Indiana Financial Literacy Standards
Champlain College, in its National Report Card summarizing current benchmarks for financial education state-by-state, awarded Indiana a grade of “C” in 2015. Although a specifically-identified course in personal finance is not a high school graduation requirement in Indiana, there are financial education standards in place which Indiana high school students must pass prior to graduation. The Hoosier State allows each district to determine how they provide that instruction.
Since 2009, Indiana has stipulated that schools must incorporate instruction in “personal finance responsibility” in grades 6-12 curriculum, and by the end of 12th grade students must meet the Financial Literacy Education (FLE) Standards set forth by the Indiana Code. It’s unclear how the state monitors district implementation of these standards. Champlain College awards Indiana extra credit, however, for providing public school teachers with professional development opportunities and credits to pursue financial literacy education study.
Summaries compiled by the Council for Economic Education indicate that Indiana includes personal financial responsibility in its standards for K-12 education, but no specific high school course is required to be offered and/or taken. Indiana also has no standardized testing for such instruction.
National Standards for Financial Education
Financial Literacy Standards for Older Youth & Adults (High School through Adults)
Although there is no direct mandate by the California State Board of Education, it is recommended that national standards be implemented. Financial education is a unique subject; all participants have developed financial habits and relationships with money before instruction begins.
National standards are those that have been proven in empirical and theoretical research to produce the highest improvements in participant test scores.
Financial Literacy Standards for Kids (Kids PK through 8th Grade)
In collaboration with education leader Heidi Jacobs, the NFEC created these financial literacy standards to define learning goals and educational targets for optimal child financial education. Guided by strong pedagogical theory, the standards ensure that instructional targets are age- and developmentally-appropriate and that lessons can be effectively scaffolded. Standards represent five sections based on topic areas in the NFEC curriculum.
Standards for Financial Education Instructors
The NFEC teamed with the well-known Danielson Group to develop the first and only national standards for financial educators – The Framework for Teaching Personal Finance – to define optimal educator skill sets and performance levels. The framework also identifies the financial educator responsibilities empirically proven to produce highest gains in participant test scores. This framework is used in all 50 states, including California.
