financial Literacy Challenge
The President's Advisory Council on Financial Literacy is offering their second financial literacy challenge for high school students November 3rd-26th. For more information please visit http://flc.treas.gov:80/index.htm. Be sure to pass this information on to teachers, administrators, and others whom you feel might be interested.
Friday, September 26, 2008
SB 834 Passes!
Great News - SB 834 passed the house on Wednesday, September 24th. The legislation changes the math requirement in the state's high school graduation requirements by adding financial literacy as one of the accepted mathematics courses for the fourth year of the subject. The bill is on to the Senate and then the Governor! Thanks to everyone who has helped make this happen!
Thursday, September 11, 2008
Check out Inside Michigan Education
David Dieterle, President of Michigan Council on Economic Education was interviewed for the Inside Michigan Education podcast for this week. Be sure to log onto www.insidemieducation.com and check it out!
Monday, August 18, 2008
NAFCU's 'Reality" Progam Helps Students
NAFCU has recently endorsed a program called CU 4 Reality. This program helps middle and high school aged students understand budgeting and helps them develop financial skills. This program is sponsored by America’s Credit Union Museum.
The program is designed to help students through a curriculum that has them make budgets and allocate their expenses, such as food and clothing and other unexpected possible expenses. It dosen't take long for the students to realize how quickly money can run out. It also helps to teach them how to save more and stretch their funds better.
This comprehensive program not only helps teachers, but it also gives the students a chance to put their skills to work in a CU 4 Reality Fair. The Fair is a fun simulation of spending and budgeting based on career choices and lifestyle decisions.
Get more information on this program by visiting the America’s Credit Union Museum web site at www.acumuseum.org.
The program is designed to help students through a curriculum that has them make budgets and allocate their expenses, such as food and clothing and other unexpected possible expenses. It dosen't take long for the students to realize how quickly money can run out. It also helps to teach them how to save more and stretch their funds better.
This comprehensive program not only helps teachers, but it also gives the students a chance to put their skills to work in a CU 4 Reality Fair. The Fair is a fun simulation of spending and budgeting based on career choices and lifestyle decisions.
Get more information on this program by visiting the America’s Credit Union Museum web site at www.acumuseum.org.
Wednesday, August 6, 2008
Great Article in the Free Press!
There was a great article in the Free Press about financial education. Be sure to pass the word on!
Teach finance know-how in high school.
A load of shifty practices, poor policies and incorrect assumptions by financial businesses precipitated the current crises in real estate and the mortgage industry. But a lot of individuals made bad decisions, too, about how much house they could handle or their prospects for long-term employment and income growth.
Such mistakes are costly. The next generation of home owners should avoid repeating them.
It's to that end that Macomb County state Sen. Michael Switalski is pushing a bill to let Michigan high school students choose a course in "financial literacy" to meet some of their mathematics requirements under the state's new mandatory curriculum.
Switalski's bill moved unanimously through the Senate but sits in the House Education Committee. The Legislature should not let its current session end without sending the measure to Gov. Jennifer Granholm.
This is not about softening the algebra component of the curriculum, but broadening mathematics to offer education in credit, financing, interest, mortgages and debt, all the stuff too many families don't really grasp until they are overwhelmed by some aspect of it.
Young adults could be spared a lot of grief later if they learn responsible money management at an early age, especially how interest works on credit cards. Yes, this could also be learned at home, but a recent national survey found that family finances are rarely discussed among family members.
In another survey, less than half of high school students showed that they understood that a credit card user making only minimum payments each month will ultimately pay more in annual finance charges than the sum of all purchases.
The value of fixed rate mortgages was another weak spot, with only 36% of students understanding how such mortgages protect against inflation.
Government can't dictate how people choose to spend their money. But the state can give students a choice to learn about how to use it wisely.
Teach finance know-how in high school.
A load of shifty practices, poor policies and incorrect assumptions by financial businesses precipitated the current crises in real estate and the mortgage industry. But a lot of individuals made bad decisions, too, about how much house they could handle or their prospects for long-term employment and income growth.
Such mistakes are costly. The next generation of home owners should avoid repeating them.
It's to that end that Macomb County state Sen. Michael Switalski is pushing a bill to let Michigan high school students choose a course in "financial literacy" to meet some of their mathematics requirements under the state's new mandatory curriculum.
Switalski's bill moved unanimously through the Senate but sits in the House Education Committee. The Legislature should not let its current session end without sending the measure to Gov. Jennifer Granholm.
This is not about softening the algebra component of the curriculum, but broadening mathematics to offer education in credit, financing, interest, mortgages and debt, all the stuff too many families don't really grasp until they are overwhelmed by some aspect of it.
Young adults could be spared a lot of grief later if they learn responsible money management at an early age, especially how interest works on credit cards. Yes, this could also be learned at home, but a recent national survey found that family finances are rarely discussed among family members.
In another survey, less than half of high school students showed that they understood that a credit card user making only minimum payments each month will ultimately pay more in annual finance charges than the sum of all purchases.
The value of fixed rate mortgages was another weak spot, with only 36% of students understanding how such mortgages protect against inflation.
Government can't dictate how people choose to spend their money. But the state can give students a choice to learn about how to use it wisely.
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