Personal Financial Literacy
(PFL)
What’s it all about?
A Call for Action
National Association of State Board of
Education
 North Carolina Department of the State
Treasurer
 The North Carolina General Assembly
 The North Carolina Department of Public
Instruction

“The U.S. economy is
the eighth wonder of
the world.
Americans’ ignorance
of it is the ninth.”
Arthur Levitt
Former Chairman,
New York Stock Exchange
Today’s Teens…
Fewer than half of teenagers polled
understood how to budget
 Entering college freshmen have an
average debt of $1.500 on personal credit
cards.
 The average credit card debt for college
seniors is $2,864; a 48% increase from
freshmen

Today’s Teens…
The average debt of graduating college
seniors including student loans is
$20,000.
 Americans under age 25 are filing for
bankruptcy faster than any other age
group.
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The News…
Personal Financial Literacy is now a
requirement in North Carolina
 Multiple curricula will reflect changes in
their NC Standard Course of Study
 A series of regional workshops are
designed for training

Support staff includes national partners,
local experts and NCDPI Social Studies
Consultants
 Multiple resources and materials are
available for instruction

NC Legislation
HB 16 (1/31/05)
 SB 622 (2005)
 SB 1113 (3/22/07)
 HB 1473 (2007) Appropriations Act for
teaching PFL in Civics and Economics

HB 16

Requires the public schools to teach
personal financial literacy in high schools

Up to five years to develop curriculum
Senate Bill 622

Requires the teaching of Personal
Financial Literacy in Public Schools

Up to two years to develop curriculum
Senate Bill 1113

Appropriate funds for instruction in
personal financial literacy (Algebra I and
Integrated Math beginning with the 2008’09 school year)
House Bill 1473

Appropriates recurring funds for
instruction in personal financial literacy
(Civics and Economics)
Train teachers (2007-’08)
 Modules in Civics and Economics curriculum
(2008-’09)

PFL legislation…

How will it affect
 Social Studies
Teachers
 Students
PFL…

Civics & Economics courses will include
modules of instruction in
Credit
 Savings
 Investing
 Checking


A pre- and post- survey of Personal
Financial Literacy
Why Civics & Economics?
It is a required course - all students take it
 PFL should begin early in the HS career

Teens purchase
 Teens have charge cards
 Teens begin to work by 10th grade


Additional courses are available in other
content areas
Our Resources…2005-’06

Personal Financial Literacy
Documents
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Elementary
Middle
Secondary
Supplemental Secondary
Resource Document
PERSONAL FINANCIAL LITERACY: ACTIVITIES AND TEACHING
STRATEGIES FOR SECONDARY SOCIAL STUDIES
Section I - Economic Basics
The Four Factors of Production and their
Rewards
Candy Bar Economics
Section II - Taxing and Spending
Local Taxes: Where Does All The Money
Go?
State Taxes: Why Do We Pay the State?
Economic Investment in a Community: A
Case Study
Is There Such a Thing as a Good Tax?
Section III - Money Management
Dream Life
Family Financial Project
Section IV - Savings and Investment
Investment: Does Money Grow?
Section V – Credit
Credit: Friend or Foe?
Read the Fine Print
Section VI – Insurance
Insuring Against Risk
Insurance: Do We Need It?
Section VII – Banking
Banks and Consumer Services
No Rubber Checks
Additional Resources
Our Resources…NEFE
Our Partners…SECU
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Provide training to teachers
Provide resource materials
Provide human resources
Are local (over 277 locations throughout NC)
Services and materials are free
Local Partners…
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CPA’s
Certified Financial Planners
(CFP’s)
& Financial Advisors
Insurance Agents
Banks & Credit Unions
Junior Achievement
Non-Profit Agencies
Other Government Agencies
- HUD, Social Security
Administration, Dept of Labor
etc.
Retired Professionals
PFL Contacts
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NCDPI Staff
 Tracey Greggs, 6-12 Social Studies Chief;
TGreggs@dpi.state.nc.us
 Judy McInnis, 6-12 Social Studies Consultant;
JMcInnis@dpi.state.nc.us
 Kelly Thomas, 9-12 Social Studies Consultant;
KThomas@dpi.state.nc.us
Leigh Brady, Senior Vice President - Education Services, SECU
 1-888-478-4648 (Toll Free)
Esther Dunnegan, Education Consultant; estherdunnegan@aol.com
My Financial Literacy…
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Budget Busters
What If?
Are You A Risk Taker?