MCEE, Research Findings and Best Practices in Economic and Financial Education

Knowledge Pay$ Off Readers, to support best practices in economic and financial education, the Maryland Council on Economic Education provides a number of professional development trainings, teaching resources, curriculum assistance, and events that adhere to Maryland/National teaching standards and incorporate teaching methods/ strategies encouraged by research. By providing varied professional development opportunities over the course of a year, teachers have the chance to model best practices in education. That is, by attaining on average 49 hours of sustained training/professional development instruction during the course of a year.1 According to Kwang Suk Yoon, et al. from the American Institutes for Research, “sustained learning” from “30 to 100 hours…over six months to one year have been shown to increase student achievement”.2 Also to more likely realize student test score achievement, 49 hours of training is recommended.3 MCEE recognizes that this places a tremendous burden on teachers often constrained by time, school district priorities and professional development costs. Our veteran staff of educators with considerable classroom experience and advanced academic training and experience stand ready to assist teachers in providing programs designed to meet their curricular demands and busy schedules.

MCEE offers intensive two and three day “Institutes” with hybrid programming that often include an online instruction component, one day workshops and various content focused events such as An Evening at the Fed and the Financial Literacy Institute. All events feature training in either economic or financial literacy education, resource sharing, and pedagogical modeling. Two to three day institutes encourage teachers to pre and post-test students to gauge the efficacy of financial literacy training. In addition, Financial Literacy Institutes require teacher pre and post testing to assess changes, if any, in personal finance behavior. Please note that post testing is administered on average three months after the course has concluded. Teacher training also emphasizes the “five key elements” necessary to foster best practices in education.4 That is, “collaborative learning”, connections to “curricula and assessment”, “active learning”, enhanced “content instruction” and “sustained training” from at least 30 to 100 hours over six months to a year”.5 Teacher Institutes are typically MSDE approved for teacher certification credit, and offered during the academic year, and in the summer.

MCEE also supports the learning community by sharing best practices and content through social media and through individual learning communities such as MATE, the Maryland Association for Teachers of Economics (MATE). As members of MATE, teachers receive first notice of upcoming events and opportunities to receive new teaching resources.   As a new organization, we anticipate that MATE will become a vibrant learning community designed to share teaching best practices through peer to peer resource sharing and instruction.

MCEE also works with our national and state partners to offer extended professional development and or student-focused programming designed to reinforce economic and financial literacy instruction. For example, one way in which we partner with other teaching organizations is through the connection with our national partner, the Council on Economic Education. This year, we have worked with our state funders to raise the cost for over 30 teachers to attend the Council on Economic Education’s Annual Conference in Dallas, Texas. At present, we will have the largest state contingent; a great chance to enhance economic and financial education content instruction. In addition, the Maryland Council is the state program organizer for the Stock Market Game, Econ Challenge, and Personal Finance Challenge, all opportunities for students to apply their economic and financial education skills.

We hope that you will check out some of the research highlighted and consider making a commitment today to enhance your financial and economic education content instruction by enrolling and attending MCEE programs. Given state mandated financial literacy curricula, the infusion of economics in the Social Studies curricula along with the re-institution of the HSA Government test, MCEE offers a competitive advantage; free content instruction, content experts and pedagogical training that models best practices in economic and financial education.

1 www.ies.ed.gov/ncee/edlabs/regions/southwest/pdf/rel_2007033.pdf.

2 Ibid.

3 Ibid.

4. www.edutopia.org/teacher-development-research-keys-success

5 Ibid.