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National Standards in K-12 Personal Finance Education

Third Edition, 2007

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Since the Council for Economic Education published the new National Standards for Financial Literacy, there have been some questions about the existence of multiple sets of standards. Jump$tart is pleased to be working with CEE on a plan to coordinate efforts. As we execute our plan to collaborate, Jump$tart’s National Standards in K-12 Personal Finance Education remain available online and through the Federal Citizen Information Center. We look forward to bringing you updates on our progress in the near future.

The National Standards in K-12 Personal Finance Education, created and maintained by the Jump$tart Coalition® for Personal Financial Literacy, delineate the personal finance knowledge and skills that K-12 students should possess. The Jump$tart Coalition intends the National Standards in K-12 Personal Finance Education to serve as a model. As such, the National Standards represent the framework of an ideal personal finance curriculum, portions of which might not be appropriate for individual instructors and students. The Coalition leaves it up to various stakeholders to decide how to address the topics in the National Standards.

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.

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Financial Responsibility and Decision Making

Overall Competency

Apply reliable information and systematic decision making to personal financial decisions.

Standard 1: Take responsibility for personal financial decisions.
Standard 2: Find and evaluate financial information from a variety of sources.
Standard 3: Summarize major consumer protection laws.
Standard 4: Make financial decisions by systematically considering alternatives and consequences.
Standard 5: Develop communication strategies for discussing financial issues.
Standard 6: Control personal information.

Income and Careers

Overall Competency

Use a career plan to develop personal income potential.

Standard 1: Explore career options.
Standard 2: Identify sources of personal income.
Standard 3: Describe factors affecting take-home pay.

Planning and Money Management

Overall Competency

Organize personal finances and use a budget to manage cash flow.

Standard 1: Develop a plan for spending and saving.
Standard 2: Develop a system for keeping and using financial records.
Standard 3: Describe how to use different payment methods.
Standard 4: Apply consumer skills to purchase decisions.
Standard 5: Consider charitable giving.
Standard 6: Develop a personal financial plan.
Standard 7: Examine the purpose and importance of a will.

Credit and Debt

Overall Competency

Maintain creditworthiness, borrow at favorable terms, and manage debt.

Standard 1: Identify the costs and benefits of various types of credit.
Standard 2: Explain the purpose of a credit record and identify borrowers' credit report rights.
Standard 3: Describe ways to avoid or correct debt problems.
Standard 4: Summarize major consumer credit laws.

Risk Management and Insurance

Overall Competency

Use appropriate and cost-effective risk management strategies.

Standard 1: Identify common types of risks and basic risk management methods.
Standard 2: Explain the purpose and importance of property and liability insurance protection.
Standard 3: Explain the purpose and importance of health, disability, and life insurance protection.

Saving and Investing

Overall Competency

Implement a diversified investment strategy that is compatible with personal goals.

Standard 1: Discuss how saving contributes to financial well-being.
Standard 2: Explain how investing builds wealth and helps meet financial goals.
Standard 3: Evaluate investment alternatives.
Standard 4: Describe how to buy and sell investments.
Standard 5: Explain how taxes affect the rate of return on investments.
Standard 6: Investigate how agencies that regulate financial markets protect investors.


The Jump$tart Coalition thanks the Standards Revision Task Force: Rosella Bannister, Jump$tart Personal Finance Clearinghouse; Les Dlabay, Lake Forest College; Vickie Hampton, Texas Tech University; Philip Heckman, Credit Union National Association (Committee Chair); Claudia Kerbel, University of Rhode Island; Nancy Lang, Northern Kentucky University; and Jacqueline Ward, Wisconsin Women's Business Initiative Corporation. The Coalition and task force also thank the many reviewers (the full list is contained within the Standards document) whose suggestions led to substantial improvements. Finally, the Coalition thanks the Federal Reserve Board for its in-kind contribution of graphic design and printing.