Teachers and Supporters,
Happy New Year!
We, at MCEE, have a great year planned! To start, we are excited to offer a Part II to our Elementary Financial Literacy Institute in February! And, thanks to our past participants and supporters, we have a waiting list for the course! Teachers that didn’t make the first class will have an additional opportunity this summer.
In addition, we are taking our Secondary Financial Literacy Institute on the road to Salisbury University on February 20th, 2016, and in Southern Maryland, on March 12th, 2016. To register, follow this link, www.econed.org/workshops/
On another note, we wanted to share a research report and its findings that the Rand Corporation published in October 2015, on behalf of the Consumer Finance Protection Bureau (CFPB). Specifically, they were asked by the CFPB to review Financial Education research and curricula to develop and offer a K-12 Rubric. The intent was to provide a tool for teachers and administrators to help evaluate the many financial education resources on the market to determine what works best for their individual school system and community.
The research study also offers a review of the current research on both financial education and financial behavior as well as a brief synopsis of research on specific financial education products. It is important to note that some of the research is inconclusive or must be considered in light of certain constraints such as participant self-selection, the term of the study, or the lack of randomized controls, just to name a few (Herman et al., 2015).
Nonetheless, as evidenced by the Great Recession, it is generally agreed that there is substantial data to support that many Americans do not have the “skills or resources” that is required to “withstand an economic shock” (Herman et al., p. ix). And, that one way to combat this issue, is to provide financial literacy education to both elementary and secondary students.
The Maryland Council on Economic Education and our national affiliate, the Council on Economic and Financial Education, offer materials that have been vetted and evaluated using educational best practices. We also offer nationally normed and vetted assessments. And, that despite the constraints identified in the Keys to Financial Success Study, the study indicates a positive correlation between using specific Council on Economic Education’s Financial Literacy teaching materials and the increase in students’ financial literacy knowledge. We hope you will check out this important study and useful rubric to assess and evaluate the tools that work best for your financial literacy needs. We believe that you will find that our resources correlate with the characteristics identified for quality resources. Have a great New Year and we hope to see you at one of our upcoming workshops!
Herman, Rebecca, Angela A. Hung, Jeremy Burke, Katherine Grace Carman, Noreen Clancy, Julia H. Kaufman and Katie Wilson. Development of a K–12 Financial Education Curriculum Assessment Rubric. Santa Monica, CA: RAND Corporation, 2015. http://www.rand.org/pubs/research_reports/RR1142.html.