Personal Financial
Literacy
Implications
for
Colorado Teachers
Colorado Academic Standards
The Need for Personal
Financial Literacy
• 55% of parents with children 16-24
voiced concern over their child’s ability
to become financially independent
• 1 in 3 parents have taught their teen
how to balance a checkbook, fewer
(29%) explained how credit cards work
Colorado Academic Standards
• 93% of parents worry their teen will
make financial missteps
• 72% of parents acknowledge they are
the primary source of PFL education
• 1 in 4 parents are not currently saving
for retirement or their child’s education
Colorado Academic Standards
• More than 2/3’s of parents feel less
prepared to give financial guidance
than they do talking about the “birds &
bees”
• 47% of teens between 12-17 have a
savings account, 12% have a checking
account, and 15% have an ATM
Colorado Academic Standards
Personal Financial
LiteracyThe first approach…making it simple
Colorado Academic Standards
Agenda
• Highlights: standards revision process
• Key Features: PFL Expectations
• Deeper Look: PFL expectations
• Grounding: PFL expectations
• Other Support
Colorado Academic Standards
How familiar are you with the
PFL writing process?
a. I heard something
about that
b. What is PFL?
c. I am ready for
implementation
Colorado Academic Standards
Phases of Implementation for
Colorado’s Revised Academic
Standards
Awareness &
Dissemination:
What is new?
Transition:
Moving to the new
standards
Implementation:
Transformation:
Making Meaning
Change in
Teaching and
Learning
Colorado Academic Standards
What are the
of
personal financial literacy
within the standards
revision process?
Colorado Academic Standards
Parameters for the standards revision
process
Research Based
•West Ed and CDE collaborated to gather national and
international research
Inclusive
•Educators, citizens, higher education, business & industry
•Feedback ongoing from stakeholders throughout the process
Transparent
•All could see updates, notes, and deliberations
Colorado Academic Standards
National &
International
Review
Stakeholders
help frame
the design
Writing
Subcommittees
Feedback
from National
Experts
&
Colorado
Citizens
Colorado
Academic
Standards
Colorado Academic Standards
State Board of Education
Colorado Department of Education
Personal Financial Literacy Subcommittee
Financial Literacy
Recommendations
Economics Grade Level
Expectations
Mathematics Evidence
Outcomes
Conference
Committee
Integrated into Economics and
Mathematics
Colorado Academic Standards
What is your level of awareness of the
PFL expectations?
a. I have thoroughly read through ALL of
the PFL expectations and made note of
implications for my district.
b. I have read the PFL expectations.
c. I have skimmed the PFL expectations.
d. I have not yet read the PFL expectations.
Colorado Academic Standards
Features of
Personal Financial Literacy
Expectations
Colorado Academic Standards
House Bill 1168
 Manage savings, investments, checking
accounts
 Design and maintain a household budget
 Manage personal debt
 Understand consumer credit & finance
 Manage personal credit options
 Select among short-term and long term
investments
Colorado Academic Standards
Financial Literacy Four Key Areas
 Goal Setting, Careers, and Financial Responsibility
 Planning, Income, Saving, and Investing
 Credit
 Risk Management and Insurance
Prepared Graduate Competency in Economics
Acquire the knowledge and economic reasoning skills to make
sound financial decisions (PFL)
Colorado Academic Standards
Assessing Personal Financial Literacy
• Within the new Colorado assessment
system
• Within the mathematics assessment
at each assessed grade level
• Details available in the future
Colorado Academic Standards
A deeper look at the
PFL expectations?
Colorado Academic Standards
The
Template
Content Area:
Standard
Prepared Graduates:
High School and Grade Level Expectations
Concepts and skills students master:
Evidence Outcomes
Students can:
21st Century Skills and Readiness
Competencies
Inquiry Questions:
Relevance and Application:
Nature of the Discipline:
Colorado Academic Standards
High School example
Economics Expectation:
Analyze the components of personal credit to
manage credit and debt
Economics Evidence Outcomes:



Mathematics Evidence Outcomes:
Analyze various lending sources,

services, and financial institutions
Investigate legal and personal

responsibilities affecting lenders
and borrowers
Make connections between building
and maintaining a credit history
and its impact on lifestyle
Evaluate the costs and benefits of
credit (2.6f)
Analyze various lending sources,
services and financial institutions
(2.6g)
Colorado Academic Standards
Content Area: Mathematics
Standard: Patterns, Functions, and Algebraic Structures
Prepared Graduate Competencies:
Use
critical thinking to recognize problematic aspects of situations, create mathematical models,
and present and defend solutions
High School Expectation
Concepts and skills students know include:
6. Identify essential quantitative relationships in a real-world problem, use elementary functions to
develop a mathematical model, and use all available tools, including technology, to find and
interpret solutions.
Evidence Outcomes
21st Century Skills and Readiness Competencies
Students can:
Inquiry:
What phenomena can be modeled with particular functions?
Which financial applications can be modeled with exponential
functions? Linear functions?
How can patterns, relations, and functions be used as tools to
describe and explain real-life situations?
What elementary function or functions best represent(s) a given
scatter plot of two-variable data?
How much would today’s purchase cost tomorrow? (PFL)
What is the difference between simple and compound
interest and how do these relate to linear and exponential
growth? (PFL)
a.Represent and solve problems in various
contexts using linear and quadratic functions
b.Represent and solve problems in various
contexts, including investment growth and
depreciation, using power and exponential
functions
c. Represent and solve problems involving direct
and inverse variations and a combination of
direct and inverse variation
d.Analyze the reasonableness of a solution in its
given context and compare the solution to
appropriate graphical and numerical estimates
e.Analyze the impact of interest rates on a
personal financial plan (PFL)
f.Evaluate the costs and benefits of credit
(PFL)
g.Analyze various lending sources, services
and financial institutions (PFL)
Applying Mathematics in Society and Using Technology:
Use translations of elementary functions to model real-world data
Use functions to represent population growth
Use spreadsheets to calculate loan amortization and make
predictions about a personal financial plan (PFL)
Investigate the implications of inflation on income, budgets,
savings and spending.
Apply interest formulas to explore the effect of compound
interest on an investment over time (PFL)
Compare the costs of different ways of obtaining credit
(PFL)
Analyze the most cost-effective option for a large purchase
(PFL)
Colorado Academic Standards
Nature of Mathematics:
Mathematicians represent concepts concretely and use multiple
representations
Content Area: Social Studies
Standard: Economics
Prepared Graduates:

Acquire the knowledge and economic reasoning skills to make sound financial decisions (PFL)
Grade Level Expectation: High School
Concepts and skills students master:
6. The components of personal credit to manage credit and debt(PFL)
Evidence Outcomes
Students can:
a. Analyze various lending sources,
services, and financial institutions
b. Investigate legal and personal
responsibilities affecting lenders and
borrowers
c. Make connections between building
and maintaining a credit history and
its impact on lifestyle
21st Century Skills and Readiness Competencies
Inquiry Questions:

Why is it important to know the similarities and differences
of revolving credit, personal loans, and mortgages?

How does the law protect both borrowers and lenders?

Why is a good credit history essential to the ability to
purchase goods and insurance, and gain employment?

When should you use revolving credit and/or personal loans?
Relevance and Application:

The understanding of the components of personal credit
allows for the management of credit and debt. For example,
individuals can use an amortization schedule to examine how
mortgages differ, check a credit history, know the uses of
and meaning of a credit score, and use technology to
compare costs of revolving credit and personal loans.

Knowledge of the penalties that accompany bad credit, such
as the inability to qualify for loans, leads to good financial
planning.
Nature of Economics:

Financially responsible consumers know their rights and
obligations when using credit.

Financially responsible consumers frequently check their own
credit history to verify its accuracy and amend it when
inaccurate.

Financially responsible consumers make decisions that
require weighing benefit against cost.
Colorado Academic Standards
Directions
1. At your table, choose a partner
2. The table then decides which set of partners will review
P-K
1-2
3-4
5-6
7-8
3. Partner Discussion
• What concepts & skills do you see emphasized at the
grade levels?
4. Table Discussion:
• Overview of what is emphasized at each grade level
Colorado Academic Standards
Colorado Academic Standards
Colorado Academic Standards
URL
http://www.cde.state.co.us/action/Finan
cial_Literacy/index.htm
Colorado Academic Standards
What are the
implications for your
work?
Colorado Academic Standards
Multi-Dimensional Support from CDE
Tools
•
•
•
•
•
FAQs
Timeline for support
Online, searchable standards
Early Childhood Education companion materials
Standards crosswalk documents, integration documents, etc.
Communication and Collaboration
•
•
•
•
Web tools and resources
Regional meetings
Content area support and partnerships
Online office hours
Professional Development
PD development tools for districts including:
• Crosswalk documents, integration documents, alignment tools,
guiding questions, promising practices
• Personal Financial Literacy Summit and training
Colorado Academic Standards
Crosswalk Document
Standard
Crosswalk Documents
District Notes Intention
Implication
Grade Expectation Referent
http://www.cde.state.co.us/cdeassess/UAS/Crosswalk/CAS_Crosswalk.html
Colorado Academic Standards
Communication
opportunities
Professional
development
opportunities
Collaboration
opportunities
Sharing
opportunities
How to Partner with CDE
Colorado Academic Standards